Member Info for Genghis15

Yes, you would expect that top give at least some fillip to the SP....but no.

Alex Newman mb picking up some of the retiring Simon Thompson PF, IC don't seem to be replacing him with a like4 like small cap commentator/analyst.

Fantasy from the Reform loons in the pay of the oilcos. Sky's Ed Conway explains here why tho it would make sense to exploit our own resources, there really isn't that much left to make a huge difference.

If Reform succeed in sabotaging renewables, it will be the biggest conscious at of self harm since Brexit,.

Similarly, even in the energy rich US, anti net zero measures will ultimately not be of benefit to either the country, the planet, or it'e people.

https://www.youtube.com/watch?v=eDr0Z19x3p0

Too mamy ppl here not focusing on the investment case.

oil industry bull****.

Fwiw my own view agrees with that set out in that gold paradox link. BUT...I fear the sell off may have furher to go as PoO inevitably rises further in the next months barring a miraculous return of peace in the Gulf.

It's hopeless trying to trade it tho imv, I'm just holding on thru the dip but holding a few oilies too.

Buffin.

Me too. I was disappoimnted in the TO of Challenger, seeing more upside from OFF3 as a separate co. Stayed invested anyway . My confidence in Robert Bose is shredded.

Plenty? They are certainly funded for a while. But that facility only funds EPP for FEED.

We have no clarity over who/how the £200m project construction will be financed, afaik.

I must admit myself a bit puzzled over the fuss/SP move on NSTA approval, which was surely never in doubt., What we need as investors is clarity over funding, imv.

It is not about "wanting Iran to prevail". It's about this administration learning it does NOT "hold all the cards" and that breaking things has consequences.

Plain fact is that Trump has placed his own balls in a very predictable vise and Iran now has the upper hand. They too will have to come to the table eventually, let's see if there is any truth in the latest rumour, we will onlky know if/when Iran confirms it. who could have imagined a world where the words of the mullahs carried more cred in the markets than of POTUS?

The UK is very close to it. And if the UK has a full on cricis, will RoW excape completely? i doubt it. Anyway, we'll have to wait and see.

I should add that given there seem no valid reasons for refusal, hence the officers' recommendation, costs will almost certainly have to be reimbursed by the council.

It would be a welcome change in law of councillors could be held personally responsible when they override advice knowing the council will be incurring avoidable costs. Officers are held liable for such things, but not councillors.

Ppl here seem to have no understanding of democracy. This is how it works. Local cllrsesaponding to local feelings in order to get re elected. It's not "lwefty" it's nimby and it happens at councils of all stripes.

We can decry these things but surely no one really expecxted this to o through. It will be granted on appeal, that's always been the plan. Nothing to see here.

Vitauts

Beg your pardon, of course.So current Mcap gives an EV of £308m. Welloil, yes, of course.

Anyway, my badly made point was that cash+near cash = Mcap tells us very little about the true value of the co and the direction of SP. I assume all here think, as do I, that with Hormuz closed the financials here will be transformed both by the rise in PoO and the Fujeirah transaction, assuming the port does not get dragged intio the conflict. Even if the issue is resolved soon, there's a lot of supply missing from the market for some time to come.

"So cash and cash equivalents are approximately equal to market cap" . Yeah if you ignore $282m of debt. So with $78m of net debt So Mcap pf £249M less net debt of £59m gives EV of £190m. For assets that delivered a loss in H1 25, tho likely turned +ve in H2 and certainly so in H1 26. The Oman rtansaction+ higher PoO are what is making the co attractive, but in the absence of audited fimnancials it's hard to put a value on it.

How exactly do you expect a change in NS taxation to help with a short term supply crunch? Tax and investment planning will have zero impact on fuel supplies inside a couple of years.

Perhaps because it is. Therein lies the problem. We can't do without it, for now, but it will be the death of us.

"My reading is they’re not getting knockout drill results from Segilola"

I wouldn't rush to read that into it. Could even be opposite ; indications of high grade at depth that need further confirmation. Let's not jump the gun whem we can ask Segun later.

OTW, a v positive updatebut what is becoming normal slipped timelines. That growing ore stockpile gives us plenty of leeway at Segilola, tho I know we're all impatient for the MLE and I suspect it's dragging on the SP.

I'll be getting my Qs in for this avo.

Thanks.

You are of course correct on the 25 Accounts. I confess the world of NS taxation is a puzzle, my only understading of it is that losses can be offset against corporate taxes bar the EPL. So I assume the statements from the presentation to be true, and the 2025 rate to be an accounting figment produced by the way deferred losses are calculated and applied. meaning that the effective rate going forward should be much less. Indeed, it has to be for the statements in the presentation to be true., I think.

i shall dig a little deeper!

Yes, its as if no one thought of that... or more likey don't care. Main impact will be on Europe, and this WH will enjoy that. 2nd round effects will blow back on the US eventually, but i expect that will be Biden's fault, or NATO's.

"Oh and the government takes most of our profits" Where did you get that idea? In 2024 accounts the effective rate was jusat under 44%. Note 6 breaks it down but is impenetrable to anyone not schooled in the NS tax regime (incl me).But as the corp pres points out ENQ hasc £3bn of taxlosses to offset "Material tax loss balance boosting free cash flow generation, leveraging commodity upside price

• $3.0bn UK tax loss position provides tax shelter1 for the foreseeable future

• EnQuest retains 2.8x more of its pre-tax cash flows compared to its tax-paying UK North Sea peers2"

Market sensitive, they can only give the vaguest of answers. might be tater todayyy on TSx....