Member Info for HeavyMallard

If you read the article it is just a flurry of green soundbites from climate activists by Sky's specialist collector of green soundbites. The Labour contribution to the article is a meaningless anti-Boris soundbite which accuses him of - yes you guessed it - "a cabaret of soundbites". This will go on for weeks in the run up to COP26. Nothing to see here - move on. The OGA and the NS oil industry have a framework and working relationship which will endure long after the climate pantomine has departed Glasgow. The shuttle tankers will continue collect cargoes from Kraken and the pipelines will collect from Magnus and GE for years to come. GLA

So long as the SNP keep sthum I think the NS has a rosy future once we get past the noise which will surround COP21. The case for independence would fold like a cheap suit if Sturgeon starts to make anit-oil statement. This is one of the few issues on which Bute House and Downing Street can agree.
https://www.heraldscotland.com/politics/19461288.cambo-oil-field-snp-told-break-silence-oppose-plans-ahead-cop26/

Thanks Pelle. Good to know, at least, you are as bemused as I am!

Sorry not on Avanza.

"MEG Energy posted strong second quarter results. The free cash flow yield above 20% seems attractive." Thus spake Seeking Alpha a couple of days ago.
Now I don't know anything about MEG but what does that make our FCF yield of something north of 100% if we achieve the figures in the excellent Tamarak spreadsheets. What are we missing here. What makes MEG worth 5x what ENQ is worth?
Are we really rubbish or just egregiously undervalued?

According to tanker offload data, I make the gross revenue from Kraken to be about $3.4b @ $70/barrel average.

https://docs.google.com/spreadsheets/d/1U-z03jRcOCLzpPBXGKlelR1gSuVgZQ3EB8k7gxodP6M/edit#gid=0&range=J14

As I understand it , the capital raise is complete. All 190,122,384 shares were placed (94,852,612 Firm Placed and 95,269,772 Placed, subject to clawback the Open Offer). There will be no leftovers as they have already been placed.

Latest time and date for receipt of completed Application Forms: 11.00 a.m. on 22 July 2021
Admission and commencement of dealings in respect of New Ordinary Shares: 8.00 a.m. on 26 July 2021
https://www.londonstockexchange.com/news-article/ENQ/proposed-firm-placing-and-placing-and-open-offer/15038358
Sorry you guys can't participate, assume this is what you are after. ATB

Thanks Pelle - great find
Barclays raises Enquest to overweight (equilibrium), target price 0.33 British pounds - BN (Finwire)
2021-07-13 07:53
For those of us who need the subtitles on when watching Wallander

RNS yesterday re cancellation of the Second Lien confirms that the refi is complete. The OO is simply about reallocating the new shares from IIs to PIs. Is there anything to stop the deal going through as soon as the General Meeting is concluded? Could mean it completes before end of July rather than September.

https://youtu.be/qRKNw477onU Let the good times roll.

Another box ticked - is BBK a thing now ?

Next time some royal or politico delivers a little Greta (pronounced Grater as in Cheese grater) inspired green homily telling us to cut our carbon emissions just remember how they travel around at our expense and create carbon footprints orders of magnitude greater than us proles. Flying by helicopter to have tea with some billionaire property owner - not exactly green is it Joe.
"The queen hosted the president and first lady Jill Biden at Windsor Castle, her royal residence near London. Biden flew to London after wrapping up his participation in a three-day summit of leaders of the world’s wealthy democracies in Cornwall, in southwestern England. He arrived at the castle aboard the presidential helicopter and was ferried to the queen in a black Range Rover." AP 13 June 2021

The terms must be pretty good going by the front running on ENQ1 (aka the Retail Bond) yesterday. The YTM was suddenly pushed below 10% (c 9.5 before we kick-off today). The murkiness is starting to clear like mist on a summer morning.

After weeks of not going anywhere the RB is on the move again today. Not sure if it is a response to Brent price action or perhaps a sign that news on the refinancing is imminent. Either way it is good news - latest offer is 91.25p

Given the production problems at the start of the year, does that mean we have a good chance of getting to the top end of guidance by YE ?

Lot of talk about the pivotal nature of US shale and what they will or will not do in response to rising prices. If they do start to increase production don't we get a obvious heads up by monitoring rig counts ? If that is the case can't we just chill a bit on the subject ?

You may be right but large swathes of the investing community regard oil companies as pigs. Not matter how much PR lipstick you put on it, it is still a pig and they will turn there noses up at the thought of buying ENQ shares.
Sentiment is strong amongst those who see potential in ENQ (witness it's ability to produce meaningful FCF thro' the pandemic). We don't need lipstick on our pig, we happen to like pigs. Pigs have a bad rep but they eventually bring home the bacon.

Not quite so fast with the 'shattering frustration' . Clearly we could use some resolution of the unknowns surrounding EP, GE, the OO and the debt restructuring but yesterday was an operations update and AGM which are essentially backwards looking. We did get a little more visibility on the debt renegotiation timetable and closure of the GE deal and a confirmation on production guidance.

The RB (ENQ1) is up over 5% in the last week so the credit markets verdict on what's happening seems positive.

Just because we want the shackles to come off the share price does not mean it will happen to some arbitrary timetable around calendar events. It will happen in its allotted time and we now know that, as far as GE and the associated re-fi is concerned, that is around the end of September. In the meantime the FCF continues to pour in.

Some price action +2.8% and rare burst of trades this morning. Delayed reaction to TLW /Moody's, or rising OP or anticipation of good news on our very own re-fi. Who knows, I certainly don't.