Member Info for hitman1a

Come on AB, buy a few more million and get this over 20p

Yes Romaron and his ancestors were from Texas so he has oil in his blood.

A few advisories, but it’s all working.

IMO 2020 should steer Brent higher in Q1 2020 and that’s when the hedges should start to be layered on .

Re Kraken , wasn't it a 3 week planned maintenance shut down scheduled for the third quarter ?
Perhaps they have split it into parts , with the second and third parts yet to be completed. Can't imagine they have repeated last year's action with a one week stop and do the rest of the work later on when a breakdown happens in winter.

We also know that other oil companies have higher levels of short positions, so these rise first with an improving Brent price. Enquest suffers from turbo lag, so accelerates later on with the right data. Enquest should be able to play their cards right this time and focus on debt reduction as promised. Average annual production might be disappointing in the middle of the range rather than the top end, but that is mitigated by hedging and small cost savings where possible.

Guidance on the expected net debt at 31 Dec 2019 and 31 March 2020 would be very useful for the market in assessing any rerate of the SP.

Given last year and the shock of the rights issue, it seems like most people will read the RNS and then make a decision as to whether to buy. I'll assume it will be ok and open above 20p.

Next 6 months : chance of equity improving and hedging the 2020 ringed fenced percentage on Kraken with Brent above $60.

Hi Pelle, I seem to remember they were using the trade creditors as an extra bank facility earlier in the year, so I guess they will use any extra FCF in Q4 to reduce these further. No way of knowing if they are upto date, but I guess there are a few very large overdue invoices that are patiently waiting to be paid. I was concerned about current liabilities exceeding current assets earlier in the year, so I may have to wait till next year for the full accounts to Dec 19, so see if the balance sheet is healthier in this area.

Hi Pelle, I'd be surprised if they pay any of the 2020 debt in Q4 2019, but I'm sure the intention would be to pay some of the 2021 in 2020 to save interest, unless they make an acquisition of some sort to add to reserves. Ie:another Magnus type deal.

I guess there is a chance that the debt tranche due in October (was it 1st Oct?), might have been paid already , or by the 5 Sep. That is a substantial amount which gives evidence to the delevering promises mentioned in March and might boost the SP to 20p. 13 Years of reserves from 1 Jan 2019, so we ought to be less risky now going forward with Kraken completed. Hedging at $66 helps , but I think the shale ponzi scheme is more visible now. CHILD wells aren't as good as the parent ones, so the banks are less reluctant to lend now, indeed I read the Permian land values were declining significantly in light of recent results. Brent $65 within a few weeks bodes well for Q4 earnings.
We need Enquest to outpace the debt repayment profile. No more**** projects.

Topped up at 18.27, 10,856

AB normally does the same at this level,

Hedging helps, but I think Shale producers will be hit even harder, just saw Bloomberg headline confirming massive layoffs in one Shale company, first sign the cash flow is drying up given the child wells are less productive. The business plan doesn't work. Only a matter of time and the rest will have to do the same thing . The Chinese will wait for the next President .

Morning Squif, I still believe if Enquest can sort out reliability issues on Kraken, then our SP should move to say 5x/6x EPS, so about 40p. I don't think we are there yet, as the recent outage confirms, but at least they know how to fix it.. before it was guesswork and multiple failures imv, but us mugs thought it would be sorted quickly , or shouldn't have happened in the first place.. ie one off issues.. but they weren't.

Things look a lot better now, so lets see the Sep results.. Q4 guidance, and by next March we could see 40p if Brent behaves better in a IMO 2020 environment.. i don't believe a dividend is possible here yet ( not within 3 years), but that's ok, as a higher Sp is ample reward.

GL. quick burst to 28p ( before Sep results) imv.... because we all know the 1H 2019 results must have been completed now and are just being reviewed/ audited.. extrapolation would give good guidance for 2H..

Enquest logo
Enquest Plc (OTCMKTS:ENQUF) – Analysts at Jefferies Financial Group decreased their FY2019 earnings per share estimates for shares of Enquest in a report issued on Monday, July 15th, according to Zacks Investment Research. Jefferies Financial Group analyst M. Wilson now expects that the company will post earnings of $0.09 per share for the year, down from their prior forecast of $0.11. Jefferies Financial Group also issued estimates for Enquest’s FY2021 earnings at $0.09 EPS, FY2022 earnings at $0.11 EPS and FY2023 earnings at $0.10 EPS.

Looking forward to Sep results and some detailed 2H guidance. AB did indicate they needed the whole 2019 calendar year to get the various ratios normalised, so I guess he is hoovering up for what must be at least a target of 30p before year end with Kraken performing well. Shame about the track record, as we lost a lot of large investors, but looks like the tide is about to turn.

hi E121, massive fire on my road last night in Tottenham. Most of my neighbours warehouses are burnt to the ground, or flooded with partial damage. Not sure why my unit got just about saved, but I consider myself the luckiest person in the world today. The wind blew in the right direction for me all night.

Sadly I won't be able to attend today, but have asked Romaron to share any notes etc.
GL

You need to phone your broker today who holds your shares in their nominee account and request them to send an email to the registrar today. advising you will be attending.. which gives you the right to gain entry and ask a question..

TBH, i think it might be too late.. but give it a try.

Otherwise with other larger AGM's i have heard other people just turn up with a print out of their shareholding and id and just walk in, although they aren't allowed to ask a question.. As it's in a hotel conference room, i would just walk in with an Asda bag, we will all know your genuine.

Yep, see you tomorrow, it's a busy Hotel. ; A couple of signs about..

Last year it was head towards the left, and down the stairs . I think i had my own escort.

$1.5b.. slightly rampastic (lol) sorry .. call it $1b

For example.. last year I asked about the market cap after the presentation..AB said he was happy with £500m, but I was disappointed he didn't say it should be nearer £750m.

but since then they have had: ( approx figures)
1.RI money.. $100m
2.Magnus NPV, $500m
3.Tax losses created with lower price oil environment.. so perhaps consider asset write back of 10% : $300m
4. Devised a process and plan to convert 2C to 2P :via annual drilling at Magnus and Malaysia. $100m
5. Fixed the business so it shows a monthly profit : $40m/mth say $500m yr

What's that, $1.5b in asset value created in 12 mths and the market cap is lower than last year..?, because of the pace of the historic debt repayments and some bs comments from analysts.

When a group of people start a business from scratch, and reflect on where they are today, I can see it's not their style to be happy with a couple of small drills here and there every year.. They can do that in their sleep.

Morning E121,

My paperwork from HL says the AGM starts at 2pm..

I got there early last year.. say 1.30pm.. probably one of the first, but had the good fortune to meet Romaron. Plenty of tea/coffee. all VIP etc provided by Enquest . Spoke to registrar who gave me my voting forms.. so bring some ID. Most people ( analysts/mgt/staff) turned up 5 to 10 mins before it started.. so you get a very brief chance to speak to the Mgt if you want to , but best leave that till after the Meeting imv.

Lasts about an hour.. Then plenty of opportunity to ask any Director or discuss with others afterwards. This is shareholders day.. so you can ask anything you want..

2 persons on here confirmed it had a full load based on draft changes and historic data.

No issues to report on equipment.. all working as it should.