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Yes Banana,
I do read OU 's clearly. Maybe you should do so, and try to understand them.
The OU this year in May (today) did not mention net debt. The OU last May 2021 also did not mention net debt. Why = ?
Because it is an " Operational Update" and NOT debt analysis or results RNS. The exception was in 2020 and I suspect it was mentioned because the company wanted to show the market that it was "surviving" in those panic months of early covid !
This period in 2020 was exceptional times.
So why do you get so frustrated ? Do you not believe that Enquest is paying down debt with 100+ oil ? Do the maths Banana and work it out for yourself ! All the figures/numbers are there, you just need to work it out ! OR wait until September when you WILL get your net debt figure calculated for you.
Maybe you should attend the AGM and ask some questions yourself rather than crying on our shoulders here ! See you there Banana.
You are right Mrc,
However BP and Shell for that matter, may wish to show the British government that they are actually investing new money into new aquasitions/projects in the North Sea. The world has changed in the last few months. Mega Oil producers like BP have written-off billions in Russia. Maybe "Daddy Is Coming Home". M&A activity in the North Sea seems very likely in the coming months. A buy-out of Enquest = possible, but so is a JV . 60p will always be the Magic number here. Either due to an offer by a suiter or by the debt falling so much that a 60p valuation is hit by year end.
Good to have production confirmed above 50k bpd for the year todate. Was hoping that ENQ wold break with tradition and give some debt info, but hey ho we will have to wait until September.
Enquest have historically just only talked "production" on their production updates, which is fair enough. Financials are saved for full year and half year results.
I have published my numbers before and based on the production update, hedges and POO . I still have FCF for Enquest currently at between 60m - 70m per month . Expecting debt to be down to just under 400m at year end, easily hitting the 0.5 target.
Interesting post today from Sipp10 @ 11.26 and romaron's posts.
The rest was just a load of old Banana's .
The guy just keeps going round and round in circles. When everyone is on one side of the fence and your on your own on the other side. A clever person would surely look at themselves and say " I think that I have made my point, time to shut up ! "
Back to Enquest - Should be an interesting week. Oil Technicals looking like a retest of $116 is on the cards. According to IR the operational update will be out in May, so this week is highly likely. Expecting production average to be maintained above $50k bpd for the year. (thanks to Therapist 0&G figures). How much more debt have we paid off ? What project/s are AB working on at present ? Will they serve Coffee at the AGM ?, or has someone forgot to order it ? Incompetence all around. I'm off to the market to buy some banana's. Someone's got to eat them !
Good Idea romaron,
I just went to do the same. Putting a Sell order in on my Lloyds share dealing platform for my first tranche too ! However when I put in the 59.90p sell price it then asked me for a time period on the sell order. It offered me 30,60 or 90 days.
Well I was thinking of bananaJoe and feeling confident about what deal that AB could doing at this time, so I clicked on the 30 days !
In fact if you look back in history AB has always been working on some deal. Golden Eagle, Bentley, Magnus, Kraken etc etc . Only this time I would ask - Is he buying or selling ? Enquest is 12 years old, AB is getting older. Maybe he is tempted to spend his time with the "AB Foundation" on a full time basis, working as a philanthropist. 60p anyone ?
Welcome aboard BTFATH1,
Just having a bit of a laugh. The Banana put me in the mood for it !
Maybe try making a bit more than a penny profit before you sell again. Ops Update next week then ?
Am I Jenny or is that Spindok ? I guess it must be spin as James Hargreaves invented the 'Spinning Jenny'.
Banana,
Every day I am alive is a cause for celebration. A reason to be happy. It's better live with a smile on your face , they say it even helps you to live longer ! - Thank you for your last post, it made me smile/laugh.
As for Enquest, the operational update will be released soon, and as you point out, "surely the market will react very positively" and we will all have a lot more money in our accounts.
I am sure that you can see how great Enquest's future is, which is why you hold shares here !
@BananaJoe
"As a spurs fan I know you see incompetence as virtue, so I know that you are not going to be disappointed tomorrow."
How can I be dissapointed. Spurs will qualify for the Champions League ! - No incompetence here - look to Arsenal for that ! They let Spurs steal their 4th place slot !
Maybe our RNS operational update is out tomorrow !
They did say in May. They like Thursdays.
Therapist said we are now doing more than 50k bpd production.
I say FCF will be adding value of between 3p - 4p per month.
E121 hinted at SP rising +10% on ops update release.
Stumpy sees 43p/44p soon on the charts.
Spindok's gone sailing.
romaron will meet Juan at the AGM.
Pulled back a few dollars due to the US suggesting to Europe that they impose a Russian Oil Tariff rather than an Oil Embargo.
Meanwhile in the Urals, Russian oil production is falling as we were discussing on the board here a few days ago. Interesting read. Should get worse when May figures are out !
https://www.reuters.com/business/energy/russian-crude-production-plunges-by-nearly-9-april-opec-data-shows-2022-05-17/
Cheerful,
You forgot a big one on the "bad list " -
2021 results to be released in the next few weeks ! Although we sort of know what it will say, what will the market do ?
I will leave others to answer ..............
We could see our Operational Update RNS next week. I remember someone posted that IR had advised that this update would be released in May as planned. So, just the AGM moved into June. It will be great if we could see production maintained above the 50k bpd level up right up until the end of May. Malaysia should be totally sorted so should add some. Could we dream that the figure has even gone up ?
The average POO (brent) up to end of March was $100.32 . The average for April was $104.58 - So taking those numbers, the year to date average for Brent comes in at just over $101. With hedges reducing this number, I got Enquest getting $90 pb year to-date.
Looks like revenue of $4.5 million per day. If we keep this up then we can expect revenue for 2022 at $1.65 billion.
FCF somewhere between 650m - 800m . This is turning into a cash cow !
We could clear all our debt and buy all our stock (shares) back with our FCF in under 3 years ! Amazing. We are valued today around just 1 years FCF. Crazy !
SP 40p+ has got to be "incoming soon" surely ?
I would not worry to much about the Financial Controller leaving. Firstly this seems specific to the Finance department only. Secondly it is possible that JS was his mentor and with JS leaving he has just followed suit. It seems he has "promoted himself" by taking on the new role. This could be because he was not offered JS's position or he just felt like a new challenge. Either way I am sure the Enquest is attractive enough in quality and rewards package to attract great candidates to replace these 2 guys.
A different topic - Price of Oil. POO has gone up over $110. Anyone know why ? Is the European ban on Russian oil coming together ? Something has happened as POO looks very strong !
You are spot on, Tigar !
Just to add -
That's why they call it "Black Gold".
But unlike Gold, which you can melt and re-shape and use it again. Oil you burn it and it's gone !
I got a feeling the word Black Gold will be making a come-back in the coming months.
romaron,
What caught me in your post was the word "noise". I had to think where that I had heard it used very recently.
My good friend had used it and explained it, in his most recent interview. He also reiterated his $180 price target for oil and explained How, Why, and When. I do like it when experts don't just blah blah numbers, but explain their thinking too !
JAN
https://www.youtube.com/watch?v=VwpLn5fCMTg
Also sums up the current fall in POO, very nicely !
The price of gold - surely.
If gold can't clear $2,000 with a "war on "and a commodity boom cycle, when can it clear $2,000 ?
I am truely amazed that the price of gold today is not above this level ! Perhaps it is not the only safe haven as it once was.
My concern is, if the price of gold gets knocked back down to Feb 2021 level of $ 1,700 - where is the profit from All-in Sustaining Cost ("AISC"). Even worse if it fell to march 2020 level of $1,500.
They need to protect the business against a possible fall in POG. Get the AISC down as low as possible - Only spend cash that is needed and stop any fancy stuff ! Cut the expenses ! For if the gold price falls substantually , which I believe is possible during H2 - then we don't want any silly share dillution for a fund raise !
Maybe we should see what happens in the days leading up to the AGM before we accuse people of incompetence !
For Banana Joe there may be a valid legal reason why this was all delayed - Takeover etc - who knows.
In my book, it's innocent until proven guilty. If there is a valid legal reason for the action then it is not incompetence .
Many many possibilities banana Joe.
But a different AGM date does not effect the performance of the company. Not really a big deal is it !
So why moan unless you have lost money in pre-booking travel yourself. Then I would understand a little grievance. However that's life ! I guess Enquest could argue that they had not made an official anouncement with regard to the AGM.
I will still be attending the AGM, everyone has to make their own choices.