Member Info for January24

MiteoCPS,

Your having a laugh ?

6 months to buy Copper Wire (Windings).

Bumi the FSPO operating are Loosing millions of dollars a week !

I bet they buy the windings in less than 30 Days and have it delivered onto the FSPO - and NOT 6 months just to get the bloody windings !

I bet you take a week to do your Tesco shopping !

It was never going to be 6 months.

A transformer is NOT a difficult piece of equipment. Yes many are custom made. We can almost 100% assume the transformers used on the Kraken FSPO are custom made. However they are simple kit !

The three important components of an electrical transformer are a magnetic core, primary winding, and secondary winding. The primary winding is the part that is connected to an electrical source, from where magnetic flux is initially produced.

With Transformer failure, the magnetic Iron core is very very rarely damaged (unless it is blown up with explosives, it's solid Iron)

The damage is done to the "primary and or secondry windings". The type of winding including length, thickness and conductivity are all key. These are all known. The new windings (basically Wire containing copper) can be braught onto the FSPO and the the Iron core re-wound and there you have a new Transformer.

You also need a Electrical Engineer to ascertain what was causing the "overload" on the Windings in the first place ! This needs to be rectified also, as we don't want a repeat of this , do we !

To me this was always a fix in weeks (1 to 6 ) rather than months

Himmatsj,

From your last post.

Tell me which Analysts (by name) are pencilling in a 6 months delay.

You made a statement NOW back it up !

Because I think you made it up. Which is a dirty thing to do !

Thanks KO for your feedback on the AGM.

Much appreciated.

Nerve pain fixed. Bonded resin in the gaps between my shrinking gums and teeth. If gums keep shrinking then it will be root canal work in a few years. Don't fancy that !

Even so 6 months is a bit daft.

Bumi is responsible for the FPSO. They are loosing big bucks (hundreds of thousands dollars per day) from Enquest due to this production delay. They will just pay the Transformer supplier way over the odds to accelerate delivery of a new one/s.

IMHO, All should be sorted during the current maintenance shut down.

The Hv Transformer failure caused the shut down, so bringing the maintenance period forward made sense.

Not a material problem in my book. Unless there is more we don't know. Then they would have to RNS.

NO RNS is good news.

If you just replace without sorting the excessive loading issue, they will just fail again. Maybe what initially happened.

HV transformers fail due to overheating and or excessive loading.

Replacing is the easy part. Ascertaining what has caused the excessive loading or overheating is the harder bit !

By now Enquest know what the problem is. They will know what is needed to fix it and how long it is likely to take.

If this will have a material effect on production then they HAVE to release a RNS informing stakeholders and the market.

That's the law.

Sorry Guys -

Had shrinking gums for a year or two. Yesterday late afternoon extreme pain began due to exposed nerves. Ibuprofen and paracetamol not working. The exposed nerves makes me Feels like that I have been punched in the face. Will be getting an Emergency dental appointment first thing tomorrow morning.

Guys, sadly will not make the AGM tomorrow. Was looking forward to having a drink after the event with you, like last year.

Hope you get some good quality information from the board,

All the best,

JAN

Mmm proctor,

I think you are forgetting the huge emissions generated in transporting the oil here !

Lastly a Country should NOT give away control of its energy if it does not need to.

Why oh why can't AB see some sense a do some share buy backs NOW

Enquest can buy 20% of its own shares for just 50m.

Come on let's do it !

No excuses for letting this bargain price slip bye!

Agree with you Jeffrey,

This is looking dire !

Either I sell and loose £100k+ or wait and hope for POO to reach $100 or AB to pay dividends.

I am waiting , praying production has no issues. Hoping to see dividends in 2024.

Agree Stumpy.

The narrative has been cast in stone ! The general public will therefore not want to see the EPL removed.

The Conservative party will therefore NOT remove it as it would be a vote loser !

I think that we are stuck with it , barring a huge outcry if we can't get oil/energy from abroad due to a severe lack of supply. However this is in the future, not now !

Our best cases are;

2023 - Short term = We get sold for 30p - 40p per share

2024 - Medium term = We settle all commitments in 2023 and POO enables us to do buy backs and dividends (100m)

2025 - Long term = We clear our debt and begin to return some serious share holder value (200m+ per year)

Best Cases plus I am praying for production to stay on target and POO to keep a yearly average price above $75.

I guess as quickly as it has all turned "sour", it could reverse and turn "sweet" again !

Yes, looks like us investors are betting on the oil price going higher along with the fact that there will be no recession !

I hope that we get it right.

Hi KO,

Thanks for your post. Just read it. Numerous media articles quoting his warning. Further OPEC production cuts maybe !

Couple of points. I guess with the last year of high inflation then $70 oil is now equivalent to the old $60.

It feels like the bottom in oil prices is now in ! Expecting Brent to be back in the 80's in the next few weeks.

My neighbour works in the travel industry and told me that their summer holiday bookings are at an all time high this year. Ryan Air announced huge profits of 1.2 billion this week and are expecting this summer to be huge too.

Travel will drive oil demand for the rest of 2023.

Only a serious recession can spoil the party and I don't see that this year.

I am beginning to feel a little better about our future now.

Can't wait to hear what the dividend will be in 2024

All the best to everyone.

JAN

Historically Enquest like Thursdays for results and ops update RNS release.

Why has Barclays set a 36p price target for Enquest.

They obviously know about the EPL. Like us they could not expect it to be removed in the near term.. Anyway they would surely forecast a price target on what they know and facts. They have all Enquest's numbers for 2023, such as production etc.

What is the market missing ? What are we missing ?

Now, these price targets are for the coming months, however it still means that Barclays are expecting 36p sometime this year.

I know Barclays are NOT forecasting $120 oil. They are expecting Brent oil price around $90, but that does not get us to 36p. Maybe early 20's. What are they seeing that gets us to 36p with $90 oil ?

Yes, and hopefully will help our share price too !

Surprizing what a "splash of green" can do to your valuation. Shame i always hated the colour green at School.

Barclays raised our share price target to 36p.

I wonder when we will hit it ?