Member Info for January24

Agreed Pelle, very very little.
Personally I can't see any changes in the EPL until the Autumn. Maybe even later !
Something serious has got to push Hunt to set a floor or make positive changes for O&G producers like us.
Why do I say this ? It's simple, Hunt will not want to give Labour a stick that they can beat him with.
For Hunt to change it has to be serious, like a world oil shortage, or North sea production to seriously decline or UK oil and gas producers to start going-bust !
In my opinion nothing else will do !
We have to get on producing oil and paying down debt while looking overseas for investment.
AtB
JAN

Guys, if Hunt puts a floor-in, will it be on 23rd March ?
Just checking that I have the correct date. Cheers.

Sorry guys,
I think no changes to EPL until Autumn, at the earliest.

Sadly they want to kill us , but slowly as they want to use us for a bit longer first.

KO,
I'll order you and me a beer after the AGM.
I'll let romaron pay for it though,. ...lol

That we would need , or even be glad of our hedges. However at this rate of fall in POO they could be our saving grace.

Looks to me like a floor is planned for the Autumn budget 2023.
Not Now !
Can't someone tell the government that their stupid EPL tax hardly effects the big oil companies like Shell and BP. That's why they have record profits ! If they want to hit the big boys then they should scrap EPL and raise UK Corporation Tax for Oil and Gas producers only. 35% tax on small producers like us raises peanuts. A 5% raise in Corp tax capturing the big boys would raise vastly more cash for the government and actually hit their real target !

My thoughts are that he will set a floor at $75 or $80.

He would have taken advice on this (for once) and therefore would be advised that NS costs are higher than SA and Russia's costs. Russia cap is $60 which gives them a small margin. I'm guessing he will set the floor for NS with similar thoughts. $75 being my first choice. Lets wish for some good luck here. $80 would be nice.

Black swans were rare.
Seems we got a flock of them !

Lol Spin,
Great Post Spin made me laugh.
Sadly The rest of the news today has me crying.
Thanks for the offer of the inflatable dingy. I will be going the other way, so Sunak need not worry.

At this rate it Looks like I might have to go back to work !
Anyone got any jobs going ?

Cheers Stevo12
JAN

Sorry typo, our profit after tax at H1 was 203.5m. Still much better than HBR that produces more than 4x us.

It looks to me that we are in a different league to HBR. Their results showed a profit after tax of just 8m for 2022. However we had $253.5m profit after tax at the end of H1 2022. Surely we should see an even higher figure for the full year 2022. Maybe $350m ?
I'm expecting a good number . Let's hope that the market rewards us nicely for it !

I have met AB and had conversations with him. I do not believe he would be looking to take Enquest private so he could "scoop-up" all the cash. After all he is very very rich by our standards and thus his credibility and respect becomes more valuable than money. I truely believe he will want ALL share holders to benefir when he deems the time is right !
We may hear more on this soon. Lets hope so, because we need some good news.
Our problems seem all outside our control -
We are in an unloved sector, indeed some actually hate Oil companies. Investment Money coming in to this sector is poor.
We are listed on a stock market (London) which is currently giving very low valuations (market caps) compared to the US markets and others. Indeed even UK pension fund investments in the London market is at a low. I read UK pension funds had circa 40% invested in London previously now down to just 5%.
The war in Ukraine is still on-going and recession talk is still on the table ! China has yet to prove it's demand for oil is going to hit the numbers ! - It is looking bad, which is why we are where we are ! ! !
However this can all change in a matter of days and weeks - as we all have seen before !
I do hope AB outlines his plan to return capitol to shareholders when the 2022 results are out, on 23rd March. This would make sense. I would turn the question around and ask "why we can't spend 50m 0r 100m to buy our own shares NOW.
I can't think of a good reason, can you ?

If Buffet owned Enquest he would have more than 3% or it would hardly be worth the effort for him .
Then he would be declared as a major investor on the Enquest website. Which he is not ! Holdings above 3% have to declare. We would already know !

Hi KO,
Yes I read Tullow results too.
Interesting 2022 revenue was $1.73B however their FCF was $267m
Now to put that into perspective, we achieved a greater FCF in the just the first 6 months (H1) of 2022. I guess our full year results will show FCF at Double that of Tullow from a slightly lower revenue figure.
JAN

Your welcome to come along Spindok.

Although I'm going to be wearing a disguise this week. I don't want that "old girl", that I spoke too last week, to recognise me. I know what she's shopping for !!!!

I'm in Tesco's doing the weekly shop with my wife
Very bored , I thought I would have some fun.
I noticed a chubby 70 year old women glaring at the various sausages trying to choose.
I said tongue in cheek " aren't you a bit to old for a sausage lov"
She looked at me and picked up 2 packs of sausages and said " you are never to old for a sausage Lov"
I'm still speechless!

Saddsa,
Your defending the wrong goal.
It's the goal with "share price" written on it, that we need defending !

Hi Stevo,

Thanks for your reply.

I agree with you. We should see some deals in the next 12 months that will help shape more accurate valuations/numbers.
Interesting that my valuation is high (1B), yours was low (360m) and Londoner7 seems to coming-in somewhere in the middle. Useing his method it looks like 600m, which is interesting as that is where the recent broker/analysts new targets are !
The brokers targets come in 32 - 35p which is around 600m. Maybe Londoner7 has got it right ......or maybe he is a broker !
All the best
JAN