Member Info for January24

Mansardman,
No, the tax loses mean we will not pay the 40% corporation tax. This is different from the EPL .
We will only pay the EPL tax .
So for 2022 we will pay 0% prior to the EPL. January 2022 to May. Then we pay 25% for the remainder of 2022.
For 2023 we pay 35% minus allowable deductions.
My *** packet calculations say 15m to 25m for 2022. Then for 2023 , assuming POO and production remains roughly the same , I get 100m to 140m.

Dumbly and Pelle,
Thank you very much for your reply and valuable information that you both have kindly posted.
All the best. JAN

Perhaps we should all email IR early next week and ask that Enquest include an update on the latest net debt position and include an impact statement on the latest windfall tax .

I took 2 buys around 9.30am this morning. Small add-ons of 20k and 17k. I got 23.32p
and 23.22p.
Expecting these 2 to be up big time next Thurs. Just adding to my holding as I am convinced this valuation and SP is seriously wrong. ATB JAN

Romaron made a great comment earlier which I totally agree with. He said he was waiting to see the update from Enquest next week before he made any major decisions on his large holding This makes a lot of sense to me.
Secondly we need to understand that the new tax does not apply this year Our net debt should be down to circa 600m at year end, before the 35% kicks-in . We can still hit the net debt target ratio of 0.5 sometime in Qtr1 2023. This was AB's target for the compsny . I am convinced we will see Divis/share buybacks in 2023 once 0 5 is achieved. He knows he will need to attract investors and that strategy will do it We must be getting close to achieving ftse 250/350 entry in 2023 too. Another way in which the SP will be elevated as our shares will have to be purchased by funds holding ftse 250/350 stocks. All to play for still

So now we know the government released indirectly the details of the 35% WFL in advance to "soften the surprise".
What next ?
Read Tarmac's numbers as they show we are still in good shape -
600m profit =
Under the old scheme of 25% would mean 150m, now
with the new scheme it's 35% and 210m, leaving 390m for us !
However that's before claw back of investment cash spent (capex) and don't forget Malaysia needs to be totally stripped-out ! Looks like with that, we possibly get back to around 150m leaving 450m for us.
Dissapointing, but Not the end of the world.
Should make AB halt UK investment and focus on more "Tax Friendly Waters". Also could encourage AB to accelerate dividends and Share Buybacks. The obvious strategy Now is to milk this baby dry ! AB knows it !

What did he do, my live feed crashed just as he said windfall tax, help

We have opened to the downside, looks like the market still thinks we are going to be "stung".
We should get a huge bounce if Hunt just goes for the Majors like Shell, BP and leaves the small companies alone.
Fingers crossed Hunt sees some sense.

For the major oil producing giants like Shell and BP and not the smaller companies like us.
If he listened he would have heard some of the majors actually saying that they agree they should pay more. He would have heard the smaller producers saying the opposite. I hope he heard this and has acted accordingly. He should Only increase the windfall tax for the majors. He should also include other beneficiaries who slipped through the net last time.
4 hours to go and we will know !

Romaron, I was only joking. Your posts today have been really interesting and informative , as always.
Some guys here have been asking about the Ops update. My understanding is it is due on the 24th.
As for the windfall tax. Has the 35% been leaked to the press early to soften the blow on Thursday or was it to "test the waters" ? Well lots of adverse press from the UK oil industry keeps flowing. Lets hope Hunt is listening. We will know in 48 hours.
Back to the Ops update. We should see further falls in net debt . Under 700m ? And down to 600m at year end ? A distinct possibility .

NO, romaron.
They cancelled it because you said that you were going !

I was talking future and not the past.
I thought the idea was for the UK to not buy Russian oil during 2023/24 and beyond.
Indeed we want to be self sufficient in energy.
Right, let's start by destroying North Sea oil production. Excellent idea. We can replace it with a few windmills and Bob's your Uncle. Sadly it won't work as Fanny is your Aunt !

I thought we were after energy independance. Or shall we buy our oil from Putin ?

They have too, Questforoil !
For even idiots (our government) know that we will need oil for many years to come. The transition "off" fosil fuels will take a decade or more. The government know this ! In the meantime we have millions of fosil fuel burning cars in the UK to feed.

Hi Sipp,
Good post, agree with you.
The government talk of energy independence on one hand and expect business leaders in the UK oil sector to sit bye and just accept a total tax on profits of possibly 75% . Surely they must know that the likes of Enquest will just copy BP and Shell and invest in fields outside of UK waters. They must know that. In addition they will not want Oil company's talking in the press over the coming months of " How we have to now invest outside the UK" and "UK oil sector will shrink and so you can kiss energy independance goodbye" .
Common Sense has to prevail her surely !

Scary !!!!
This is not scary at all. It's that, we are not sure how many multi millions of profit we will make, after taxes.

You should have been here a few years ago. Now that was scary. That was about "will we survive". Survival is trulely scary . How much profit you may make is not !

Good On Ya BTFATH1,
I posted as a bit of fun, and credit to you , you took it as a laugh.
Well done for having a great attitude, respect.
JAN

Reports China easing travel restrictions. POO up $2.
SP should rise on the open and later today -
I guess BTFATH1 Will post he has sold his shares and with all the excitement will be buying a 3 pack of M&S underpants with the profits !

You Silly Billy,
POO at 94 , 99, or even 89 all great for Enquest !

As for the SP - 30's next as fcf keeps flowing. A great ops-update this month should see us move inti the 30's and again in January with RNS then, should see us move into the 40's. Superb full year results and shareholder returns notification should see us rise even further late Q1 and Q2. Could we have a 60p Party during the summer ?. I am clearing the diary, in readiness !

As for 2023 EPL - we have many unknowns. What will POO average for 2023 ? A big difference in profits at $90 average against $120 average. How much will Enquest invest in UK in 2023 ?
A stab in the dark could be $90 POO production 48k bpd Profit 600m = EPL currently 25% would be 150m, however we then reduce EPL due to investment spent for 2023 in UK North Sea This could half the tax to 75m.