The thing is Disco, these posts have to be looked at and deemed a violation of the rules by the moderators before they are removed, but a certain someone's posts saying the company is going bankrupt even after many members report it … it still doesn't get removed ! This is exactly the same when Andy.p was trolling us, just before the price rallied over the next 6 weeks. Are we ready to break out again …….?
At the end of June 2019, net debt was $1,637.9 million, down $136.6 million from $1,774.5 million at 31 December 2018 reflecting strong operational performance and a higher realised oil price. Total cash and available facilities were $248.5 million, including ring-fenced accounts associated with Magnus, the Oz Management facility and other joint venture accounts totalling $79.1 million. In June, the Group made an early voluntary repayment of $55.0 million of the scheduled October amortisation, with a further $10.0 million repayment in July which has reduced the Group's credit facility to $615.0 million. The remaining $35.0 million will be repaid by 1 October 2019. By the end of June, c.7.9 MMbbls of oil hedges had been settled. Approximately 7.1 MMbbls had an average floor price of c.$67/bbl, while c.0.8 MMbbls associated with the Oz Management facility had an average floor price of c.$56/bbl. For the remaining six months of 2019, EnQuest has c.4.6 MMbbls of oil hedges in place. Approximately 3.9 MMbbls are hedged at an average floor price of c.$66/bbl, with a further c.0.7 MMbbls hedged with an average floor price of c.$56/bbl in accordance with the Oz Management facility agreement. 2019 outlook reaffirmed Group production performance in the period was ahead of the mid-point of guidance of 68,548 Boepd. With a number of planned maintenance shutdowns in the second half of 2019, the Group continues to expect 2019 net production to grow by around 20% to between 63,000 and 70,000 Boepd. Operating expenditure is now expected to be around $550 million, lower than the $600 million originally guided primarily as a result of the revised reservoir management strategy at Magnus. Expectations for 2019 capital expenditure remain around $275 million, with the programme weighted towards the second half of the year. The two-well drilling programme at PM8/Seligi commenced in July with the Magnus two-well campaign expected to commence in the fourth quarter. The Group continues to prioritise debt repayment with an ongoing focus on cost control and capital discipline. Through the second half of 2019, the Group expects overall net debt to EBITDA to continue to reduce. In future, EnQuest intends to operate between 1x and 2x, targeting the lower end of the range.
Revoking article 50 might give the UK a slight boost but long term the value of the Pound has been falling against the Euro for the past 17 years, If we can leave with some sort of deal then I do believe the value of the pound should recover over the next few years.
Well what else is there? Should we all throw in the towel and sit in the corner and sulk about it until we do slide into recession or do we just grab the bull by the horns and get on with it ? # 2 choices …...That's it
The UK wont suffer a recession on a no deal, there will be a period of uncertainty while we find our way but that wont last, ultimately I still believe the UK will thrive once said and done, we are a nation of hard work with a will to achieve, unlike most of the EU. I feel sorry for Germany as they will be the ones that suffer the most over Brexit.