Member Info for Krakenoil

No using the word “oil and Gas Giants”

Tweet from Ed Miliband
It is entirely wrong for the Government to let energy bills rise in April.

Labour supports the campaign to stop bills going up- and we would fund it with a proper windfall tax on the oil and gas giants making record profits.

Maybe AB's retirement plan has changed and the aim is now is to make a offer for the company before returns start. He could then wind the company down over the next 10 years making a huge retirement pot for him and his family.
Easy money even with the WFT

I'd quite happily take 37p a share if he wants to take the company private.
Our SP is going down like the Belgrano.

They are taking advantage of the fact AB can’t buy their borrowed stock until after the results are released, but if the price of oil climbs a little then they maybe forced to buy that stock back quicker than expected.
I hope they get caught with their pants down

If we had a buy back program in place this wouldn’t happen or it could have been countered from buying those borrowed shares.
They still need to buy those back

Analysts at Canaccord Genuity slightly lowered their target price on exploration and production company EnQuest from 40.0p to 35.0p on Monday as it pondered what exactly the stock's investment thesis was following its admittedly "solid" trading update.

Canaccord Genuity stated EnQuest's recent trading update showed, unsurprisingly, operational performance in line with the company's November update, and while year-end net debt was "a little higher" than its had anticipated and full-year production guidance "a little lower", it said these seemed to be "quibbles rather than significant detractors".

The Canadian bank highlighted that crucially, EnQuest strengthened its balance sheet "significantly" in 2022 through a combination of "solid production delivery and high oil prices", reducing net debt at year-end to $720.0m.

For IR to say they were disappointed to the market reaction towards the update struck me as worrying.
Blimey I read the update and it was plainly obvious that the market was going to react badly towards it and I'm a uneducated painter.
If our BOD thought that was positive update then we are in even bigger **** than we are already in.
EnQuest could prop up our SP if they wanted to.

That's a big gamble Dumbly, but its the same as deciding not to drill at Kraken this year because of the EPL
Maybe we are cutting our noses off .
We have gone back to "no plan of action", Its all uncertainty again and the market doesn't like it.
If we do bring BB into production and tie in Kraken are we going to do it with pipeline and platform so the need for a FPSO is not required or will we be using a brand new one that is more advanced than the Armada ?
Why take 100% of Bentley if we are not going to invest in the North sea

With the volume of shares being traded it would be easy for EnQuest to push the SP up with a small amount cash set aside for buybacks. It would keep Shareholders happy stop the volatility and attract new investors. It wouldn't affect the Debt payments too much, we need a little of everything at the moment.

I doubt I’ll get a reply to be honest

Morning Jan, On Friday I did ask IR the question of why do we need to wait for 0.5 before starting returns, we have the financing in place with no restrictions, its easily affordable would defend our Market cap and at the current SP its very good value.
No reply yet

Maybe the government will give incentives to those that meet the Emission targets by making them exempt from the windfall Tax.
That's our only hope now and the only hope for the North Sea.
Least the government would save face from the green army. Both sides would be seen as winners and we get to keep our energy security.
Possible ?

Most of us put our hands in our pockets twice to keep the company afloat
For what ? For our bastard government to swoop in and take the profits
8 years I’ve been invested waiting for a return on my money!
Parliament needs clearing out completely and filled with people with real intelligence of how to run a country correctly. It’s been a mess for too damn long

We just need a buy back programme to start, £50m per year will at least put a floor under our SP and if the SP stays around 20p - 25p for 5 years, come 2028 when the EPL is due to finish there will only be around 900m shares left.
What else can the company do ? We need it to start now

I just don't understand the aim of 0.5, the greedy government has stuck its snout in the trough so we need to do the same quickly.

We need to changed our aim of 0.5 and start buy backs ASAP. We have no restrictions so why not just allocate say £50m for this year.

The message from Enquest was "Yes we are considering shareholder returns but we have no idea when that will be." could be next year, the year after or maybe the year after that if we have any production left who knows !
James is going to have a field day writing up his next broker note.

What f*cking dividends ?

Seemed like this was deliberately negatively written by EnQuest for some reason.
It sounded to me like a company that's given up
Why did AB buy £5m worth of stock at 20.6p ?
Maybe AB is aiming to drive the SP down to take the company private.
We have been robbed !