Member Info for Krakenoil

Goldman Says #Oil Needs to rally further to solve deficits, notes unsustainably low levels of global oil inventories. The bank increases its 3Q forecast for #Brent to $140 a barrel from $125

We have seen the Barclay’s note and will be working with the analyst to understand their assumptions and how they got to the answer they did, but I don’t believe there is anything in there that would warrant a clarifying announcement to be made. We have issue our guidance, which remains unchanged despite the introduction of the new levy.

With regards the Serica announcement, I think they may be the only peer who has done something so far, and I suppose it was fortunate timing for them that they had a trading update due around now so could build something in. I have not seen any standalone EPL statements as yet (but may have missed something – please do advise if you have any examples).

Fani Titi lol

Don’t hold your breath for a statement from EnQuest, the board don’t give a sh it about shareholder value otherwise they would have already done it

Well that's it folks !
We are now screwed and so is our investment.
Back to Februarys valuation , with Pre war oil prices, well done to all those who sold out, us loyal mugs still holding the baby.
Can't wait to get out of this sh it and never invest in the stock market again.

Analysts at Barclays downgraded their recommendation for shares of Enquest on the back of the government's recently announced plan for a levy on energy companies' profits.

The recommendation went from 'neutral' to 'underweight' with the analysts estimating the tax would reduce the outfit's free cash flow across 2023-26 by $450m.

That equated to a 36% cut to the company's discounted cash flow valuation and put Enquest's debt refinancing plans back in focus "just as higher oil prices and improved operating performance had eased concerns."

In turn, the analysts lowered their target price for the shares from 40.0p to 23.0p.
So are Barclay's now saying with our Tax credits we are going to lose $450m of our FCF to the government, is that with or without investment ? And are they are calculating our FCF at $1.8b over the next 3 years

Still can't believe we have lost 10p off our SP over this !

Basically Barclays have downgraded us over Refinancing concerns ! At this rate Enquest won't need much refinancing and I bet there are plenty options on the table for us if and when the time comes.

Can you copy and paste it please

Jan, I don’t think so, I think the market is basically now saying give up with EnQuest it’s a bad investment and nothing ever changes !

£30m wiped off our Market cap so far today over what ? A snotty nosed idiot at Barclays!
It’s no wonder our shareholders are giving up, our BOD don’t bother defending the company whatsoever.

Just give up hope of ever seeing 60p
AB just put the company up for sale take 37p a share and end the Shareholder pain before we all die of a heart attack

EnQuest should have put out a statement the day after the levy was announced, Enquest must have known what was coming !
Just 10 days ago we were heading to 40p now we are heading to 25p over a 25% TAX levy that we are more than able to pay out of the massive FCF we are making.
Unless something else has kicked us us the nuts
Come on Enquest wake up and make a statement ffs

Chilting I have already asked IR for confirmation of where we stand but all I got is a link to the government website, I want to know what Enquest is going to do about it and where we go from here, we’ve had our pants pulled down and we still haven’t pulled them back up.
We should have already had plan B in place for this as we knew the government was going to slap something on UK oillies.
What’s plan B ?

What gets me is Enquest haven’t said anything, the others affected have been quick to react but Enquest have said nothing, What the hell is going on ?
Shareholders deserve a bit more than this sh it

Why sit back and let the market cap slide ? Why not put up a fight ?

Looks like nothing will help stop the misery here, not even higher oil prices.
Thanks Sunak you bastard and well done EnQuest for doing FA

Aloj your about as informed as Barclays you clown

EnQuest don’t seem bothered
Where is the fight for shareholder value?

EnQuest need to address this issue now. Doing nothing and leaving the market to fester is a kick in the teeth to it’s shareholders.