Member Info for Krakenoil

I wonder if these shareholders that were given the heads up were the ones selling from 54p
Maybe we have a good case against PMO

We i would say we have rinsed out the week shareholders now, new blood on board or just the majors picking of the cheap shares before the equity raise

Most oillies were way up this morning now all dropped off

Zacks upgrade PMO to a Buy rating with 50p target price.

Majors see risk removed and they also have the majority voting rights so they know it’s going through, basically the uncertainty is gone and they know where this is heading, us lot know feck all.

SK makes you wonder why the market hates EnQuest . The CEO being the largest shareholder, the company is paying down the debt much faster than both PMO and TLW and the BE cost are much lower,
Enquest is a dark horse thats for sure

What this equity raise does do is put the company back into a strong far less risky position and the larger investor is far more attracted to companies in that position.
Lets be frankly honest the SP ain't going back to a pound until the debt is under $1B or oil prices are in the 90's or above.

Let’s see if we have found the floor today. Fingers crossed

Can you imaging how our major shareholders feel about what’s gone on, most hold averages way about a quid, so how they claw their money back I don’t know.

With $100 oil, paying dividends and zero debt what could the Mcap climb to ?

Sk They have already agreed to buy the Shares, if retail investors don’t take up the RI then the underwriters will, so 12.5p is the lowest the RI can and will be, but if the major shareholders start to buy stock now a pittance compared to what they already own they can manipulate the SP higher reducing their own stock. Retail stock is around 30% and probably halftime of that held by long term shareholders so we may not have that much stock available soon.

Won’t be much retail stock available soon especially if the major investors starts increasing towards the RI

SK with declining oil fields worldwide the next few years are going to be short on the supply side. $100 oil next year would certainly help

We need to have formally agreed the terms of the refinancing before we can launch and price the equity raise. Shareholders would not be willing to put in new money before they have certainty on the refinancing terms.

The equity offer is very large relative to our market cap and is a bold move. However, it resets our balance sheet and remove the debt overhang on the business. It allows us time to benefit from strongly rising production and additional free cash flow which will materially deleverage our balance sheet - at $65/bbl long term, our net debt will be less than $400m by the end of 2024; at $55/b LT, our net debt would be c. $1bn.

Our major shareholders, who we spoke with before the announcement were, and remain, supportive. We have also spoken to other shareholders and new investors since. All have been supportive of the plans we have laid out. The $205m underwritten by creditors further reduces the execution risk although of course we hope the equity ends up with existing shareholders or new investors.

The share price response is not unusual for companies announcing a large equity offering. The trade in our stock over the last few days has been dominated by retail and there has been, we are told, no change in short activity. We do not know of any institutional sellers; we hope that as we continue to market the transactions and speak with investors we will see buying interest in the stock pick up again and provide a floor to our share price.

Kind regards
Elizabeth

So if the SP holds going towards the RI and equity swop, this could put short positions in a very awkward situation, when Enquest done the same thing in 2016 the SP rallied over 50% within a few weeks.
So with the added assets and reduction in debt could very well do the same as the company value will jump up by the added funds

So you could now buy the whole company for less than the BP asset ....... we are going to get taken out ..... mugging coming and I wouldn’t be at all surprised if TD has already lined it up

Afren all over again

Is Nick Leeson running PMO or am I confused

Suspend it now, what’s the point of watching a race to 0

Should just suspend trading until this monumental fu. Ck up is sorted out

TD has single handily broken this once great oil company!
He needs to be held accountable