Member Info for Krakenoil

This must be more than just CNE down grading K, what the hell is going on !!

I'm holding PMO, But next Thursday if the results are reassuring then I will sell the profit from PMO and pile that in here. If they are very positive then I might even sell the lot and pile it all in

The very poor Hedging could be the driving factor behind the SP performance, Not sure how much of that hedge we have used but probably not much left.

Having a great week, Both PMO and Tullow up around 4% again today. CNE certainly kicked us straight in the nuts, But If Enq doesn't downgrade K and gives a dam good explanation why along with what the plan of action to rectify the issues then next week this is going to fly.
K failure has been priced in in my opinion.

Romaron, He is just reminding the BB of Moody's rating in November 18.

Moody's also said :

What Could Change the Rating - Up

The ratings could be upgraded should EnQuest further strengthen its reserve base in order to underpin average production above 70 kboepd while maintaining a 2P reserve life of at least ten years and avoiding that adjusted total debt to EBITDA rise above 3.0x under a range of oil price scenarios.

What Could Change the Rating - Down

The ratings could come under pressure should EnQuest's free cash flow generation fall significantly short of our expectations, putting pressures on the group's liquidity position ahead of scheduled term loan amortisations and other debt maturities due in 2019-2020, and pushing adjusted total debt to EBITDA above 4.0x for an extended period of time.

The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

EnQuest PLC (EnQuest) is an independent oil and gas development & production company with the majority of its asset base on the United Kingdom Continental Shelf (UKCS) region of the North Sea. As of 2017 year-end, EnQuest had 2P reserves of 210 mmboe, of which 190 mmboe were located in the UKCS in the North Sea, where it had interests in 20 production licences. In addition, it holds interests in two currently producing assets located in Malaysia, PM8/Seligi and Tanjong Baram. In the last twelve months to June 2018, EnQuest reported an average daily production of 45.9 kboepd and EBITDA of $465 million.

So last year Ukog turned over a whopping £97k and made a loss of just £3.8m !!!! And this has a Mcap of HOW MUCH !!

AB must be embarrassed by this whole kraken shit show, if he hadn’t gambled on Kraken Enq would be hugely profitable and debt free. What a mess but it is what it is not all his own fault as bad luck seems to hang over him and me for that matter ! Just has to sort the dam thing out and start being whiter than white with the truth and what we have planned for the future. He must stop this “let the market think the worst all the time as complete silence is deafening!

I see CNE bounced 3.57% today, so they seemed to have shrugged off the India news and the Kraken write down. Will we ever get a break ?

Hi Chilts, That's a possibility but Bumi have put their hands up to the FPSO not performing so I think something they have engineered or designed hasn't worked out or cannot take the cold conditions, they probably tried to swerve that and blame the weather and or the field and that's turned into a battle between Enq and Bumi who is responsible. I bet they half heartedly had a go at fixing it but now Bumi have had to take full responsibility and take a big hit on lease payments and now facing huge expense to fix it.
I bet AB was like a dog with a bone !

Mr market has always given Enq a hammering over anything that could be deemed as bad news, but that must change when the debt levels become into the ratio that is classed as acceptable. Maybe when we are below $1.5b ??

Hitman, I would imagine the problem being the amount of heat the water carries down when mixed with the heavy oil, the more heat you can get into the oil the easier it is to move that's probably why production suffers in the extreme cold conditions and having to run the boilers and the pumps at full throttle.

89p

I'm hoping we don't start to move up much before PMO reaches a quid so I can sell some over there and pile that in here as well. Greedy I know but I want a million shares before this takes off.

We are starting to see a few more larger buys coming in now than we have seen over the last few weeks, a sign that we have bottomed out ? Follow the money they say.

its very possible if the buy order is been slowly filled, happened to VW when Porsche acquired the required stock under the markets nose, luckily there was a law preventing the move if I remember.

Last year as Brent passed $68 the SP rallied. But I doubt it will until we have the results

Such low volumes any attempt at a hostile takeover would jump out or push up the SP fast !

Auson we can joke about it but it is a real possibility. I doubt if AB would sell his baby at a quid lol

I’d accept 60p ;-)

Itsaponzi do you get great satisfaction in laughing at people’s pain ?