Member Info for Krakenoil

I just despair at what’s happening to us especially what we have all been through. You have to ask how long AB can keep on fighting for

Apologies for the delayed response, as you can imagine it has been a busy week. As Amjad noted in the 1H 2023 presentation yesterday (around 4:25 into the webcast recording), we are still looking to put in place a shareholder returns framework in 2024.

The fiscal regime is undoubtedly challenging and we, like several of our peers, are paying an effective tax rate in excess of 100%. We remain engaged with Government, both directly and through industry meetings with Treasury/HMRC, on proposals to make the EPL and the dual lock price trigger mechanism (‘ESIM’) more conducive to UK investment and I hope you’ll agree that we have been more direct in our messaging on the issue within this results period.

Until we see positive change in the tax regime, we will continue to target, plan and execute low cost, quick payback opportunities within our existing portfolio and we are very much focused on bringing our relative tax advantage to bear through the execution of value-accretive M&A. Structured deals are not easy to deliver, but we have a strong track record in this area and believe that there are exciting opportunities in the market.

The value of U.K. oil companies has been under attack since 2014 and the moment it was about to change in swoops the robbing government and takes what’s rightfully ours. We are the ones that kept putting our hands in our pockets to keep the companies afloat and weren’t even allowed to recoup those losses. It’s just terrible.

The banks get away with making billions on the windfall of high interest rates and not passing it on to savers while we suffer a massive tax grab over a 30 day oil price spike and due to hedging we didn’t see any of it.

Fu@cking Wa nk ers the lot of em

Papegoja - For you not being given the right to participate in the rights issue was a blessing in disguise, I wished I hadn't and then I could have bought in at a lower SP than the offer.

I think you had the advantage there.

We have never been in a position where we were able to hedge without a ceiling , if we had no EPL we’d be sitting around 75p right now.

Once the panic is sold I can see this back in the 17's pretty quickly.

I wonder if AB has taken advantage today, I'm sure we will find out in a few days time.

We've been here many times before

Brent jumper at 2pm but I don't know for what reason

Its very possible Pelle.

They were on about buying more assets, maybe its a merger or buyout looming who knows !

This move is self induced and probably done to make the impact of the EPL look far worse than it actually is.

Not a great move to cause a panic sell off.

Maybe AB has done it on purpose and will attempt a director buy out.

Our only hope left is the government change the WFT and that's not going to happen any time soon.

This Update basically said - We've done our very best but the EPL is going to killing us

Well if it does happen, lets hope we don't get mugged.

Although we shown significant cash flow during the last 6 months our accounting seems to be negative blaming the WFT for the loss, Same as HBR did, Trouble is we don't recover easily and will take a few months. Seems 2 steps forward 3 back all the time.

I should have stuck to my guns when the WFT was announced and not bought back in. You live and learn to Never trust a government

That plan wont work due to the scummy filth blocking the roads wearing orange, if that doesn't stop you the 20mph speed limits gridlocking the country will

The over reaction is the delisting on the Swedish Stock exchange and for me is the net debt to to the last 12 months adjusted EBITDA ratio unchanged at 0.7 even with the debt reduction.

14.5p WTF

-16% This is just crazy

This has to be the worst market response we’ve ever had to a TU

It was another terrible update, to add to the rest of the terrible updates. EPL killing us

This is going to be another painful day

Zero chance of shareholder returns next year. Unless we have 12 months of $100 oil prices or the government drop the Epl robbery