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Monsterlala,

I asked if anyone had looked at what happened with PMO's Solan. Got no answer, so I went and read all the PMO reports in great detail. Solan started well, but then issues arose, and instead of producing the expected 20-25k bopd, it is now producing about 5k. They have not been able to fix the issues, and have now delayed a fix until 2020, as they need to deploy CAPEX elsewhere.

Are Solan's issues different from Kraken's? I do not know. MO and others are better placed to comment on this than I am.

Fortunately, for long time PMO shareholders like me (very modest holding) Catcher is surpassing all the expectations, and PMO has a lot more assets than ENQ has. So, yes, Kraken's performance will make or break ENQ. And poor disclosure of Kraken's performance by ENQ does not help...

Chilting,

So perhaps the cargo has not been sold yet! Or they might be waiting fora supertanker to take NH's load and other tanker's load as well. Could be ENQ Producer's soonto be load?

We need to find out if anything is mentioned in the EGM tomorrow...

Hello ENQers,

Anyone going to the EGM tomorrow? Hopefully, substantive questions could be asked about Kraken's issues and fixes completed and yet to complete, as it relates to the Oz Capital loan of $175M.

Hi Mo and E121,
No July production data yet, as far as I can see online.
New oil field being put to production by BP at a CAPEX cost of $7 per oil barrel, if I read it correctly this week.

Best.

Hi MO,

Many thanks for this. 506k means low 30ks per day, correct?

Still no sign of a tanker near ENQ Producer. Let us hope for one soon.

jam tomorrow. tomorrow arrives and we are told again jam tomorrow; repeat ad infinitum, or until it goes bust... (it will go bust first...)

The zombie is back. We all know that it means... bad news. His performance was comparable to that of a 20 year old with no experience. Jump ship before is too late. All the factual data is an absolute disaster. Such poor governance... What a shambles.

Good morning MO, E121 and January,

MO: That gives 32.5K per day, assuming a standard load of 500K. So, not great. Where is the oil when you can sell it at a very high price?

Again on the sale price. I know that Kraken's oil is sold at a $5 discount on Brent. But, how is the price settled for the current load? Using the spot price on delivery at the refinery, or is it typically agreed in advance of finding the buyer?

Alma: Have MO's watchful eyes spotted a tanker out to Alma? I have looked in the direction of where ENQ Producer is but my eyesight is not that good...

January: my indicative SP of 60p is conditional on AK pumping above 45K for the rest of the year. It does not look feasible at the moment, but E121 and MO believe that load #25 will tell us more. We keep on waiting, week after week that they can fix the issues.

E121 and MO: I do not want to sound pessimistic, but do you which issues PMO faced in Solan?

I hope the July production data is released soon to find out how Magnus is doing. (at 16K, 75% of it is 12K. in the last 100 days of 2018 it would produce 1.2M beopd, which would result in cash flow in excess of $60M, using a margin of $50 (POO - Opex). The advantages of not hedging production, as dictated by BP)

Best.

Trump tells UN that Opec is ‘ripping off’ the world... I am not feeling ripped off...

I assume that he considers that many of us, ENQ shareholders, are aliens....

Hi E121 and MO,

Do you know how the price of a cargo is usually settled? Say, for the upcoming cargo from AK. Will the price have been agreed in advance? (I am ignoring here the hedging in place)

E121, I do not consider myself a contrarian. After all, I own more shares than the non-exec director who started a position last week. I have sent my instruction form for the RI a few days ago. Now, would I prefer to know that ENQ is paying down its debt by producing more, rather than having to rely on events it cannot control? Yes, I would. I know quite well, that in increase of $10 in the POO will increase the net cash flow margin (POO - opex) by 20 to 25%, which as good as producing 20% more oil. Were the production at AK and Alma/Galia to increase 20%, the share price would surely cross the 60p threshold by the time the 2018 results are announced.

Given ENQ's current share price, I urge you to upgrade to the best bubbly, and MO to the best rose' out there....

Best,

Hi MO,

You got it right, but ETA : 2018-09-26 00:01 LT (UTC).

At any rate, if cargo is 500K, then average production per day would be 34.5 Kboepd. Not great I would say. CNE had stated the voidage had been dealt with.

"John Winterman, Non Executive Director, bought 20,000 shares in the company on the 21st September 2018 at a price of 37.80p"

20,000 shares, that is how much he trusts ENQ to deliver? That is pocket change for him...

I do not pay attention to Director deals under £50K. Less than that is just noise...

Hi MO,

It is showing Navion Hispania headed to Aberdeen (almost there).

HK destination ABDN...

KKoil,

that is true spike iscoming.
but that only matters if you have plenty of oil to sell.
No tanker at AK until the 26th, ...
who will do well out of such high prices? PMO, GENEL, GKP, ELAND, TULLOW, etc.

Hi MO,

Nothing on the horizon. means bad news...

Hi Fernan,,

your question about accumulated tax losses: reverse takeovers allow a company to benefit from the target's tax losses.

thanks foe the info on shale. however, ENQ's main obstacle is to get oil to flow from its assets. if it can solve this issue it will do well.

Hi E121,

Keep the bubbly on ice...
Saudi official said: 11 million boepd would be a stretch, even for just a few months.
US officials say that SA does not have 1.9 million boepd spare capacity available.

So, all we need are those elusive tankers. Nothing on the horizon for AK so far, as far as I could find.

Hi E121,

Leave the champagne on ice. I bet you will have good reasons to drink it Monday night. They can say all they want, but there is no short-term spare capacity, unless you bring Iran back to the table. Saudi has had to rely on its reserves to satisfy demand. Many people believe they cannot get to 11Mboepd in the short run, regardless of what they say.

ENQ cannot control POO, but it can control its output, and a 10% increase in production is equal to a 10% increase of the margin per barrel (POO - Opex) in terms of net cash flow

Best.

Hi MO and E121,

Not Navion Oceania?
Any guesses for Enquest Producer?
best,

Brent contract for December 2019 surpassing $75 a barrel now. so can hedge all but Magnus's production all the way to the end of 2019 at a good price.