Member Info for Malu

Increasing to 11% holding.

Harbour Energy UK Assets Rumoured for Sale (production figures fy23)

Tolmount: 13k

Catcher: 16k

Armada, Everest, Lomond (Erskine): 22k

All as operator. I don’t have any field expertise, but it looks like there’s quite a lot of exposure to the Forties pipeline.

Just to add to this discussion:

Farina Khan (NED) bought 200,000 shares in EnQuest on January 11, 2021. On February 4, the company announced that it would acquire Golden Eagle..

Rom, I also asked Craig the same question with regards to Marianne Daryabegui’s latest purchase. Got the following answer;

”The Directors who have made share purchases over the last week have been able to do so with EnQuest not being in a closed period (due to results, for example) and because, as individuals, they are not on any insider lists relating to M&A activity.”

I think it’s worth adding to the discussion that EnQuest, as an equity case, has been heavily dependent on M&A to grow production in the UK for quite some time now. The management has also emphasized that they’ve been working hard on this for a long time. Clearly, no deal has yet been finalized – and as a shareholder, it’s very frustrating to see many potential transactions recently slip away to other players and/or end up in mergers.

That said, if the company were to complete a transaction that adds 15–25k boepd in the North Sea, many of the current question marks around FCF and bond maturities would be resolved.

So apart from EnQuest being a leveraged bet on the oil price and on potential tax reform, it’s also clearly one of the oil companies that would benefit the most from a successful M&A outcome.

I still believe that Harbour’s portfolio, which was rumored to be up for sale, looks very interesting for EnQuest (the Armada, Everest, Lomond, Catcher and Tolmount fields) – all operated assets, which Amjad probably (and have stated) prefers after the Golden Eagle setback. Harbour abruptly halted its planned divestment of its Vietnam operations to Big Energy, citing unfavorable terms. A year later, EnQuest ended up acquiring the same assets on very similar terms…?

I think there are more deals in the works with Harbour.

An update from the country up north.

Sweden’s largest online broker, Avanza, has today opened up digital trading for selected companies on the London Stock Exchange. Previously, it was only possible to trade through telephone brokerage.

They listed which companies their clients owned the most on the London Stock Exchange, and EnQuest came in first ahead of companies like Rolls Royce, BAE, Barclays, AstraZeneca, and BP.

We’ll see if this might have a positive effect on trading going forward. At least it can’t get any worse, right? (Though that’s been said a few times over the years already…)

More insights on the court’s negative opinion on Waldorf’s restructuring plan and why an asset sale has not been carried out:

https://www.kirkland.com/publications/kirkland-alert/2025/08/english-court-refuses-to-approve-waldorf-productions-restructuring-plan-citing-concerns-as-to-fair

News about restructuring process. Seems to be green light from Bondholders but not Plan Creditors..

”Successful completion of the Plan is now conditional upon, among other things, the Plan being sanctioned by the Court in its discretion at the sanction hearing which is anticipated to take place on 23 and 24 June 2025.”

https://waldorf-production.com/news/

6% -> 7%

From their investment philosophy:

Análisis - Selección - Paciencia

A great deal of the latter is needed when it comes to EnQuest…

Waldorf FY24 (unaudited) released yesterday.

Noted changes in Waldorf’s FPSO liability have increased by 73 million USD since September 2023 to the end of December 2024..

https://waldorf-production.com/wp-content/uploads/2025/03/Waldorf-Production-quarterly-report-Q4-24.pdf

Https://waldorf-production.com/news/

EnQuest buys Harbour’s Vietnam business.

Very similar terms as the previously communicated deal with Big Energy, which was canceled due to Harbour was seeking a higher price..

https://www.lse.co.uk/rns/ENQ/acquisition-of-harbour-energy8217s-vietnam-business-6hmqewbqn3mb6k9.html

The odds of EnQuest as buyer for Harbour’s UK portfolio up for sale in the North Sea just dropped significantly?

Four awards, three of which as operator for Harbour Energy Norge AS, as far as I can interpret.

https://www.sodir.no/en/facts/production-licences/licensing-rounds/apa-2024/

They added to c. 6% as of February 2024

From Waldorf’s press release 26th.

https://waldorf-production.com/news/

”..The relevant group of bondholders for the WPUK Bonds and WEF Bonds have today given their consent

to the waiver request as further specified in the attached notices from written resolutions.”

”Consent Fee: 0.5 % of Nominal Amount”

Wonder how long Waldorf will stay afloat..

From LinkedIn:

Harbour Energy has safely and successfully commenced production from its Talbot development, a three-well subsea tieback located around 16 kilometres southeast of its Judy platform in the UK North Sea. 

 

Managing Director of Harbour Energy’s UK business unit, Scott Barr, said: “The safe start-up of production at Talbot delivers on our strategy of targeting high return, short cycle investment opportunities around our operated hubs in the UK North Sea – on time and on budget – predictable execution is key.”

Got this reply from Craig:

This update was required by market rules, given that we were reducing our production guidance. It also gave the opportunity to update investors and market participants on additional operational developments, while we also outlined our expectations on year-end cost out-turns.

Having now provided this information, we don’t plan to release another operations update this month.

Waldorf in funding trouble..

https://waldorf-production.com/news/

Norweigan press;

https://www.dagensps.se/privatekonomi/pension/norsk-oljechef-jagas-av-myndigheter-skyldig-150-miljoner-i-skatt/

They where not allowed to repurchase due to market restrictions;

(i) max 105% of 5 days average.

Yesterday share price was over 105% of 5 days average (c.11,26, exept in the morning).

The restriction has rarely been a problem since it seems this stock is in a constant downward trend..

The maximum level for buybacks was around 11.26 yesterday. They just made a few transactions in the morning, at a peak of 11.18

Today the maximum level for buybacks is around 11,46. So hopefully increased volume today..