Member Info for Malu

True, I went through the changes now in their Global/small/micro index but didn't find Harbor added or removed from any.

https://www.msci.com/index-review

MSCI had an Index Review on August 12. Probably had something to do with it.

London - August 12, 2024 – MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced the results of the August 2024 Index Review for the MSCI Equity Indexes.

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

Waldorf Production announces $75m refinancing of 2021/2024 Bond Issuance including agreement of new approximately $23m liquidity facility and proposed forbearance agreement with 2023/2026 Bondholders

Updated info regarding Bressay development on RockRose’s website.

https://www.rockroseenergy.com/our-operations/uk-northern-north-sea/

The field is operated by EnQuest, and studies are ongoing to progress Bressay to development via an early production system (EPS) utilising the EnQuest Producer FPSO.

The Bressay field contains more than 115MMbbls of gross 2C resources with an estimated Ultimate Recoverable volume of 285 MMBBL. The EPS development is expected to deliver approximately 35 MMBBL, with learnings from the EPS being utilised to progress plans for full field development.

Bressay FPSO (EnQuest Producer)

EnQuest Producer capacity:

Gross Liquid 140 kbbl /d

Oil Separation 57 kbbl /d – 45.6 kbbl/d Oil, 11.4 kbbl/d Diluent (20%)

Cargo storage of 600,000bbl

I think it is a big stretch assuming c. 5% deposit rate for 2023 (over the whole year). I was confirmed by Craig that their current deposit levels are c. 5% as of Feb 2024.

Cash and available facilities:

12/13/2022: $349m

06/30/2023: $385m

12/31/2023: $499m

Average ~$411m, c. 1.5% interest received: $6.5m. Of course fluctuations in the treasury over the year, but rather believe that they had a much lower deposit rate for most of 2023 (than the current c. 5%). For 2022 average ~$378m, c. 0.5% interest received: $1.7m.

S&P Global Ratings affirms EnQuest at "B" (Local Currency LT credit rating); outlook stable

March 28, 2024

Got the answer below regarding the current deposit rate on EnQuest's liquidity.

Hi,

I wanted to discuss this with our Treasury lead before responding, so can confirm that we generate interest of around 5.5% on cash deposits, while bank interest is c.5%.

Best regards,

Craig

I have these takeaways from Waldorf presentation.

-Production in line: 22,5 kboepd

-Outlook (2024): 20-22 kboepd

-EPL (2023): $68musd

-Reversed impariment $14musd

-Additional reserves 15,3 mmboe (Catcher/Scott and Kraken)

-Insurance income Q1 (Due to Kraken 2023): $1,2 musd.

-Kraken prod slightly higher than exp. start of 2024.

The capex/opex guidance was overall portfolio.

Next destination: KRAKEN FPSO

Https://www.nstauthority.co.uk/media/hftpmq4w/33rd-licensing-round-tranche-2-awards-by-administrator.pdf

9/1 9/2c - ENQUEST HEATHER LIMITED

In the UK, several companies are considered to be potential predators with strong balance sheets and cash flow to underpin asset or company acquisitions.

These include Harbour, Ithaca Energy, Serica Energy, EnQuest and Energean.

“EnQuest is interesting from the point of view of its tax losses, which could help facilitate deals,” said Zeus Capital analyst Daniel Slater.

Market sources tell Upstream that EnQuest is a firm acquisition target. It has four UK offshore production hubs and one in Malaysia, plus the sizeable Bressay and Bentley development prospects in the UK.

Potential buyers with financial wherewithal include Ithaca and Energean, according to market observers.

https://www.upstreamonline.com/finance/m-a-in-the-spotlight-which-of-the-top-quality-oil-and-gas-independents-is-next-/2-1-1579667

Hi Romaron, I got this reply from IR when I asked about

Gareth Penny’s share purchase back in october;

Good afternoon,

You are correct that our CEO, Amjad Bseisu, noted at the half year that EnQuest was involved in four M&A processes and I can confirm that our M&A pipeline remains extremely active. As you’ll no doubt be aware, none of these processes has matured to the point of an RNS being required to notify the market, so Mr. Penny is perfectly entitled to trade shares as he sees fit.

The EnQuest team is working very hard on a number of fronts to execute a value-accretive transaction and bring to bear our advantaged tax position but these deals take time.

Best regards,

Craig

”To support investment in low carbon technologies, the review confirms that the government will remove the tax barriers to oil and gas assets being repurposed for use in CCUS projects. The government will legislate in a future finance bill to introduce tax relief for payments made by oil and gas companies into decommissioning funds.”

Reference is made to the announcement made by Bumi Armada Berhad ("Bumi Armada") on 2 June 2023 with respect to the unplanned shutdown of the Armada Kraken FPSO ("Kraken FPSO") owned by Bumi Armada’s wholly owned subsidiary, Armada Kraken Pte Ltd.

Bumi Armada wishes to announce that following the recent start-up of the Kraken FPSO, production is currently circa 60% of pre shutdown levels. There is still further work, testing and investigations ongoing to stabilise and bring the vessel operational performance back to pre shutdown level.

Bumi Armada will continue to announce material updates as and when they are known.

This announcement is dated 21 June 2023.

S&P Global Ratings affirmed the "B" Foreign Currency LT credit rating of EnQuest on March 14, 2023. The outlook is stable

From 3,94% ->4,16% c4,2 million shares

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4259546&lang=en-GB&companycode=uk-enq&v=

2P: 244 mmboe vs ENQ 194 mmboe
2C: 301 mmboe vs ENQ 402 mmboe

Check out slide 8. Seems hefty with 6x ENQ valuation at a glance.

https://ithacaenergy-files.fra1.cdn.digitaloceanspaces.com/Documents/1h-2022-results-presentation.pdf

Great news!

https://cbonds.com/company/32981/

/Malu

Maybe refering to Bunker-price?