Member Info for MatrixObserver

Good day fellow ENQers

ENQ are very efficient at decomming, because do it whilst platform is still producing, i.e. abandoned 6 Thistle wells ahead of schedule and also below budget., no need to wait until fields actual end of life and hire a rig to do what can do now, with the added benefit of improving field integrity, is win-win. Can also drill new wells too, i.e. Heather

AB says it best... From interims

"In the meantime, we have talked about the Thistle option, which was part of the transaction we did 2 years ago. And we will exercise at the same time the remaining $20 million additional liquidity for the Thistle option, which should gives us an additional abandonment liability, a small abandonment liability, but allows us also to manage the abandonment on behalf of ourselves and BP."

"And we are incrementally moving to align ourselves in a small way to manage those abandonments, and hence, the Thistle option, where we received $50 million versus significantly larger than the NPV value abandonment for the ability to manage the abandonment.

We've abandoned wells for our partners, both in Thistle and Heather. And our well abandonment costs are significantly lower than their abandonment costs. And that's why they're very happy with us executing those abandonments. So we've done 3 fixed wells in Thistle, and we have indeed done 3 in Heather so far. We do see the efficiency of doing many abandonment wells. And obviously, the platforms come with a lots of old wells. So I think starting 2 abandoned wells in an incremental manner as well as drilling new wells is probably the right approach.

So we're using the rig and the crude platform to drill new wells, and then move on to abandoning wells at the same team in the same year. So I think that's a very efficient use of time. And so the costs are lower, and we are seeing lower costs on the wells for the abandonment than originally anticipated. And well abandonment is probably around half the cost of the overall abandonment. So I think that is quite significant. "

Good luck all

MO

Is approx 18nm south-east of EP...

https://www.marinetraffic.com/en/ais/home/centerx:3.0/centery:56.1/zoom:10

EP still has Heading Control AHTS and Moon Pool Ship there, so maybe a queue...

If links up tomorrow @ 9am is exactly 40 days since last offload tanker departed.

Good luck all

Is hard to see as no realtime AIS coverage, very bitty...

MO

Would imagine that is similar to dividend with shares on loan, i.e. proceeds are owed to the lender of shares

Suppose ultimately depends on owner, whether allows rights to lapse etc...

MO has spotted ALGObots trading the rights... Nowhere is safe lol... Can see...

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?fourWayKey=GB00BG08MJ86GBGBXSET3

Fingers crossed North Sea weather looks to be improving, so hopefully can get all works done without interruption.

Good luck all

MO

Hi L3

Think Oz $175m deal for 15% AK is good move, remember ENQ were planning to sell 20% but run out of time, ENQ needed the dollars.

MO hopes will be fully repaid within 2-3years, then ENQ get the 15% back for remaining 20 years.

Cairn did a similar thing with 4.5% of AK, but have to repay and also lose 1-2% permanently.

Mercuria deal, even though had reasonable ceiling of $64 per barrel at the time, with Poo at current levels has cost ENQ a bit, c'est la vie, will be fully paid off May 2019, and is < 2,500 bopd, Alma fix can help pay :-)

Magnus deal is the best news at the moment, If ENQ can get recovery factor from 50% to ~57% bodes well.

MO can only see what can see when forming opinion.

Cheers

MO

Might be mistaken, but does look like original guess was correct...

Can (hopefully) see tugs getting ready to move Thornbury alongside NH in Scapa Flow.

https://www.marinetraffic.com/en/ais/home/centerx:-2.974/centery:58.899/zoom:13

Good luck all

MO

Should get some good Alma stats starting in September, Magnus is very good as at that point only one new well, have second to add from mid-September, so really good month for Magnus should be October.

As E121 said, Kraken will be 36k in Aug and pushing 40k in Sep, with well testing is now around 30k'ish, should hopefully see going back to 40k'ish when well tests finished...

Also July is still simmer maintenance...

Hope is good Nov update, think may just well be !!!

MO

Have done some numbers...

Current Market Cap is £627,777,477.83

37.05p in "old money - Pre RI" is 43.92p

Hopefully see EP offload #3 in next few days, also where will NH's mystery load end-up lol

Never a dull-moment, lol

MO

Got mine too...

MO Must make choice before 14/10 @ 23:59, choices are...

--

Each Nil Paid Right entitles the holder to subscribe for 1 New Ordinary share at a price of 21 pence per New Ordinary share.

Holders of Nil Paid Rights have the following options:

Option 1 - Take up their Rights.

Option 2 - Partial take up of their Rights.

Option 3 - Sell their Rights.

Option 4 - Cashless take up of their Rights.

Please be aware that there is no Excess Facility under the Offer.

--

MO

Just got them... Started private browsing session and viola !!

Field Latest Ave Chg %
ALBA 920 924 -0.5
ALMA 1,229 1,108 10.9
BROOM 1,734 1,546 12.2
CONRIE 109 67 61.6
CRATHES 1,004 1,368 -26.6
DEVERON 2,127 2,211 -3.8
DON SOUTH WEST 2,141 1,877 14.1
GADWALL 272 371 -26.7
GALIA 127 259 -51.1
GOOSANDER 0 396 -100.0
GROUSE 0 396 -100.0
HEATHER 2,741 2,737 0.1
KITTIWAKE 0 0 0.0
KRAKEN 15,944 13,207 20.7
KRAKEN NORTH 5,505 3,758 46.5
MAGNUS 4,365 3,509 24.4
MAGNUS SOUTH 0 0 0.0
MALLARD 344 661 -47.9
SCOLTY 0 0 0.0
THISTLE 3,437 3,374 1.9
WEST DON 461 881 -47.7
YTHAN 970 794 22.1
TOTALS 43,428 39,444 10.1

Can add 2k boe for north sea gas and maybe 10k for Malaysia, so ~55k boepd for Jul...

Will digest in more detail... and see if spot anything interesting...

MO

E121

Have seen this before... Is same currently for MO

Is lag in server propagation, so if happen to look at server still awaiting update... is tough

Can fiddle with DNS or wait...

Good luck

MO

Clever move... Is called Double A :-)

You gotta fight for ya rights, lol

MO

EH

Your rights are safe... Have plenty time to think and plan - settlement payment is taken ~19th Oct, broker WILL ADVISE !!...

Broker will contact if can and from should appear in "Corporate Actions"

Cheers

MO

LOL spindok...

Can see if broker listed here...

https://www.nectar.com/about/privacy-and-legal/participating-companies

:-)

MO

Hey ENQ_Holder

Best advice is to wait until broker contacts, as probably still setting up options form.

MO

Hey Ndalla

Your broker is probably formulating entitlements and options etc, would expect notification soon, certainly this week.

Will have approx 2 weeks to decide and if taking up entitlement must settle/have funds available by 19th...

Broker should give exact dates...

Will probably have at least 3 options...

- Can sell rights
- Nil-paid option, where some of your rights are sold to pay for some of your entitlement, so is nil cost, can get approx 37% of full entitlement, can change if rights value increases, but will probably be fixed.
- Take up all or part rights for 21p each...

Good luck all

MO

Good post romaron

MO thinks Captain AB has done top job navigating good ship ENQ through very difficult waters at a time where many had to sell their souls cheaply to survive or lose them completely...

Is more still to be done, always choppy waters around the corner, but can honestly say is most comfortable have felt in all time MO has been an ENQer. (and have been though 17m waves, lol and had virtual sea sickness).

Anyway, no time to rest on laurels !!!

Good luck all

MO

Good day L3

MO is on about AK water injection breakthrough in the reservoir, which has not happened (which is good), as E121 said, is best to wait for next couple of tankers to see... Is better for proof in the pudding... Also saying that FDP forecasts from 2013 are way out of kilter and need to be viewed as AK currently is, MO will wait.

Yes aware of KUFPEC deal, hope will be a little happier and contented now A/G seemingly performing 500% up on 12 month average (need to see offload size first to confirm, even then have the ballast conundrum).

Can also look at 65% of 2.2k barrels or potentially 45% of 12.5k barrels, is obvious which is better, also have barrels deferred that could have been sold @ $50 per barrel, can now achieve > $80.

Is all down to perception...

Best wishes

MO

If interested is excellent picture of size of Stena Sirita when out of water...

Look at size of person compared to propeller.

https://photos.marinetraffic.com/ais/showphoto.aspx?photoid=395201

Capacity is approx 840k barrels.

MO

Can hope E121...

Alma experienced ESP probs very early on, also had some issues commissioning EP, which I believe are now resolved.

If 5 dual ESP wells and one water injector now online, 12k is not out of realms of reality, when originally FDP was for 3K+ per well.

Did calculate out of 40m boepd gross 2P, has produced ~5.5m barrels, so plenty still there, AB did say was deferred barrels, not lost, same as Scolty/Crathes horizontal wells, could go 4-5k bopd each when pipes fixed.

As always, time will tell for certain...

Best wishes

MO

Chilts...

Just seen 1m barrels tanker Cherokee en-route to Sture, Norway, 14.8m draught, probably laden with US crude, due in tomorrow...

Not sure if remember is only one to have part load of SVT and part load Kraken Crude (not mixed, in separate segregations), think went to Philadelphia...

Is possible will do an Alma/Galia and AK load this time...

Is only guess, but timings work...

Would account why NH not yet transferred to Thornbury in Scapa Flow.

Happy now

MO