Member Info for MatrixObserver

In Q&A, analyst Stefan asks about water injection, voidage etc...

CNE said voidage was/is major issue, was due to lack of water injection (was due to beast from east), is now fixed.

MO's interpretation, so AK was sucking all oil from around each production well, but because no injection, new oil was not being pushed towards wells, i.e. not replacing voidage, was reason for lower production in Q2, some 1 million barrels needed to be pushed back, is ongoing and improving.

Also mentioned water injection is currently being tested to further optimise where the water is sent, presently is uniformly injected across all Kraken areas, area looking to fine tune and maybe send more to some areas versus others, or something like that.

Good luck all

MO

One point of interest, re Armada Kraken

Stated has predominately been powered by diesel fuel, will be switching to use more of own crude in H2, which will reduce OPEX.

MO

Guten morgen fellow ENQers

Having dates is new Chilts, ENQ mentioned Western Flank 30m 2C opportunity, but did not mention any dates.

Also have a spare slot in DC4 now, not sure what for, think will see how goes with DC4 first...

Good luck all

MO

And for some extra icing...

Recovery factor at PM8/Seligi is currently circa 30%, imagine if could get that towards the 50's !!!

Can rest now, for a while...

MO

Good evening E121... Was clear in MO's mind this morning...

Think brain is frazzled following mass data input over weekend and today.

MO will take up full rights anyway, was trying to compute rights value that can be sold for or offset for partial entitlement (nil cost) and came up with 12.32p per right.

Anway, MO will retire for night and abstain from commenting on RI until definite numbers are given.

Cheers

MO

Jan, have mashed MO's brain now, lol (are you still abstaining from ciggies?)

MO should stick to tankers lol

Can only state previous RI that MO's been in, have been a handful...

From memory, usually have 3 options.

- Sell rights (says it all)
- Nil cost (use rights to buy as many shares of entitlement as can)
- Take up full or part-full entitlement (no option in ENQ's RI for taking up excess, as per prospectus)

Think MO will cease commenting on RI until get some further info and live in own little world, lol

Cheers

MO

Hi Whiteace

Have still left MO with mental spa scars lol...

Hope poker going well and other bits...

Good luck

MO

Also Jan...

Goes ex on 2/10 with payment not due for two weeks after, so will know what rights entitled to on 2nd (hopefully if brokers are prepared) and what value those rights offer etc.

Is only relevant if wanting to top-up before 2/10 and costing various options and strategies...

Good luck, sure will find out in coming weeks.

Good luck all

MO

No worries Jan

Maybe will be difference between Thurs close of 38.6p and TERP of 33.32p, i.e. 5..28p per share., got MO doubting it now... but that still comes out at 12.32p per right...

if get no rights value, then may as well be open offer...

Any other rights issue experts care to add...

Cheers

MO

L3, Re Enquest Producer & Alma/Galia

Unsurprisingly MO's not given-up on EP...

If look with glass half-full, then was producing ok during 2016, when ENQ had hedged at $68, when Poo was actually $30-40, so was ok during 2016... Pre ESP issues.

2017 when Poo was ~$50 was hardly producing as in H1 18 (missed a bit there), now in H2 2018, is hopefully now pumping well and benefiting from higher Poo.

Also have several possibilities of new prospects in adjacent blocks that can be tied-back to EP in the future.

Also is old money now spent, so can only try and maximise cash flow, total OPEX is pretty similar producing 2k or 20k, so OPEX per barrel should reduce as rates improve... No FPSO lease costs, is owned outright..

Can hope, also hopefully a tanker before end of month, will see

Cheers

MO

Remember is Rights Issue, not open offer !!!

Your rights will have value, Jan's sell to buy strategy on OO, is slightly different with RI.

If MO's calcs are correct, your rights will cover over 58.5% off entitlement, but will need to raise enough to cover 41.5% @ 21p to take up full entitlement.

i.e. if have 10,000 shares at 2/10 will get entitlement of 4,285 to buy all at 21p = £899.85, your rights should cover approx 58.5% = £526.41 of this, leaving you to fund the balance of £373, is getting complex...
Is how MO sees it, and understands...

Will be 100% clear when brokers start informing holders...

Will leave these strategies to other more experienced folks to advise, like Jan.

MO

Hi Carl... MO does tanker support lol, is a techy...

Two dates that MO considers important (UK only).

Ordinary Shares marked "ex-rights" by the London Stock Exchange - 8.00 a.m. on 2 October 2018

Latest time and date for acceptance, payment in full and registration of renounced Provisional Allotment Letters - 11.00 a.m. on 19 October 2018

Could be different if holding in certificates etc.. and payments may need to clear etc...

MO

Been a wait...

But below link for AK money shot... complete with double matrix anomalies for good measure...

https://www.marinetraffic.com/en/ais/home/centerx:1.299/centery:59.929/zoom:17

MO

Give MO tankers any day... lol

Anyway... Have pencilled in 18:00 for #23 link-up and 12.4 days since #22

For interest here are previous stats for #22

12.6 day duration
Offload #22 (Heather Knutsen) - Started: 28/8 08:30, left 29/8 10:30 (26 hours) - Draught change: 2.7m - Estimated Offload: 448k-577k barrels, STS @ 11.9m SEAROVER 527k

#22 @ 12m (HK with summer loadline) - (ballast @9.3m pre-offload=374k bls 61k MT) no ballast=577k oil, 1/4 ballast 15k mt = 480k oil, 1/3 ballast 20k mt = 448k oil

Next thing of interest is SVT STS, will probably happen Wednesday am.

Good luck fellow ENQers...

MO

Latest time and date for transfers of Ordinary Shares between CREST and the VPC system prior to the Record Date - 6.00 p.m. on 24 September 2018

Announcement of the Swedish Krona Issue Price - 7.00 a.m. on 25 September 2018

Ex entitlement date for the Swedish Rights Issue - 25 September 2018

Record Date for entitlements under the Rights Issue - 6.00 p.m. on 26 September 2018

Latest time and date for receipt of General Meeting Forms of Proxy or submission of proxy votes electronically - 9 a.m. on 27 September 2018

General Meeting - 9.00 a.m. on 1 October 2018

Despatch of Provisional Allotment Letters (to Qualifying Non-CREST Shareholders only) - 1 October 2018

LSE Admission of the New Ordinary Shares, nil paid and admission of the Swedish Subscription Rights on NASDAQ Stockholm - 8.00 a.m. on 2 October 2018

Dealings in New Ordinary Shares, nil paid, commence on the London Stock Exchange and dealings in the Swedish Subscription Rights commence on NASDAQ Stockholm - 8.00 a.m. on 2 October 2018

Ordinary Shares marked "ex-rights" by the London Stock Exchange - 8.00 a.m. on 2 October 2018

Nil Paid Rights credited to stock accounts in CREST (Qualifying CREST Shareholders only) - 8.00 a.m. on 2 October 2018

Nil Paid Rights and Fully Paid Rights enabled in CREST - as soon as practicable after 8.00 a.m. on 2 October 2018

Subscription rights, as set out in the Pre-Printed Issue Account Statements, are credited to the VP Accounts of Qualifying Swedish Directly Registered Shareholders and, pursuant to the procedures of the relevant nominee, to the nominee accounts of Qualifying Swedish Nominee Registered Shareholders - as soon as practicable after 9.00 a.m. on 2 October 2018

Recommended latest time and date for requesting withdrawal of Nil Paid Rights or Fully Paid Rights from CRES - 4.30 p.m. on 15 October 2018

Subscription period of Swedish Rights Issue ends - 16 October 2018

Recommended latest time and date for depositing renounced Provisional Allotment Letters, nil paid or fully paid, into CREST or for dematerialising Nil Paid Rights or Fully Paid Rights into a CREST stock account - 3.00 p.m. on 16 October 2018

Latest time and date for splitting Provisional Allotment Letters, nil paid or fully paid - 3.00 p.m. on 17 October 2018

Latest time and date for acceptance, payment in full and registration of renounced Provisional Allotment Letters - 11.00 a.m. on 19 October 2018

Results of Rights Issue to be announced - by 8.00 a.m. on 22 October 2018

Dealings in New Ordinary Shares, fully paid, commence on the London Stock Exchange and New Ordinary Shares credited to CREST stock accounts (uncertificated holders only) - 8.00 a.m. on 22 October 2018

Is best can do... MO

Soz 25/9 for Sweden

Carl

Is in the RI timetable... Ex for Sweden 24/9 and UK 2/10 8am

MO

Hi Carl

Was a surprise, but the actual deal is very good... especially as was formed when Brent Poo ~$50 and has the ability to backdate all cash flow since effective date of 1/1/17.

Magnus looks good for the foreseeable future, is like a triple Thistle/Deveron but has scope for production efficiencies to further improve.

Anything that can quadruple you investment cannot be too bad, so MO will be taking up his rights in full, will obviously consider topping-up pre ex-rights if price is not silly, still have more than originally planned, lol

Anway... Heather Knutsen almost in place... MO's eyes on her at the mo...

MO

Hi Jan

Think won't hear from broker until post ex-rights on 2/10, is possible might give heads-up end of Sep, but usually wait until post ex-rights and entitlement is known.

Best wishes

MO

Hi carl@lowtherbatt

You can download it via the EnQuest website at below link...

http://www.enquest.com/investors/rights-issue.aspx

Some of us have had issues downloading the prospectus when confirming location, if you have any issues try the below and second link for Magnus call deed

https://anonfile.com/f9w0l6hfbe/ENQ_RI_2018_Prospectus_pdf

https://anonfile.com/i5w2l8hebe/call_option_deed_pdf

Cheers

MO