Member Info for MatrixObserver

Hey Chilts

Wind is easing slightly in region, is 25-30kts and max 5m waves... Looks to worsen tomorrow to 30-40kts, so could do with getting hooked-up asap when weather allows.

https://www.windfinder.com/weatherforecast/viking_north_sea

Is at least an opportunity for new ENQers to experience tanker faffing, but usually ends-up happily...

Still waiting to post the money shot, but will be here...

https://www.marinetraffic.com/en/ais/home/centerx:1.303/centery:59.928/zoom:16

Good luck fellow ENQers, folks realising is a very good deal....

MO

Hi L3

MO did an Alma/Galia analysis just prior to workovers, has OGA data to March 18...

Don't forget have had 5 Alma wells (out of 6) shut-in for a year, also water injection has been off, will see how doing...

Had initial gross 2P reserves of approx 40mmboe... Below are total gross barrels of oil produced in period since October 2015 first oil.

Oct 15 – Sep 16
Alma 2557242
Galia 799710

Oct 16 – Sep 17
Alma 1730100
Galia 190530

Oct 17 – Mar 18
Alma 272915
Galia 71962

Alma Total Oil to Mar 2018 = 4,560,257, 4,995 bpd avg
Galia Total Oil to Mar 2018 = 871,672, 955 bpd avg

W/O finished 19/8

EP offloads – API = 38

38 API = 7.53 bbl per metric ton

Estimated remaining reserves as of 10-Sep = ~34MMboe

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Cheers

MO

Hi Fernan10

To be fair to AB, he has discussed the expectations of Alma workovers in prior presentations...

Pretty sure said something like, ESP failures will not affect reserves and would expect wells to perform to FDP, which is around 2k+ as a guess per well, MO is expecting at least 10k from Alma now...

Need a tanker offload or 2 to help estimate how is doing...

Cheers

MO

Great to see you got it working romaron !!!

Is defo fit for purpose, was reading a BP Magnus at 30 article... Had 500,000 man hours and multi-millions on parts during 2013 20 year life extension re-fit.

https://www.bp.com/en/global/corporate/bp-magazine/locations/steel-in-business.html

"Now, the North Sea business plans to equip Magnus for a further generation. It is about to undertake a major overhaul of the operation to set it up for the next 20 years. In what will be the most extensive offshore fabric maintenance programme ever carried out in the North Sea, BP will progressively renew and refurbish much of the platform, from the asset’s 27-year-old nitrogen generation plant right down to its accommodation.

The programme will involve some 500,000 manhours and 12 months of near-continuous shifts. The North Sea business will then work systematically to renew and refresh the fabric of the asset on a large-scale-project basis, clearing the way to embark on new drilling and the value-adding work that will see Magnus maximise its potential."

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Also observed OGA news today, has picture of SVT jetties, lol and talks about expanding offerings...

https://www.ogauthority.co.uk/news-publications/news/2018/business-vision-wider-shetland-region/

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Looks like weather hampering HK - AK link-up... Hopefully soon

MO

TERP = Try Exploring Research Practices, lol

MO is just clarifying numbers, not expert either.

Cheers

MO

12.32p is the difference between TERP of 33.32p and offer price of 21p.

Can be calculated by summing value of existing shares in issue and proposed shares at 21p and dividing by total shares in issue after RI.

Is best to read or contact broker, as MO is amateur.

Best wishes, broker will notify in around 3 weeks or sooner.

MO

LOL Chilts...

Attempt number two !!! :-)

https://www.marinetraffic.com/en/ais/home/centerx:1.304/centery:59.928/zoom:16

Fingers crossed...

MO

Probably need PDF (Portable Document Format) reader installed, i.e. Adobe Acrobat Reader...

Is pretty essential, as most documents on the web are PDF... Is likely reason for not being able to open PDF files...

If feeling brave, ;-} get get from...

https://get.adobe.com/reader/?loc=uk

Will leave at that...

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OK... back to business... AK #23...

Still waiting to confirm estimated link-up time... but is likely to be approx 12.05 days since last tanker departed, so is an improvement since #22, and could be a super-size load, will have to see...

Is moving in right direction, for ~50k need around 9.5-10.5 days duration, ~45k 10.5-11 days, ~40k 11-12 days

Obviously is based on standard 500k offload, on occasions is 550k+

Good luck all

MO

romaron

The CPR is in the prospectus, on page 156 (section 7), interested to hear your take, especially on NPV etc...

https://anonfile.com/f9w0l6hfbe/ENQ_RI_2018_Prospectus_pdf

MO

Hi Hector2018

Obviously MO is not rights issues expert, so may be better to contact broker directly... but

Think allotted rights are worth 12.32p per extra share allotted, underwritten by JPMC & BoA ML.

Rights to receive: 55.000 X 3/7: 23,571 rights *Spot-on

These total rights are worth 23,571 x 12.32p = £2,903.94

This will buy you 13,828 shares @ 21p out of possible total entitlement of 23,571, ultimate dilution of just under 13% - is best option if want a nil-cost, can also sell rights for 30% dilution

Is where MO gets crude 58.5%, i.e. entitlement of 23,571 x 58.5% = 13,789 (so is only rough idea and not far from actual)

Is way MO reads it, welcome all input...

Cheers

MO

Hi romaron

The links I provided work on my Desktop PC, where the ENQ links did not... They are the same latest official documents provided yesterday...

Have emailed ENQ again, as obviously an issue with confirmation location code on some devices.

Good luck all

MO

Same error as MO... Try this and second link for Magnus call deed

https://anonfile.com/f9w0l6hfbe/ENQ_RI_2018_Prospectus_pdf

https://anonfile.com/i5w2l8hebe/call_option_deed_pdf

Let me know if work

Cheers

MO

Hi TWalbyoff

Link is...

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

But it doesn't work for some (me included), have emailed ENQ, was kind BB member who uploaded for MO, is no longer available.

It the link doesn't work, email ENQ is best option, prospectus also contains CPR.

Is well worth a read...

MO

Good morning Chilts and fellow ENQers

Also have Stornes at Kraken field, is the advanced rock dumpeing vwssel, probably finishing rock dumping the final bits since tie-in, fortunately AK's stern is pointing away from Stornes and wind direction should keep it that way.

Can see Kraken action...

https://www.marinetraffic.com/en/ais/home/centerx:1.302/centery:59.931/zoom:14

Good luck ENQers

MO

Lol, KO

Think with extra shares in issue is fair to re-asses, lol

If going for 1bn Market cap is 59p party

If going for FTSE 250 party would be @ 800m MC for approx 47.2p party, lol

Remember, whatever happens, to participate in rights issues, need to be an holder or a buyer...

All will take is for some shrewd investors to see NPV of return and get stuck in...

Was cheap before RI in MO's opinion, so could zoom, float or fall, will do what will...

Anyway, new ENQers can experience a live AK link-up on marinetraaffic tomorrow, if that's not good, then I don't know what is... lol

MO

Never know KO, could have a repairer spike tomorrow...

Anything is possible....

Cheers

MO

Last one...

Is clearer now... is spare jetty, so no double whammy without a short move, lol

From website...

Service Offer

The release of jetty 4 from Brent blend service in 2003 created the spare capacity to develop new services. This jetty flexibility, together with the existing Sullom Voe advantages of a deep draught harbour (20m), a 25-year track record of safe, reliable port operations and the convenience of having all service providers within easy reach of the jetties, provided the final ingredient to establish StS services.

Developed by SVT and SIC, together with the other service providers involved, StS services can be provided on an ad hoc or more regular basis and offer:

the ability to conduct StS transfer operations from a delivering vessel/vessels to a receiving vessel berthed alongside jetty 4, managed by experienced service providers.
pilotage, towage, berthing, terminal support and StS transfer operations.
a local agent to manage the contractual arrangements with the party responsible for supply of transfer hoses/fenders and supervision of the transfer operations.
a competitively priced service.

MO

Cheers Chilts

Ship-to-Ship (StS) transfer operations have been successfully completed alongside the jetties at the Sullom Voe Terminal (SVT) since April 2004.

Looking at picture on page you linked, so it's not quite the same ship-to-ships as Scapa Flow, where they float together away from land.

At least will be peaceful and personal service, have seen Scapa Flow busier than Waterloo Station... Also the receiving tanker can do the double-whammy with SVT crude when needed.

Will see status of Heather Knutsen tomorrow morn, when hopefully linked-up...

Good luck, MO

Happy to know, you know Chilts, lol

Is possible to have a bit of SVT crude and Kraken crude, has happened once before, think from memory, for U.S east coast delivery, was it tanker Cherokee (is almost identical size to Speedway)???

Think using SV for STS is part of ENQ's strategy to keep SVT as useful as possible for extended life, is possible with West and North of Shetland becoming frontiers in exploration and development, will have to see...

Is something new to observe, does look a little more snug compared to Scapa Flow, but have tankers right down to terminal to fill-up, so must have reasonable space, lol...

Is further than journey to Lerwick as have to go around north tip of island to western side.

Good luck

MO

Good evening Chilts...

Not sure if aware, looks like will be Heather Knutsen and Speedway STS, following HK's AK offload... Was last nights excitement :-)

Will be first observed STS in Sullom Voe bay, opposed to Scapa Flow (thanks to Dayangler for observation).

Can see new shipping timetable below, change menu on left to Sullom Voe..

http://www.sullomvoe.org.uk/CurrentTraffic.aspx

Looks good for early morning link-up...

Good luck

MO