Member Info for MatrixObserver

Certainly do budd...

Best to read timetable in prospectus on ENQ website, if can access... Will probably get notification of rights issue from broker towards end of Sep, early Oct...

Good luck

MO

Hi Jan

Based on post rights issue net asset valuation of $911m (prospectus), approx £700m and increased shares in issue to 1,694,406,148.

Gives fair value of approx 41.5p per share post rights issue.

Cheers

MO

Have observed J.P. Morgan Cazenove have been good supporter of ENQ for many years.

Maybe by underwriting the rights issue, will use opportunity to become ENQers, with sizeable stake obtained at current bargain price, obviously, only if not all rights taken-up...

They're not currently a major shareholder, so is possible...

Also wonder if may get some other new ENQers.

Will be interesting few weeks.

Cheers all

MO

No idea Squif...

Leave that to you BIG boys !!!

MO will take-up his rights, question is, do I top-up first for more rights...

Is something that MO will ponder over coming weeks...

Good luck all, AK looking good for 40k+, need to close voidage and get back to 45k+, is achievable, even pre-DC4, was over 50k pre injection issues... Have at least fitted extra lagging to pipes, so hopefully a bit more resistant to the cold in future...

Cheers

MO

Hey E121

From audiocast, by JS... is incorrect in below transcript, "puts have costs associated", in actual audio is... "puts have calls associated"

"And as at the half year, we have 5.3 million barrels hedged with at approximately $66 per barrel. Most of these puts have costs associated with them at an average call price of similar to the current oil price or slightly above."

Cheers

MO

Soz 5.27p per share owned... was a late night...

MO

Hi DD

Correct, if you waive or sell your right, but your rights will have a value (if like any other RI MO has been in), I reckon 5.14p per share owned.

Your broker should offer you a nil-cost option, this can be used to purchase shares with proceeds or rights, this method you'll get approx 58.5% of entitlement for no fresh cash, so will be approx 13% dilution...

Whatever ENQers do, if have the rights use them, even if sell for 5.14p per share owned.

MO hopes is correct, is what have seen on previous rights issues.

Good luck, never a dull day in ENQ, well maybe some... ;-}

MO

Hey GD, taken from prospectus timetable

If Swedish holder...

Ex entitlement date for the Swedish Rights Issue 25 September 2018 (so if Chris is Swedish then 24th is important)

For LSE...

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

So whatever holding at that moment will formulate allotment, so day before is last day trading pre ex-rights.

Allows for the time to see if AK's performance is continuing to improve with #24, poss #25 (would be pushing it) and maybe #3 (new numbering from A/G fix) offload at Enquest Producer... If wanting a cheeky pre-rights top-up.

Good luck all, tanker #23 soon (HK), with new posh SVT STS venue :-)

MO

PS... Might be worth double checking the timetable, if holding shares in certificates etc...

Is your choice Chris...

Think will have 3 basic choices with RI.

- Can sell rights, for approx 5.14p per share owned
- Can convert rights for partial allocation at no additional cost, MO calcs will get 58.5% of allocation by this method
- Can take-up full entitlement (no option for excess request) and pay the man...

Think will be the choices, but MO is far from expert...

Cheers all

MO

Good morning Chris, could also say "how high"

Why 24th Sep, shares don't go ex-Rights until close of Play on Monday Oct 1st, with payment due by middle of Oct.

If Market believes ENQ can get >$500m for $138m investment, is that not what investing is about ???

Cheers all

MO

Good morning all

Little sleep last night, will blame Dayangler with bringing superb news so late, lol o^o

Chilts, can see is new STS location, not sure exactly where near SVT as will be first observation, see below link, change dropdown on left to "Sullom Voe"

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

L3, is not necessarily direct benefit to ENQ, except probably rates, is more benefit to location and Shetland local business, i.e extra work for tugs, provisioning and bunkering etc., is about tomorrow, not just today...

Plus might work for some others north and west of Shetland

E121, in call, JS mentioned put options at $66 but with corresponding calls around current Poo, could not find any details on the call numbers, except 5.3m barrels for H2 2018, could make a big difference if the calls come in.

Cheers all

MO (knackered)

LOL E121, has got me going now...

SVT area not as spacious as Scapa Flow, few more obstructions, but not as busy...

SVT Area
https://www.marinetraffic.com/en/ais/home/centerx:-1.251/centery:60.531/zoom:12

Scapa Flow
https://www.marinetraffic.com/en/ais/home/centerx:-3.025/centery:58.890/zoom:12

Best with satellite overlay

MO

Speedway, is quite a big tanker maybe 1m barrels, is currently in South-West Wales, unloading cargo from Spain in Milford Haven.

https://www.marinetraffic.com/en/ais/details/ships/shipid:4808668/mmsi:241497000/vessel:SPEEDWAY

If <=12 days = improvement and could always be super-size load :-)

Defo finished for the night now :-)

MO

Hi E121...

Was when AB discussing expanding SVT offerings etc, i.e. oil storage etc, didn't expect SVT for STS within next couple of days lol, is good !!!

Think HK will come straight to AK, is slightly shorter journey from Kraken to SVT versus Scapa Flow, not a lot in it but probably 2-3 hours nearer, will see route HK takes.

So working backwards, HK due SVT 21:00 on 11th, is approx 12 hours travel, will need to leave AK @ 09:00 on 11th, so take off 26 hours for offload, will need to link-up approx 07:00 on Monday morning.

Is darker in mornings now, dawn approx 6:30am, also weather is a little rough on Monday 3-4m waves, should be ok...

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

MO signing off soon... SVT STS has buzzed me up a bit :-)

TOP MAN DA !!!!

Never seen that website before :-) *** Have to change dropdown menu on left of screen to Sullom Voe...

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

Is what AB was saying about using SVT for STS, bye bye Scapa Flow, was fun watching tugs come out to meet !!!!

SPEEDWAY 81,413 GAC GR 11 Sep 18 19:00 STS
HEATHER KNUTSEN 80,918 GAC NO 11 Sep 18 21:00 STS

Nicey nice, HK better go to AK now :-)

Cheers Dayangler, is what was needed to show AK on the right track...

MO

Some interesting bits, have copied a couple...

- Enquest, do not seem to be impressed by WAG recovery method, prefer water injection !!!

"EnQuest considers that the WAG project does not contribute significantly to the production
performance and that the production is supported mainly by water injection. Gas import
contracts run until 2023, and pending the results of further studies, gas injection rates may
be reduced or terminated prior to this date. EnQuest’s oil production forecasts are primarily
based on decline analysis and do not reflect any potential changes in the gas injection
strategy."

- Deal would not be nearly as compelling if ENQ did not have significant tax credit to draw on...

"It should be noted that a significant proportion of the NPV Net to EnQuest is a result of its
opening tax loss position. If the “Net to EnQuest” evaluation is done assuming no opening
tax losses, so that CT and SC would be payable for the entire term of the project, the NPV10
Net to EnQuest for the Proved plus Probable Reserves case would be reduced from
US$524 MM to US$277 MM."

Magnus has had full structural survey in 2017, with nothing major observed, good to hear !!!

E121, thanks for sorting prospectus, mucho appreciato :-)

PS. If RI is as MO expects, then even if don't have any free cash for RI, can convert rights for part allocation... Have calculated can get 58.5% of alotted shares by utilising your rights versus allotment... hope right, but seems one way to get some extra shares, don't get that "poshness" in Open Offer ;-}!

Cheers all, tanker #23 soon, I hope !!!

MO

Cheers all

MO now has plenty to digest... Prospectus and CPR first... Is size of war and peace book, at least no paper wasted !!!

Have roughly calculated (hope correct) the underwritten portion of rights issue to be worth 5.271p per share currently held, so almost £53 per 1000 held. Might be useful if selling rights to buy portion of allocation. Is based on difference between theoretical ex-rights price of 33.3p and discounted price of 21p, i.e. 12.3p per shares allotted (3/7 of holding).

Also seems that ENQ have paid off a few deferred items, including some CAPEX and financing costs, so bodes well for future...

Good luck all

MO

Cheers E121

Was there also a July 2018 CPR for Magnus ???

Thanks for help, cheers

MO

Thanking you kindly E121

Works perfectly, cheers

MO

L3

Is probably MO's issue, will try different machine, did choose UK, then get error, maybe does not interface with The Matrix, lol

No idea on Alma/Galia yet... Last tanker departed 25/8, will try best to calculate when happens.

Currently watching old BP Magnus film from early 80's, is 20mins, ahhhh, nostalgia :-)

https://www.bpvideolibrary.com/record/6

Cheers

MO