Member Info for MatrixObserver

L3, is nothing sinister... Is 2 x partial shuttle tanker offloads from AK = 1 cargo on same tanker to be sold, is all above board, lol

All can add re 15%, is AB stated SPV is like temporary farmout, i.e. 15% positive cash-flows, pays 15% CAPEX, maybe even some of DC4, etc until positive cashflows pay off debt in full, did calc if Kraken behaves may pay off in circa 2 years, or just over, could be less if have good Poo and good production...

Moffa, link does not work for MO, have tried on IE, Edge and FireFox, all same error

Have contacted ENQ, is ok can wait...

Cheers

MO

Hey E121

Think the results were fine, Magnus is looking an exceptional deal, especially with it being backdated to 1/1/17, not top ENQ hedging for H1 (-$77m, is easy with hindsight), but somewhat prudent to protect CAPEX, fingers crossed get some of the calls in H2 hedges.

Re: Audiocast, good explanation of AK certification issues, so should be green light now, full-speed when voidage closed, no injector water breakthrough, so is also good pre DC4, hopefully will have #24 well before ex-rights on 2/10, may have a cheeky pre-rights top-up.

re #23 not #21, is historical on two occasions offloads had to be cut short and finished later by different shuttle tanker... Had Navion Britannia breakdown and March beast from East shutdown, caused two extra visits but no extra ultimate cargoes, hope makes sense.

Feeling a bit happier now digested much of yesterday's info and continued emphasis on debt reduction, maybe if have a stella year, can pay some more down early...

Fingers crossed, good luck

MO (still cannot get link to CPR or prospectus, have emailed ENQ, but if anyone have direct link, then yes please)

Good morning E121 and fellow ENQers...

Think is 50/50 profit share with BP only on the 75%, 25% is just for ENQ, so make it an effective WI of 50% of 75 = 37.5% + 25% = 62.5% ENQ and 37.5% BP

Looking at production projection chart in presentation PDF (page 28), shows Magnus production increasing until 2020, so can expect to be in 20-25k boepd for FY 2019 * 62.5% = ~14k net to ENQ.

http://www.enquest.com/~/media/Files/E/Enquest/2018%20docs/half-year-results-presentation-2018.pdf

Is well worth finishing of audiocast E121, when have a chance, just to hear Q&A.

Was not surprised to hear 15% AK pseudo-famout, all knew something in the pipe since early this year, i.e. 20% farm-out, what got MO was the RI, was impossible for MO to observe, think was not too far away on what marine traffic, OGA, new wells etc, i.e. possible to observe...

Anyway.... Back to more mundane parts of being an ENQer... AK #23 and EP #3

Also have Heather making way to MacDuff, if can get to AK Monday 10th @ 10:30 will be exactly 12 full days since #22 left and moving in the right direction (can be bigger offload etc, but using basic measure).

Mercuria pre-sold loan finishes in May 2019, so should release approx $4.5m per month after...

Someday ENQ will be worth holding into results, lol, at least get to have my top-up now, but MO will be keeping close-eye on AK now, especially is now signed-off and accepted from BUMI.

Best of luck all

MO, always learning !!!

DD do you have a direct link for the prospectus...

MO get's error when asked to confirm where from, says matrix doesn't exist, joking, choosing "United Kingdom" and comes up with error "Exception occured in Disclaimer. Error Message:Input string was not in a correct format."

If cannot get direct link will have to email ENQ...

The way I read the RI from snippets, is that rights are worth 12p each and underwritten by JP Morgan...

i.e number of (shares owned, divided by 7, multiplied by 3) x 12p is total rights...

Is different from previous ENQ share issue, which was "Open Offer" with nil valued rights, is way MO reads it...

Will have to ave a butchers at the prospectus...

Best wishes

MO

Hi L3

Regarding the 75% vendor loan... is clearly stated during audiocast Q&A that 75% of cash generated since transaction effective date of 1/1/17 can be offset against vendor loan, with the figure of $100m reduction to $100m outstanding mentioned at least twice, paid off over 5 years at approx $20m per annum, stated by Jonathan Swinney.

Anyway...

MO's having a rest...

Good luck all

MO

Good post romaron...

Is similar deal that Cairn has for 4.5% of Kraken from their WI...

The main difference is that with Cairn deal the quasi farmee, gets to keep between 1 and 2% after repayment of loan/farm-in amount, think is around $80'ish million.

If AK can average over next two years (incl DC4) ~45k bopd, 15% = 6.75k bopd, if can earn $45 per barrel will pay approx $91m per annum, so can maybe clear debt in two years, then ENQ get the 15% back for future revenues and upside.

Is not a bad deal on the face of it... Like you said debt will be paid down in Oct, so is not wasted income...

Hope Poo gods can be kind, could do with Brent Poo ~$75-$80 for foreseeable...

Will keep an eye on tankers for AK and EP, will help MO decide on how to proceed with rights issue...

Good luck fellow ENQers, was a tough day...

MO

TWalbyoff

Yep, there about for current production, is difficult as did not really mention current numbers during results, so will have to go on June's.

Also get... "an increase in its stakes in the Sullom Voe Terminal ("SVT") (to 15.1%), Ninian Pipeline System (to 18.0%) and Northern Leg Gas Pipeline (to 41.9%)"

Might be more info when prospectus is released...

Good luck

MO

Hey KO

Will be pushing 18-20k boepd when M63 is online, is anticipated will be online mid September...

Profiles for two new Magnus wells for 2019, will cost $27m (paid from RI)...

"The Company intends to raise an additional $27 million to fund the development of the Canute and T10/T11 Magnus Infill Wells which will target separate areas of the field with the targets defined from both analytical and reservoir simulation studies. These wells are expected to add, in aggregate, c.5.8 MMbbls of 2P reserves and c.3,500 Bopd of production."

Take care

MO

TTB

Think will be happy with 100% Magnus, is possible they'll farm-out some in future, but if like other mature assets, i.e. Thistle/Deveron 99% WI, Heather 100%, could be happy with 100% Magnus, suppose, never say never...

The way AB put the Magnus purchase is that for $138m raised through rights issue, will cover both remaining 75% Magnus and 2 x new wells in H1 2019. was more or less saying for $127m would unlock $500m in NPV, sounded like a bargain, especially as cash flow from 1/1/17 can be used to offset $200m vendor loan, so is only $100m loan !!!

Still trying to digest data, good luck

MO

Hi asteris

Full timetable around middle of release...

http://otp.investis.com/generic/regulatory-story.aspx?cid=201&newsid=1178760

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

Cheers

MO

With new shares to be issued, is now the 43.5p party...

Good luck all

MO

Well worth a listen if invested...

https://edge.media-server.com/m6/p/fwpyksdq

Good luck

MO

No need to get nasty Indy0105....

Was a surprise to MO also... Have just finished listening to live audiocast and will be taking up my rights issue.

When dust has settled will been seen in a better light.

All the best fellow ENQers

MO

Cheers E121

MO is savouring the moment... Have done much observing... and still here :-)

Traders will do what traders do, MO could have easily in slow motion sold at 44p, not difficult...

Wanted to wait...

Will see if wise choice tomorrow :-)

Good luck

MO

Have just topped up fridge, thanks for reminding Squif...

Cheers

MO

LOL Squif, touche'

If it all goes Pete Tong, then MO will blame on the Matrix, lol

Was hoping would join on journey of success....

Is going in right direction...

Be good

MO

Auson...

And still wouldn't be close to fair-value... lol all @ the optimist...

MO's waited many moons for this day...

Is the pupa (transition) stage for ENQ... soon to be a beautiful "FTSE 250" butterfly... ahhhh and lol

Time will tell + rose'

See ya in da morn...

MO

No worries FK, MO's your No.1 fan, and appreciate your defence of the CASP :-) Happy Birthday for yesterday !!!!

Just trying to point out that O&G technology is advancing, in drilling fluid and various other techniques to deal with high pressure, high temperature wells...

MO does admire "BIG stuff" and don't get much bigger than in O&G...

Have my ENQ to think about tomorrow, back to CASP on Monday, lol

Best wishes to you and all CASPers...

MO

FK...

Is now time for CASP to deliver on the deeps, MO thinks they will, otherwise would not be here !!!

Many 5km+ total vertical depth wells being drilled successfully locally and internationally, even spotted one 16-17k feet TVDS recently being spudded offshore in UK North Sea !!! Some of the depths in the Gulf of Mexico go down 10km !!!

Is obvious good oil is down there at both Yelemes and Airshagyl fields, probably in 100's million barrels.

MO is patient, whilst CASP get it right, just need some info, is ok for local investors, can give directors a bell, but if internationally listed company, need to consider all investors.

Will wait for interims, but from MO's opinion, after Feb presentation, should at least give an update.

Good luck all CASPers

MO

16:00 USD Crude Oil Inventories -4.302M -1.294M -2.566M
16:00 USD Crude Oil Imports 0.500M -0.657M
16:00 USD Cushing Crude Oil Inventories 0.549M 0.058M
16:00 USD Distillate Fuel Production 0.260M -0.247M
16:00 USD EIA Weekly Distillates Stocks 3.119M 0.742M -0.837M
16:00 USD Gasoline production -0.022M 0.086M
16:00 USD Heating Oil Stockpiles 0.196M -0.524M
16:00 USD Gasoline Inventories 1.845M -0.810M -1.554M

Bottom of page, for better formatting...

https://uk.investing.com/economic-calendar

Good luck for tomorrow all

MO