Member Info for MatrixObserver

Mercuria repayment is $4.5million per month for 18 months.

At current Poo > $64 (ceiling) = 2,312 bopd

First repayment was made in Dec 2017, last payment will be May 2019

Hope helps with good maths be displayed...

MO

Hey E121

Hopefully it's a bit cleaner than recent sales... Suppose they could run it through a sulphur reduction package...

https://www.reuters.com/article/us-usa-oil-contamination-exclusive/exclusive-firms-complain-of-contaminated-crude-from-u-s-reserve-idUSKBN1H50GI

MO

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PS... the dot at Seligi is back tonight, soz...

https://www.marinetraffic.com/en/ais/home/centerx:105.245/centery:5.430/zoom:12

Hey E121

MO will go for 500-520k

Looks like AK offloads at around 20k per hour now, up from 15/16.6k

This appears to be the case for the last 3 offloads... Maybe part of commissioning...

Best wishes

MO

No probs E121

Another piece of the puzzle appeared today...

12/07/2018 AZINOR CATALYST UK NORTH SEA 1 X PSV - 1 WELL FIRM (25-35 DAYS), SUPP. TRANSOCEAN LEADER 10/08/2018

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KO

We're already around 60k per day...

MO

Especially after "sucky" footy last night...

What a waste of time and money that Video Referee (VAR) was/is...

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Anyway, sour grapes aside... After watching an anonymous Marine Traffic dot for the last 2+ months at Seligi, am happy to report it has today disappeared...

If correct (MO has high confidence and will keep an eye just in case it re-appears), then the two Malaysian wells being drilled have now concluded and drilling rig has departed...

A lot can be determined from a dot, lol...

Was in the centre of the screen before...

https://www.marinetraffic.com/en/ais/home/centerx:105.245/centery:5.430/zoom:12

Should add a few barrels more...

Good luck fellow ENQers

MO

Hi E121

Could be finished at Alma by end of July...

Reasoning being, is that TL is "scheduled" to do some drilling for Azinor Catalyst, if I recall correctly, will take approx 35-40 days, if working back from Mid September, means will need rig by beginning of August...

Source: http://azinorcatalyst.com/azinor-catalyst-farms-agar-plantain-cairn-energy-transocean-leader-contracted-drill-well-q3-2018

Good luck

MO

Looks like we've got an approx start date for drilling...

ENQ are tendering for support ships for TL...

1-2 X PSV SUPP. TO LEADER DC4 CAMPAIGN (4-5 MONTHS) + 2 X 1 WELL OPTS (90 DAYS EACH) 15/09/2018

Can see on long term tab...

http://reports.platou.com/Pages/NorthSea.aspx

MO

No Probs E121

MO will try best... but as with recent offloads will use Scapa Flow transfer as sanity check !!!

The difficulty with ballast is knowing how much remains following AK offload...

N.O has six segregations for cargo oil (approx 850k barrels capacity), shuttle tankers don't want to dirty them all if possible as have to clean every time. Is plausible for AK's oil to occupy four segments and ballast around the other two, but for big (550-600k) offload will probably discharge all ballast

Is why try to use time also as factor, is not perfect science and really on AK and N.O will know exact numbers and loading plan.

MO still has 3x what originally had in ENQ so also pretty weighted, but will be happy to top-up if all stars aligned, hopefully before end of August update, is no rush...

Good luck

MO

Hi E121

Is a mix, most North Sea ship hirings are in GBP, as are UK staff costs, I do remember post-BREXIT vote in 2016, ENQ citing Strong USD versus GBP as a positive for OPEX and costs on existing assets.

You are correct in stating TL and AK lease are stated in USD so is neutral to ENQ.

Is time for ENQ to shine...

Have link-up as 10am, 14.1 days since #18 departed.

For Ballast calcs... N.O @ 9.2m has 350k barrels of seawater (7 API) onboard, which weighs approx 56.7k metric tons.

Good luck all

MO

Anyone who's watched Kraken field on MT should have observed Statoil's £4.5 billion Mariner Field to the South (approx 20nm)...

https://www.offshore-technology.com/projects/mariner-area-development-north-sea-uk/

Well looks like they're having their first offload (not seen a tanker there before)...

https://www.marinetraffic.com/en/ais/home/centerx:1.4/centery:59.5/zoom:11

Anyway...

Back to AK...

MO

Good morning Chilts

It appears that the majority (circa 90%) i.e. HY Bonds and Credit facility are in USD and the retail bonds in GBP

More info on page 33 of annual report... (is the 36th page)

http://www.enquest.com/~/media/Files/E/Enquest/2018%20docs/28239-EnQuest-AR17-Interactive-PDF-Stage-2.pdf

Good luck

MO

For sale...

Been reading about these today, Noticed Alba (ENQ 8% WI) is on the list...
Two links if interested...

https://www.offshore-mag.com/articles/2018/07/chevron-on-lookout-for-buyers-for-north-sea-field-shares.html

https://www.energyvoice.com/oilandgas/north-sea/176300/total-gets-ready-to-sell-1-1bn-worth-of-uk-north-sea-assets-report-says

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Hopefully wake to Navion Oceania linked-up, looks nice weather for a two day "fat" offload hopefully...

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

Good luck fellow ENQers

MO (never drinking rose' again) ;-} lol until next time...

Been doing a bit more digging...

Not just MO thinks it's a bad trade...

"India’s retroactive tax grab isn’t pulling in much cash. That’s one lesson from the latest twist in the long-running spat between Cairn Energy and India’s tax authorities. The government has sold part of a 5 percent stake in Mumbai-listed Vedanta Limited that it seized from the UK company in a $1.3 billion dispute, just weeks before the pair are due to start international arbitration. Worse, India only pockets $216 million, less than half what the shares were worth at the start of the year."

More at: https://www.breakingviews.com/considered-view/indias-cairn-energy-fire-sale-is-short-sighted

Also, wonder if this is ultimately related...

Vedanta’s Agarwal bids to take U.K. company private

Link: https://www.thehindu.com/todays-paper/tp-business/vedantas-agarwal-bids-to-take-uk-company-private/article24316043.ece

Good luck

MO

Hey Romaron...

I'm trying to decode the logic/reasoning of India selling at near 12 month lows, especially with the court hearing nearly upon us (what happens if they lose, do they have to buy them back). If I recall correctly even the dividend was being held in situ until after court case, not much bamboozles MO, but this has...

I'm sure I read somewhere that a "fund" wanted/agreed to buy them.

Anyway... summary = bizarre

Good luck to you too...

MO

Pretty outrageous at this point in time that the Indian tax office has sold 40% of Cairn's holding...

Especially with Vedanta trading near lows, sounds fishy to me...

MO

Too pished on rose' for any more detail...

MO

Squif, never said "dont care at all about money"

Money has its place, without money in this present world would be kakka life, need to buy my rose', house to live in etc... Far from desperate for it but also can see how disgusting it can be...

I'm sure I could look at every O&G company and cite developments not delivering as "promised" or worse...

Alma is currently being addressed, sure ENQ did not plan for ESPs to fail, Scolty/Crathes has plans being developed to address waxing issue... both have had no reserve downgrade, so oil is still there and will be extracted at a significantly higher Poo....

Financials seem reasonably clear, sure if contacted ENQ IR would help understand or clarify.

Anyway... Is weekend and footy + rose' later :-)

Best wishes

MO

No worries Squif...

MO don't just care about money even though is becoming the new super god, also cares about other things... MO enjoys ship watching (tanker watching can wear you down though), must be nautical blood...

What do you suggest the BoD should do to improve market sentiment, interested to know ???

Cheers

MO

Same to you KO

To get a company cheap, it has to be on the ropes or over a barrel, ENQ is far from that... Maybe 24-30 months ago...

Take Ithaca's takeover by Delek, still think they went far too cheap, but because outlook was bleak, Delek got a steal !!!

Best wishes

MO

Good morning Squif and fellow ENQers

Anyone think that ENQ can control SP is mistaken, true value will eventually show through...

As at end of 2017...

Total tax losses and allowances at 31 December 2017 were $3.231 billion USD (that in itself has significant value)

P/E ratio is dynamic, could even be negative if earnings are greater than market cap...

I would not be surprised if ENQ received a hostile bid but MO would vote with board on rejection/acceptance...

2018 is transformational for ENQ... The question is, how transformational...

If AK gets to FDP levels and other work scopes deliver, then FTSE 250 is still on for this year in MO's opinion...

Has been a long, long wait but can see bright light at end of tunnel, just hope its not heaven ;-}

Have good-un

MO