Member Info for maxandmonty

I think it was RBC who said enquest would break its bank covenants. Enquest got them to retract the statement although RBC did not amend the price target.

Cairn is obviously being gradually driven down for a reason. At this level someone with indian connections,Vedanta for example, could buy Cairn for a fraction of the Indian government award. The Indian Government could then indemnify Vedanta with say lucrative oil licenses in return for Vedanta quietly settling the claim for a fraction of the amount owed.

These seem really cheap, but they have a new CEO and he may be tempted to kitchen sink the results in April to make his subsequent performance and no doubt new share options look good.

Financial Times has 15 analysts giving a 12 month median price target of £19 with a high of £27 and a low of £14.80 giving a 36.3% increase from the closing price of £13.94.

If there is a shortfall on take up of the placing/ open offer, then it will not be made up by amjad taking up extra shares. He will loan the company the shortfall and take a second lien on the companies assets after the first lien banking syndicate. This was stated in answer to a question on the webcast.

Ithaca have reported today. its a pity Enquest didn't headhunt whoever does their hedging.

I can't see why it wants more Malaysian assets, where it pays tax on profits, in comparison to UK acquisitions where it has huge tax losses. Unless of course it can get them for a song and they are net cash flow positive in less than a year so that they are not detrimental to October 21 debt repayment.

Ithaca have released their half year results today and are shown on their website. In many ways they are a similar size to Enquest. The striking thing about them is their hedging and accompanied large cash generation and price of their future hedges upto 2022. It is a lesson for Enquest on what could have been achieved with a sophisticated hedging strategy.

Plenty of information on Jefferies buy rating for Enquest on FT Alphaville Markets Now write up this lunchtime. The EBITDA figures look strange compared to Premier.

The price PMO is paying for Andrew field of $450 million for 34mmboe 2p+2c makes Enquest look highly undervalued. The oil content is probably around 22 million barrels and probably represents around $16 per barrel of oil. Enquest has over 200 million barrels of 2p North sea oil reserves and similar tax advantages. Based on this deal Enquest should be worth an enterprise value of at least 3 billion dollars compared to a current valuation of around 2 billion on a takeout basis or around 70p per share.

Kier's enterprise value currently is about a billion including disguised debt shown in trade creditors. Costain's enterprise value is about 90 million. However kier's forecast underlying profits are at most four times costain's. Costain has tangible net assets of over a pound a share , Kier has a similar amount per share of negative tangible assets. It seems that Kier is significantly more highly valued than Costain which seems somewhat irrational considering the financial position of the companies.

Three trades of 1,850,000 each have shown up at 16.40. Large amounts and will be interesting to see if AB has added today.

More good news on top of Alma Interview with cairn ceo, message 3750 on cairn advfn thread, he states recent kraken production over 50,000 barrels a day and that they may start writing back the impairment provision

Squif, Delek bought 60,000 barrels a day of oil and gas production and 135 million barrels of reserves for two billion. The figures you quote include the pre existing Ithaca production and reserves.

Doesn't the 225 boe of reserves include the ex Ithica assets. If so then Delek is effectively paying 2 billion for about 135 million boe.

PMO debt reduction is only better than Enquest's because it converted approx 270 million dollars of bonds to equity and completed around 150 million dollars of disposals. Excluding these items its debt reduction has been pedestrian to say the least.

How exactly do I filter someone on this message board