Member Info for mrc_mrc_mrc_mrd

Can’t really get round the fact that further fundraising (dilution) is needed just to keep kicking the Ruvuma can down the road.

If the Zubairs hit us with a big invoice then that could be enough to send this to the wall IMVHO.

You say there is cash in the bank? I guess we will find out soon enough.

Market doesn’t trust the BOD to liquidate HE1 at a good price, or use the proceeds for something value accretive.

The greenan deal has not helped.

You are right to smell a rat Chris, but I think you will find them closer to home. It’s not “the MMs” or some other conspiracy against you. Just in my opinion genuine sellers fed up with a poorly run company with low prospects.

Hi Frank - yes I would still be cautious on this one. It is slowly coming down to a fairer value as PIs realise the pot of gold is years off and with plenty of dilution along the way. Ruvuma is being heavily discounted, but I think it is a fair thing to do.

The cow fart generator is a waste of money IMHO. Remains to be seen whether the next deals (if funding can be secured) will be better.

A change in BOD would go a long way IMHO.

The share is still very risky and could go to zero IMHO

Hi Chilting - do you think the sell off will come this afternoon once the shares become available to trade in our accounts? Will it overshoot 19p do you think?

Good point about the hedging Pelle.

Shareholders didn’t want someone sitting on their hands in 2010. It was a very different world and I don’t think we can really blame AB for not having a crystal ball. Anyone who invested in those early years made the same mistakes.

Squif- he only owns 10%.

The majority of shareholders disagree with your view that AB should be removed. I’m sure you will be right though.

If this were a normal cycle and shale did not exist then We would all now be rolling in cash.

Magnus and GE have been good deals.

Can I ask if you have any problem with the decisions AB has made in the last 7 years? As far as I can see m, he has stuck around and cleaned up his own mess rather well. Do you think it would be favourable to get rid of him now?

Oh dear Chilting.

We don’t have a market maker as far as I’m aware!

No reason to mark down even if we did. Nothing has changed that would affect SP (more shares but also more cash assets).

Not saying this won’t dip, but if it does it will be driven by buyers and sellers. Some may exit expecting 19p, but likely very short lived dip if the general markets are positive. If it’s a down day we might see 19p

Squif - As I say there was one big mistake and that was developing Alma Galia.

Decision made in 2012. I think you should move on mate!

I certainly wasn’t an ENQ fan back then. AB has proved himself since then IMHO. I don’t think ENQ would exist without him.

Squif is a disgruntled shareholder who bought at the wrong time. Not ABs fault.

GKB - to say neither raise has added value is a bit silly. Both will most certainly add value over the time we own them.

The problem with ENQ has always been the 2 mega investments made at the top of the cycle. Alma galia was a complete disaster. Kraken saved the day but has not performed as well as expected at FID, and ENQ were fortunate they were able to cut costs when the POO crashed.

I’m not sure when you would sell when the cash flow and long term POO are starting to look promising, but each to their own!

The institutions that took part in the placing wanted the full $50 million. The 40% that didn’t get bought in the OO by existing investors will now be bought by these institutions.

Wrong Squif - he guaranteed it with a loan facility but because the full $50 million was subscribed for the loan wasn’t needed and has been cancelled.

I have not seen anything to say he took part in the firm placing so I expect he will be diluted like everyone else.

AB has only taken up shares in line with his holding as far as I know.

He will be diluted by the firm placing and will now own a slightly smaller percentage of the company. Squif should be happy??

Just makes the supply crunch worse when it comes around!

He did start out in Russia!!

Maybe he has Putins ear :)

Dipping into their SPR.

We might see the gas price coming down soon if the Russians get there way with nordstream 2.

Still looking very good for the next 12 months but might come back down to more normal levels if the Russians start releasing gas and filling up storage in Europe. If they don’t then it could be a very cold winter!!

I’ve gone the option route to avoid losing my shirt. It’s fairly cheap if I’m wrong and means I don’t have to pick the top of the market.

It’s interesting - bull run will end at some point and it will happen quickly when it does I’m sure. Reopening is all good but can a PE of 35 plus really be sustainable? What would be too high? Seems like people have been using low interest rates to justify the rise for the last 10 years.

He is entertaining to listen to anyway:

https://youtu.be/RYfmRTyl56w

What does everyone think? Big correction due?

I was watching some Jeremy Grantham interviews from the start of the year and he made a good case for a bubble bursting this year. I think the reopening boost has kept things going a bit longer but maybe getting towards that time!

I’ve had a bit of a dabble and bought a September expiry Put option.

The debt and interest there is eye watering. And production keeps declining. They have not cut costs to nearly the same extent as here.

Enquest have enough time to get a good refinance of the bonds and have had a laser focus on cost and debt reduction.

TLW have even worse spread of risk than we do with all of their production from a couple of assets, and expensive commitments on exploration.

Everything (except rising POO) is going the wrong way for them IMHO.