Member Info for mrc_mrc_mrc_mrd

https://www-energyvoice-com.cdn.ampproject.org/c/s/www.energyvoice.com/oilandgas/297217/cnoocs-capital-spend-set-at-15bn-highest-since-2014/amp/

That would do me...don't want to be greedy!!

Yep, it feels like we are sitting on something potentially huge here. This has been what the last 6 years have been for. The whole industry has been decimated but AB has kept us in the game with substantially more production than during the last bull run.

There has been some decent bants on here with Ammu, let's not turn nasty. Sadly it often does when people lose money.

Chilting - good shift, thank you.

Does anyone hear from your mentor the Matrix Observer?

Hedge is fine IMHO. If VLSFO is going for $77 then we will be paying more than $9million to remove the collar

The last tanker hooked up on the 30th I believe. Completed on the 31st. So on for around 12 days.

Pretty decent. Over 40k bpd average

Dodger - yes. The purchase price is in dollars and the placing and is in dollars.

Not sure what our mix of debt looks like on the bonds. We might take a hit there.

If you think suncor were wanting $400 million when the dollar was strong. Someone I'm sure could adjust the asking price for today's exchange rate and see how great a deal we are really getting!!

GKB - you are taking 1 year of production decline (an unprecedented year). It is totally meaningless to talk about "CAGR on production" for 1 year.

For me ENQ is a new company starting from this year.

Fine to consider that we are now producing fewer barrels, but the more important factor is that the barrels we retained are lower cost, and considerably lower risk (fires, structural issues, etc ).

We can get back to drilling next year. For me it is important that we have added a chunk of production in at a low valuation in this downturn. The near field drills will still be there next year but this type of deal I don't think will be if POO continues to rise. This is why I would also love to pick up BP Andrew or something similar based on $50 per barrel economics

Ahhhh, clever old GKB.

What would we do without such insight.

It has been enjoyable chatting with some of you over the last few months, sharing views, and hoping against hope that the BOD pull a rabbit out of the hat.

Like steve I think I have had enough and will be selling up tomorrow if I can. I think this board says it all. Nothing going on here for a while.

Better opportunities elsewhere IMHO so will take a small loss to avoid a bigger loss.

GL everyone holding.

I really hope there is another deal near completion. How good would it be to pick up another cheapy just as the POO goes stratospheric!!

Come on AB you old gambler, get the cheque book out!

Very tasty!!!

Fear Ammu may have missed this train. Bad luck friend

Think WTI wants $60 this week.

The fear of equity raises comes from AIM where it is almost always part of a downward spiral to fund management salaries for another year for companies with no income.

I agree that this one should be different for ENQ. Oil is coming into favour and I hope there will be high demand for new equity. My preference would be an II taking a stake at a premium or very small discount. Announce it after it has been finalized and the brakes come off the SP.

Surely there is somebody out there with $50 million. That wants a fifth of ENQ the survivor?

L7 - the problem is forward selling if the discount is large. RI price last time was at a huge discount to encourage and reward existing holders (I suppose). The rump ended up going at an even greater discount.

It is different this time, but if the OO is at a large discount then the SP may pay it a visit.

To be clear, I see a scenario as you describe with a tiny discount and either taken up by existing holders or snapped up near market price by new investors. In this scenario it's all good.

Is up significantly on yesterday. Could be starting to build IMHO.

I'm going to call 14p this week. Breakout next week.

Anything coming over the horizon.?

Hook up by Friday?

Every day we are converting some of our 2p to $1.5 million cash after costs. No way the market can ignore that.

Even if you say the 2p is valued at $10 per barrel in the ground, we are adding $23 per barrel of value to ENQ by pulling it out. So the market cap should be increasing by $1million per day this year if we realise $60 per barrel.

If Brent maintains the price strength through Q1 I can see things changing on the financing. In any case the $50 million will be peanuts compared to the market cap at that time IMVHO