Member Info for mrc_mrc_mrc_mrd

I think it’s probably a demonstration of what they can do. Take out one of “their own” so they can have some deniability.

I note there has been unusual drone activity around Johan Sverdrup. Another warning I suspect.

I agree. One way or another the Gov want companies like ENQ to have access to capital in order to squeeze everything they can out of existing infrastructure.

Maybe some oil/gas diversification for ENQ. I doubt it but you never know.

https://www.reuters.com/markets/commodities/shell-exxon-launch-joint-sale-uk-dutch-north-sea-assets-sources-2022-09-27/

Well that’s another 5% dilution.

With the remaining $375m that needs to convert the share price would need to go close to 0.1p.

GLA - hopefully BD can put an end to this.

I wonder if the BOD took legal advise before making these price sensitive statements?

Very interesting.

The default scaremongering managed to trash the SP. Turns out it was all a misunderstanding!!!!

Thoroughly incompetent or worse.

Follow the beneficiaries.

All my humble opinions

The RBL has mandatory prepayment and reducing limit.

At the moment they can only draw up to $200m, reducing to $100m in 23Q1 and $50m in 23Q2.

They can also only use it for approved Capex.

So currently I agree it can’t be used to repay the bonds, BUT I would be surprised if this can’t be renegotiated as an alternative to bonds. They are willing to lend up to $600m against our reserves post refinance. Why wouldn’t they put the same up to clear the bonds at maturity.

When the RBL was negotiated the assumption would have been that ENQ needed the RBL and a bond refinance. Now it could be one or the other IMHO.

WTFDIK though

Sorry by that I mean that tax cuts put more money in peoples pockets and stimulate demand…my feeling is that this is KKs intent, with potential supply side theories secondary. It’s a bit of a bump start to show some short term progress. The real reforms will not bring results as quickly, but for me are the real path to sustainable growth.

E121 - the tax cuts are demand side and as I have said I am agnostic about these. I suspect the 2 unpopular tax cuts (45% and bankers bonus) will have almost zero impact on actual tax collected. I am looking forward to more reforms.

You really think global markets fell because of U.K. budget? I doubt that very much.

On the plus, currency movements may help ENQ. If nothing else they can probably increase rates to attract back workers into the industry. BBK development now looking very likely as well to secure our longer term revenues.

The government is finally on our side.

Change is always difficult BTFATH1.

Nobody is “getting annihilated”. The tax system has been simplified and many people have been helped by the energy bills support.

Getting rid of the higher rate May actually increase tax income (as it did when the top rate was reduced from 50% to 45%). The bankers bonus tax didn’t work either.

Good to see some movement on immigration policy today. In the short to medium term we need more workers. In the long term, technology and energy sector investment is needed to achieve GDP per capita and productivity growth.

“The masses are going to get annihilated”

A little Hyperbolic. The Tories are now going for a policy that Labour advocated 10 years ago - grow our way out of trouble. Austerity didn’t work - proper supply side reforms might (not a big fan of the tax cuts up front to act as rocket boosters). Anyway, I have not seen an alternative from labour yet.

I have seen the impact of IR35 on businesses. A complete new bureaucratic industry has been invented. It is a burden and only serves to either drive business towards employing people in the wrong way, or into covering themselves in paperwork and insurance. The 45p rate was largely symbolic. Perhaps merge NI and Income tax next?

Clearly BTFATH1 puts himself above the masses, but enjoys a bit of hand wringing about their predicament.

Hopefully the likes of Chilting, PYUECK and BTFATH1 will move along shortly.

Lol no I didn’t vote for Bojo or Brexit.

This government is a breath of fresh air. He who dares, wins.

Years of austerity (labour were advocating growth then if you recall), followed by years of inaction, pandering and populism. We need a new approach.

BTFATH1- it’s lazy F’ers like you that make Britain ****. Stop boasting on message boards and do something productive.

On a general note, I thought it was a real statement of intent. Unashamedly pro business.

EIS and SEIS announcement also good news and exactly the sort of thing that is needed to grow the economy.

Nothing directly relevant that I picked up, however NI changes will reduce costs, selected infrastructure projects (including energy) to be fast tracked, and IR35 changes will indirectly benefit ENQ by reducing admin and cost burden for staffing.

It’s a solid company with limited downside and (unless things start moving) limited upside. I think buying in the 40s is a fairy safe bet. I would put the Chance of anything truly impactful happening in the next year at about 10% (I’m thinking GPA disposal / farm in, or potentially winning back platypus and quickly moving to FDP)

Discusses Enquest from about 12.40

https://www.stockopedia.com/content/thesis-for-investing-in-enquest-and-somero-954207/

Somewhere in the 40s you can’t go too far wrong long term IMHO.

I wouldn’t bother pricing in any progress on GPA, skerryvore, wind farm. The Dutch drills should if successful stem the declines but not much more. Then we are relying on prices staying high and taxes not hammering the profits too badly.

The elevated prices over the last year should cover the overheads and perhaps pay for some of the skerryvore drill.

Tom really needs to start spending this cash.