Member Info for oxygen

Interesting rumour per the Times today. “Shein told the trade magazine Drapers that it had set up “pilot projects” to see how it could produce in local markets to “reduce the lead time to reach consumers across the world”. In the UK the delivery time is about two weeks” . Leicester being one location mentioned, that could benefit.

PS. When they realise the UK has a minimum wage structure they may think again !

Can’t blame the Chinese for finding a loophole although seems they’ve “taken the Mickey” to extremes ie. there is allowance for Imports into the US to avoid an import tariff should the retail value of the shipment not exceed $800. Problem being it seems Shein merely split down its shipments into well over 500,000 individual packages each day. Having previously imported from Asia it’s surprising what they sometimes state is inside and its valve, good the US is finally on its tail.

Motoring along nicely and the new acquisition certainly holds an impressive global customer base. Will certainly take up their Offer.

Just let the Company quietly get on, we don’t need constant reassurance all is well otherwise AS will quickly be accused on trying to ramp the SP prior to another fund raise. Best review again in 6 months time.

Interesting that RevB. are now pursuing Adam Minto, the founder and former chief, alleging he breached his “fiduciary, statutory, contractual and/or tortious duties to the company”. Good luck with that one.

There was never the need of a Fund Raise at current pricing. As stated expect positive news flow from now on that will lift the SP , at which time it will get interesting but we should be out the woods by then !

May help if the BoD didn’t run the Co. like a Private Enterprise. Whilst happy to state ‘Customers are the lifeblood of the Co” they also have a number of long standing SH’s whose blood they can’t afford to lose .Why no Qtrly update this year, no wonder those Shorting the Co. are happy to trade the backside out of them. ASOS aren’t perfect but at least they try and fully explain themselves.

Those holding Stock aren’t quite so enthusiastic….the Times merely reporting “The ( Revenue) fall is in line with City expectations, in the scheduled trading update saying that full-year expectations were unchanged” Seems there is no pleasing some !

Well let’s hope no news is forthcoming over the next few weeks during which time they should have a fairly accurate timeline for reinstatement of full Production, if not known already. Irrespective we should be saving on the future planned maintenance programme. At least Bumi and Hunt will also be suffering !

Well Shell clearly still believe the black stuff will remain in demand , given their new CEO is now planning to shift the company back in the direction of more oil output for the remainder of the decade, given the poor returns generated by renewables . This on the back of scrapping several projects recently involved in offshore wind, hydrogen and biofuels due also to projections of weak returns. Also dumping its European power retail businesses, seen not long ago as key to the energy transition. I’m inclined to buy their Stock just on the basis they’re giving JSO a good smack in the face !

I see that British investors dumped funds badged as sustainable or ethical at their fastest pace ever last month ( May ‘23) , amid signs of growing scepticism about the claims being made for the environmental credentials of some funds. Seems some Investors awaiting delivery of promises based on wishful thinking are slowly getting the message.

No news is good news, this is not a material event to Enq. unless told otherwise.

As Panmure Gordon today said: “This move is nothing more than putting lipstick on a pig and the only certainty it will deliver is that investment will continue to drop as the energy price levy will be in place for another five years to March 2028.”

So over to Industry again, one Card is collective Investment delay within the NS until Hunt gets the message, although guess he’ll not be too worried what happens after the Election, as his job will be done.

There is just no acceptance by Politician's that we’re a high risk Industry requiring strong Balance Sheets to get thro periods of austerity , exploration failures and catastrophic incident. Think I’ll put my money into a Water Authority who only worry about lack of rain.

Interestingly Stephen Kinnock MP, who was quick to remind everyone earlier about Oil Companies excessive “Profits of War” seems to be adopting new language from Labour by responding to todays announcement saying ‘’ it is right that there is a strategy for bringing those taxes to an end when the time is right, because it should only be on the basis on un-forecast profits”.

You could be forgiven thinking they’d support the EPL being dropped as of now !!

Yes a muted response, partly I suspect, as it just reinforces the fact the Gov. have absolutely no intent on moderating either the Tax level or End Date, and remain happy to hide behind this being a Profits Levy not a Windfall Tax, as every man and his dog know different !

Per the Treasury Statement this am. there’s clearly no expectation for this amendment to impact on Tax revenue, so don’t expect a push back from Labour.

“ The tax rate for oil and gas companies will only return to 40% if both average oil and gas prices fall to, or below, $71.40 per barrel for oil and £0.54 per therm for gas, for two consecutive quarters. This level is based on 20-year historical averages. The Energy Security Investment Mechanism is not expected to impact receipts from the Energy Profits Levy, based on current market forecasts.”

Well it’s certainly better than nowt as personally expected a lower Floor, and at least now provides financial support.

Just to add colour to that Telegraph article mentioning Gareth Davies MP visit to Scotland tomorrow, he is of course the latest Exchequer Secretary to the Treasury, who takes responsibility for amongst other matters the Energy Profits Levy . Talk about gifting someone a poisoned chalice. Need to add him to my email list.

Likewise would like to believe it’s now a question of when, not if. As reported by a Whitehall source back in March & prior to the Budget “:plans were worked up ahead of the budget for a "price floor" that would mean the EPL would only kick in when the price of oil and gas reached a certain level. That change will not be included in Wednesday's Budget, but has not been ruled out at a later date “.

Current pricing of Brent may yet play into our hands.