Member Info for oxygen

Thanks, so confirmed it’s not really interested in specific Asset sales, only relinquishing substantially ( if not ) all of the Company Assets…..in other words as they mentioned, the Share Capital of the business. As i thought !

I ask because of this extract from Accounts 2020 “ As had previously been announced on 1 July 2020, a formal sale process was initiated to explore strategic options regarding the sale of the company . As at 31 December 2020, there were no binding agreements relating to the sale of business. As there was no intention to sell a specific asset or group of the business, but rather the exploration of the sale of all of the outstanding share capital of the business, it was determined that there were no assets or group of assets that would meet the criteria of discontinued operations or assets held for sale in accordance with IFRS 5.”
Unless anything’s changed thats not very reassuring given the current SP level, as specific ( mining ) asset sales weren’t, at the time, proposed !!

As an investor it pays to be cynical, until proved otherwise. Many see the new INED as their saviour, but back in 2020 the Chairman again welcomed, in his words “an experienced M&A professional” . That was all about Iain Rawlinson following his appointment in May ‘20. What happened ? . Artem Matyushok may well be a very smart guy, but personally I don’t know and await to be convinced, as I take most Statements from the BoD will a large pinch of salt !

“But it's still on the table. That's a fact” rather a brave comment, unless I’ve missed an RNS recently !

Well they’ve got till end June to publish the 2021 Accounts so let’s hope Grant Thornton ( Co. Auditors ) aren’t having cold feet given there latest Statement.
“ We will not provide services to clients that are subject to sanctions, connected to the Russian government or those who support their activities. Existing clients with Russian connections have also been re-assessed and will continue to be monitored, and appropriate action taken to ensure we continue only to provide services to clients who are aligned with our values “
Remains to be seen if assisting Companies with Russian connections ( Rosgeo JV ) is consistent with their Values !

Too right there….Nothing has changed, since they embarked upon this long journey, apart from getting lost !

Just shows how deluded old Lavrov is, thinking the West would like to deal with Russia ever again or even need to , at least whilst the old guard are still in charge. Just thankful the average age of death in Russia ain’t that high !

We’re an AIM Listed Mining minnow, hardly the Rio Tinto’s of this world….if anyone was previously serious then DD & Sale Completion within 12 months would have been easy without this guy, but that was before 24th Feb, since when those happy to do deals in Russia has somewhat shrunk so he may bring a dose of realism to proceedings !

@mac. Think most shareholders would now just like the BoD to keep it simple….. and just flog the lot . Not difficult provided you have a willing buyer !

Anyway for clarity it would help if the Chairman & CEO used the same language within their RNS Statements, as former refers to ‘sale of assets’ whilst young James the CEO, still seems fixated on the M&A trail …yes a definition that refers to Offers but usually in the acquisition sense ! Maybe the drafting of such Statements would now be best passed across to the new INED !

Well as the CEO said, he’s “on board to progress our M&A journey"…I didn’t see the words ‘to complete the journey’ . Just hope we’re not having this conversation in 6 months time !

Well you can only hope he’s better than the first ‘Strategic Advisor’ appointed ( Alex Sushchev ) who was to work with Churakov plus the Chinese & Russian Investment Banks on the Sale of Assets, as that was over 2 yrs ago ! To date patience hasn’t exactly been rewarded !

@EW.@ . I’d view anything under 10 years old as ‘Modern’. Last time I looked I recall overall average age of Cars in UK was circa 8.4 yrs…..Europe 11.8, so UK not doing too bad ! Yes accept your point on volunteers etc. but parking was packed, but to me it seems many turn to the easiest options first. Remove Food Banks and see what happens !. Living in a rural part of southern europe, where near zero help is available, I see real food poverty via women foraging hedge rows for snails etc., not that I’d wish that on anyone but continuous hand outs can remove personal responsibility. I’d rather see far more effort directed towards the disabled and elderly who no longer have options ! Anyway apologises for off topic & GL.

@BB. Your post made me smile, as quite agree with your observations. Last time I was visiting the UK ( April ) I was impressed by the number of modern cars parked outside the local church food bank ! The UK has too date , been largely unaffected by global events only visited upon them via their TV screens, but that is about to change. The early signs of distress immediately prompt complains it’s the governments fault and thus they need to sort the problems out. That’s made somewhat more difficult when the UK has made itself reliant upon Fuel and Food imports, the price of which it has no jurisdiction over, so we can only expect the squealing to get louder ! GL.

@darien. “EnQuest remains on track to deliver against its 2022 targets”….and one of those was targeting progress towards net debt to adjusted EBITDA ratio of 0.5x, so I wouldn’t be too concerned. Also check Brent this am !

Agree, the costs involved are prohibitive, even a JV ( assuming Mgmt don’t just wish to ‘cut and run’ ) would be a stretch BUT of course prospective Buyers also know that !.

What a Company is worth based on Asset calculations from drill hole sampling & desk top data modelling , against what others taking the risk of actually doing the extraction judge it’s valve to be , are quite different figures. Also it won’t be lost on others that for a UK Co. these have now become akin to ‘stranded assets’ & with a continuing tax burden Russia is now placing via its mineral extraction tax duties , its no surprise someone wants to conclude a sale fairly quickly ! Feel some just need to temper their expectations or alternatively look at the Financial Costs within the CPR and work down from there !

@pompey. whenever back in UK meet the lads at the Ship Inn , just down the road from Langbrook, nice location overlooking harbour. Only problem now is I’ve since changed my UK bolt hole, from a PO to an SO postcode so may no longer be welcome ! Nice part of the world though. GL

@bae. If attending in person, the body language will tell all !

First question at the AGM will be ‘ Has that Credible Party referenced in your RNS 12th May 2021, now formally declined to proceed ….a simple Yes or No will suffice, thank you “. The next question will be a little more blunt !