Member Info for Papegoja

For me, the North Sea is no longer viable. The current tax regime makes it uninvestable, and discussions about new licenses are a waste of time. Ed Miliband, with the full backing of the Tories, has successfully created this situation. In light of this, I view our new investment in Vietnam as evidence of the absurdity of the situation. Without the Energy Profits Levy (EPL), I would have expected E to invest in the North Sea. So, congratulations, Ed—rather than having companies operating in the UK, providing gas and paying taxes here, we now import gas at a higher cost and with greater CO2 emissions. As Ed himself acknowledged, we will rely on gas for many years to come. Why make those years so unnecessarily expensive?

As a final note, and the reason I’m still here, I believe E's tax situation presents a significant opportunity.

With Tory giving up Net Zero and accepting it was a mistake they will start hammer Labour for killing the oil/gas industry, giving up tax money, creating unemployment. Together with Reform they will create an an endless problem for Labour.

Did anyone on the panel ask Ed Miliband why the Government chooses to purchase gas from other countries, thereby exacerbating the CO2 problem, undermining the North Sea industry, risking 200,000 jobs, and forfeiting the opportunity to generate tax revenue in Great Britain?

The British government is killing the chemicals industry!! They even manage to do that without any EPL!!! Who is next?

Thanks oct23, very appreciated.

We don't receive a lot of information from E and at the same time we are owners. You would like to be be informed but as it is now I just follow oilprice and hope for some change when it comes to EPL (the latter being a long shot since there is long way to go before the Government will give up its short term increased taxpayments. They leave the killed oil/gas industry to the next party to sort out.

I asked IR more than a year ago what type of oil that was relevant to follow in respect E, taking into consideration there are many types of oil and E produces a mix of oiltypes. The short answer was that I could follow Brent. Now I wonder if anyone has asked E when and how they price the oil they produce? Do they enter into long term contracts to specific buyers or are they selling on the spot market. It could be interesting to know now when the price of oil is moving quickly both up and down.

Https://grid.iamkate.com/

Have a look : 8% Wind, 0% solar, 56% gas and you are paying GBP 1309.12/MWh

Info from IR.

EnQuest’s share buy back agreement with Merrill Lynch expired on 31 December 2024, with c. 56 million shares having been repurchased at a total cost of c. $9 million. The Board is currently considering options relating to further distributions during 2025 and we will provide an update on our plans in due course.

The proportion of EnQuest shares held in Sweden was c.15.9% in the September prior to de-listing from the Stockholm Exchange and it is now around 13.5%.

I can't tell you anything about the trading today but since 5 december 2023 when the shares were de-listed from Stockholm and it became a bit more complicated for Swedish shareholders to sell/buy shares. At the time the price was 22 pence/share and we had an estimated 15,000 shareholders in Stockholm (mostly retail and day traders). Most of these shareholders have slowly exited from E and I think that could explain some in respect of the low SP we have today in addition to the endless bad news from the British politicians (Tory and Labour). It would be interesting to know how many shareholders E has today and also how many of the shareholders that are Swedish and hopefully LTH.

Finally we hear clear language from the Torys through the comment from Claire Coutinho, the shadow energy secretary. Why didn't she raise her voice while in power? However, it's not wrong to realize you made a mistake. Now I would like to hear it from Kemi Badenoch!

Abandon the EPL and open the North sea for investments. You will save 200,000 jobs, knowledge and expertise. During the transition (which I support) you will earn tax revenue in your own country instead of benefitting other countries when you are importing more expensive gas. You can also ague that it is good for the green transition since its better to get the gas from NS then from the US.

From the outside it looks like Tory & Labour has killed the North Sea with their introduction of EPL (first to 75% by Tory and then 78% by Labour). In both instances it looks like they expected votes from Net Zero and fast cash into the coffers even if it meant killing the industry and loosing 200,000 jobs. Unless Labour change their minds (unlikely since they will loose the increased taxthey receive now) I don't see any real future for the North Sea under Labour. Even with lower oilprices the link to gas will make any cancellation of the EPL unlikely within the present framwork. So, what is the position of Tory today and what is the position of Reform? Are they talking about scrapping EPL or at least change it or whats their position? Anyone?

Even in this pityful secenario I still think E can do well and that is why I stay on.

Enquest has, as of yesterday, repurchased 55,9 million shares and paid some 7 million GBP for them which equals 0,1258/share. Today, or at the moment, we are trading at 0,1266/share so IN THEORY Enquest is in the money. I think it is a good sign and I hope we can take up the long forgotten 60p party again. Happy new year

Nice input Pete640. You add nothing.

I think your island will suffer because there is no will to change or realize facts. When the unemployment kick in you will have to take to the streets together with the farmers. I don't see any other way for you to solve the present situation.

I think you should give Nigel Farage a crash course in energy costs and energy security. I'm sure he will see the potential in the arguments especially now when winter is coming. (I can't see Torys doing much here since they introduced it at as well as increased it)

A just released Swedish inquire confirm that the Swedish process for offshore wind power projects should become more predictable, the government's investigator suggests. However, this is not enough to make more projects a reality. The investigation concludes that a guaranteed electricity price or other state support is also required.

So in short without state subsidy no one will engage in wind power projects!!! Ask Ed Milliband how much subsidy (taxpayers money)he needs to make it 9x cheaper than gas??

In my view, Equinor and Shell are slowly geting out of North Sea. This JV is only a way to cut costs, reducing the number of staff focusing on North Sea, sharing legal fees and thereby improving the cash flow.

As of today E has re-purchased apprx 50 million shares. They have spent 6,4 million GBP so we have an average price of 0,1273/share. With that said E can buy another apprx 49,7 million shares paying 0,1119/share. It will be interesting to see how the SP will move from now. It is clear E will not be able to purchase 49,7 million shares before the end of the year.

I had high hopes when E introduced the share buy back program but so far it has been really disappointing. I therefore agree that it could be a good idea to start with dividend instead. If E start with dividend I think we would attract some new shareholders (shareholders that focus on dividend and see share price as a potential bonus). With new shareholders and new interest in E I think the share buy could be re-considered..

Thanks Krak,

Your election system stops Reform but I like the fact that Farage is very vocal and he did manage with his Brexit ambition so we should not underestimate his possibility to achieve a change.