Member Info for Pelle

Wow, great news:-)

Hi Squif

Last years there been reasons to value Enquest low, guess at some point we barely survived.
It looks totally diffrent now with Kraken+Magnus, good oil prices and debt going down quite fast this year and even faster next years if oil stays ok.

So in my opinion when now everything looks better then ever and valuation is alsmost lower then ever its completely wrong.

Hi Squif,

Yes but No.
Market can value a company completely wrong.
Not long ago there was a swedish company who owned I think 5 ice breaker ships.
They sold 2 ships for 300 million usd and share went from 20 SEK to 200 SEK in matter of days.
Now I see they gave 116 SEK back to shareholders in dividend also.

So in your logic the valuation of the company was correct at 20 SEK?

https://www.avanza.se/aktier/om-aktien.html/5352/viking-supply-ships-b

Hi Colebrooke

Yeah, they clearly all over the place with different targets.
I would not be surprised if someone comes out with 40-50p soon.
And if someone calculate a company value based on FCF over next 5 years it must be worth a lot more then 50p

Hi Chilting

Would be strange if its released in UK tomorrow, its only 1 hour time difference:-)
I more upset with Enquest so unable sell in the company, make a capital market day.
11 p equal 6 months FCF debt reduction.
Reduce the RCF 200 million more, replace it with other loan so they have hands free.
Spend 17 million on 1 p dividend and buy back 10% shares 17 million more

They clearly have to do something different, unless they fine with market valuation and tired investors.

I think your right about leak, we seen that also in the past.

Thank you for the feedback. I did see the note issued from Barclays today and have followed up with them directly. They have downgraded because they have moved the Kraken reserves to the lower estimate announced by Cairn, which we clearly disagree with and said so in a public RNS at the time Cairn made their announcement.



As you know, our share price has been held back by Kraken performance, which has been improving since our year end results, and the debt overhang. With regards the debt, we made our amortisation payment due on Monday and so have now reduced the bank facility (excluding the revolving facility of $75m) from $1,125 million to $680 million since mid-2018, and so are making good progress with reducing our debt as planned.



We continue to engage with the research analysts and investors as much as possible to ensure the equity story is understood.

Hi Romaron

I was not thinking about brexit and your politics:-)

I been writing to Enq this morning about Barclays. Lets see if they reply.

Hi Chilting and Thunder,

Yes, I found it on 5-6 swedish sites now and think everyone with reference to Bloomberg.
If this is false or incorrect, I think Enq/Barclays/Bloomberg needs to take actions.
We shareholders who put up money twice just get smashed in the face time after time and I dont hear anything from Enq doing anything about it.

I will write to Enquest now about it

Hi Romaron

You mean why Enq is listed in Swedish stock exchange?
Its been that since start because it was partly founded through Lundin petroleum, shareholders in Lundin got Enq shares for free. And Lundin is listed in Sweden and have many swedish shareholders.

Hi Hitman,

Yeah, I saw it yday. It was also my first thought that it will save some money

Hello

Anyone found the Barclays downgrade in UK site?
Or anyone use Barclays and can contact them and ask for the document?
I only found it in two swedish sites

AB/Enq needs to do something about this, capital market day, feed analysts with 3 year plan/vision/numbers.

Yeah, thats half of todays value.
Dont understand anything

Thanks GKB and Dol,
Now I know NT :-)

Tomorrow new day, new possibilities !

Dol, yeah it seems nuts and now you need 10 Enq for a big pack of crisps!
Lets hope we one day get get back 1-1 rate and without vinegar

Maybe option is to de-list it from London and only have Stockholm. Rename company from PLC to AB

Hi GKB, Sorry I don’t get it. Do you not see what amount of shares is for sale at different prices? Was it not possible send through a buying order to get the shares for sale? Maybe things different between London and Stockholm

Don’t know if I fully understand problem today, several of you could not place buying order today? Does anyone report it to London Stock Exchange, broker or enquest? I am getting bit bored here in Sweden

Yes, why not!
But first AB must fix the 60p party here.
Release some numbers and 3 year plan to analysts so they can calculate new valuation.

Hello Branson, I don’t know how to calculate and can only make rough assumptions. 2019 prod 70k oil 75 rest year FCF 500 million 2020 prod 80k oil 75 reduced capex FCF 850 million 2021 prod 70k oil 75 reduced capex FCF 800 million So they debt free mid 2021 And have generated approx 2000 million FCF over these 3 years. Let’s say they spend 1000 on debt 500 million for future capex 500 million to shareholders Compare that with market value today of 500 million its crazy valuation now. I guess market still fear the high debt and Kraken production performance. Each day going forward this fear must decrease given we doing ok. And at some point the scale will tip over and we should get a massive re-rate That’s how I see it, maybe others can calculate other way