Member Info for PRDaynes

From the May update they had costs weighted to early part of year and were expecting $25 costs to bring it to an average of $33 for the year, so to reiterate $33 in last update mean we are running at $25 now.
"On track to deliver in 2020 and beyond
? Implementation of 2020 cost savings on track; forecast free cash flow1 breakeven remains unchanged at
c.$33/Boe for 2020, which equates to c.$25/Boe for the remainder of the year
? Continue to target free cash flow breakeven of c.$27/Boe for 2021
1 Free cash flow: net change in cash and cash equivalents less net (repayments)/proceeds from loan facilities. $/Boe based on working interest production"

So your now is next October? well by then the Sculpture loan will have all but been repaid, so Enquest will likely do another deal on the 15% of Kraken ring fenced to Sculpture should their be a need. We are not over the same barrel as PMO Debt did go up but early repayment was made to RCF so my view of your comment on now, is it will arise in 2023 if oil does not make a healthy recovery by then. I liked an earlier post making the point that if we get a jump in oil to $55 a good hedge will transform our position and your side of the debate will have no substance.

Without doubt things could have been better, but then every oil company has suffered because of the low oil price.
But to try and claim Banks and Bond holders have to NOW decide on the fate of Enquest is completely misleading they have to fulfil their contract with ENQ and all terms are being met and Enquest have 3 years to repay or replace the Bond debt.
Oil above $55 will solve all repayment issues and we have plenty of time.

Time to top up? anyway I have ahead of update oil starting to look good, we will show we have held our own through low oil price I believe. AB has of yet sat on his hands it would have to be good deal for him to pounce.

It only mentions Equity management so Property stays under them? discount was getting unbelievably wide with good quality equities perhaps they will bring forward vote on future of fund anyway suppose we will be informed soon being a small fund the equities could be offloaded with little effect on market.

I think that drop was EX divi 13p special prior to conversion, MUT shares are OK by me lower charges and reasonable DIVI I just trust conversion is all equal to NAV

I do believe VIN will try to keep Dividend against the trend if possible, they have made it clear that we will get chance to have the NAV returned to shareholders in vote in 2024 I noted that the loan taken out to repay 15million at 11% in march 2021 was taken out early at net rate of 3.1% is repayable in 2026 so suspect if shareholder decide to wind up they will take a slow 2 year sell up to realise best prices, so to a point paying a dividend out of capital till then doesn't make too much difference they will also be cutting interest payments heavily after March 2021 on loan repayment. Little is safe at moment but a 31% discount on NAV seems a bit excessive.

(How many other national broadcasters across Europe and the world are trying to ape Netflix, Disney and Amazon. Desperately scrambling around trying to remain viable?)
That is a good question can you give me the answer please.
I haven't heard of any but you may know better. Britbox has already got foothold in USA any other national broadcasters done that?

I agree 10p with Kraken sorted and Magnus successful? at moment I believe we have PMO effect, it is obvious we are looking at deals at the moment AB unable to buy and vultures looking for RI we will have to wait and see and trust AB will either find a transformational deal and this proves to be right time for it or he sits on his hands and pays down debt, with Bressay we already have the reserves to work on.
My gut tells me we may see something with the Malaysian assets up for sale perhaps we operate them on behalf of Malaysians They finance it Enquest run it? we seem to work well with them at the moment.

Your comment is valid but which country are you talking about sounds like a description of most of the world at the moment.

"ITV shareholders don't seem able to see the bigger picture. Big storm clouds moving in yet you are all still lounging in your gardens in retirement thinking the world will go on as it always has."
Comments like this don't fit in with your stated desire to buy in if they drop to 50p and hang on till their £1 even if it takes 5 years, they will undoubtedly go up and down many times on the way to £1 so to accuse shareholders holding at 64p of lounging in our gardens holding on against a tide of doom and gloom as you see it, perhaps we are just playing the long game you say you are doing with your other shares, best of luck to you, if they do go to 50p I will join you.
I will play long game here with a bit of opportune trading on the way to £2, my buy at 54p was sold at 65.6p and bought back at 62p that keeps the core holding growing in numbers if not value. While I lounge in my garden.

"I understand the bigger picture away from ITV." Pompous if you do then your wasted de-ramping this stock
I wouldn't have dreams of getting people to follow you into trying to sell and push the price down so you can get in cheaper.
We have the biggest experts in the world who will decide the movements in ITV share price up or down, GS have us firmly in their grip. Ask yourself why?

Being an accountant must be like being a member of the magic circle, being a fag packet accountant I am a simpleton who thinks 2+2 =4 but as the old joke goes an accountant says how much do you want it to be.
I saw that RCF has increased since May update from $425m to $441m but the expensive Malaysian loan was repaid and OZ loan was heavily reduced as was the Sullum Voe facillity loan, so I can adjust my fag packet accordingly, but I then see the Retail bond has been reduced from $225m to $219m since Dec19 after PIK being added, this my fag packet cant compute, but then I see Amortization of Bonds and realise it is legally possible to achieve that feat. But I understand you can do things to reduce Tax but one side effect is to defer some of the debt from the accounts till the Bond matures. I don't like seeing a slight of hand to headline Debt figures.

Expecting about $25m repayment this half, vgood if better, depends on premium on the crude. A reminder from Enquest that the 15% ring fence will end and revert back as more fire power in 2022 would be a good flag for Enquest to wave. Another good deal AB struck better than a farm out.

Wouldn't it be easier for a suiter to make a move on FTSE 250 company? and all the new funds that replace any forced to sell because of the drop will be satisfied by a quick profit. And not be looking out for value so much as profit. When we drop a takeover more likely at below £1.50p than if we stayed in top 100? we will see.

You beat me to it I was going to make same points, been searching accounts for info,
"Production at Tanjong Baram decreased materially in the period, reflecting natural decline and the inability of well A2 to naturally flow. Under the terms of the Small Field Risk Service Contract ('SFRSC'), following two consecutive quarters of allocated revenue being below operating expenditures, the field is deemed uneconomic and EnQuest has the right to issue a contract termination notice. In December, this notice was issued to PETRONAS and the SFRSC was terminated on 3 March 2020. As a result, EnQuest will receive the outstanding capital expenditure of around $50 million over a period of three quarters, with the first repayment due in June 2020.was better than expected we get $50m back."

Just looking at your figures and feel you are missing the PIK effect on RCF the debt was stated as at end Feb. $1368m if your figures work out that net debt is $1265m by year end. From end of Feb the PIK will have increased bond debt by $59m OZ loan will be reduced my estimate -$25m then the RCF would be reduced by the $103m + $59m - the OZ $25m = $137m. As at end of Feb this was stated at $425m reduction of $137m should leave $288m year End.
The restructure we had was cleverly done to make sure RCF would be paid down first.

So we are confidant that Goldman Sachs pay the stamp duty on all their manipulative trades as we private investors have to.

I am optimistic that RCF will be down by pleasing amount. I noted that between end of Feb and end of April in the updates that overall debt came down from $1368m to $1364m on face of it a small nibble of $4m in 2 months lots of bills for new wells etc to pay? But of course we also had an increase in PIK debt of $26m on April 15th so it may well be that they repaid $30m of RCF, and another plus is we got refund of 17m from Malaysia in June.
We are not PMO and have time to meet banking commitments.

I wonder if we have any stock exchange experts if they know the answer to a question that has bugged me for years, we now have algorism's that are used to buy sell multiple trades. But my question is how do they get around stamp duty. I was just wondering if a bit like Alcapone they could be held to account on that front.