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On the upside, at a lower SP, we are getting a better return once the buy backs start !
Anyone have any idea why we see ridiculous sized trades going through ? Typically at the open and near the close.
e.g. 120, 12, 11, 91.
What exactly is the point ???
Aim - I would think around 20p before just the share buy backs start. Thing is, it's a fairly illiquid stock anyway with only around 50% free float, so the buying could have a massive effect.
I see that Iran has seized an Israeli linked cargo ship in the Persian Guld, ramping up the tension. Hopefully this is the extent of their threats of retaliation for their Syrian embassy, as I dont expect them to start a war they cannot win. I'm expecting crude to open much higher Sunday night.
Israel has naturally promised "consequences" and who knows where this will end, or will it ever end ? But if that Strait of Hormuz gets closed crude will be through the roof !!!
If I was ENQ I would not be hedging oil, just yet !
I hope Starmer and his idiots are taking note of the potential national security issue in trying to close down this countrys north sea oil operations. Thick as two short planks they are !
Steveo
"Yes this could be achieved through developing Bressay and Bentley but this is going to cost $10b minimum to access the combined 500m barrels of reserve"
Where did you get that £10b figure from ?
Up 4.5% today, the upward trajectory seems to be relentless. I just hope they can get the buybacks underway south of 20p.
Very pleased to have a timeline for the commenement of buy backs - end of this month.
Craig said that Enquest are engaged with the government and other political parties (read Labour). He absolutely said that no drilling would be blocked for any existing licences !
They are looking at all sorts of deals, and there are plenty around.
The $15m share buy back was the beginning, and will increase in size. Talked about dividends next year, but nothing specific.
A very positive and upbeat presentation !
The link below discusses the legal dispute between Rockhopper and the Italian government over the company's right to drill for oil offshore. The company claimed that Italy's refusal to grant them a license amounted to unfair treatment and demanded compensation. The tribunal ruled in favor of the company, awarding them EUR185m (EUR240m with interest). However, the decision has sparked controversy because it ignores the democratic process involved in Italy's decision to ban offshore drilling. But the ruling sets a precedent by prioritizing corporate interests over environmental protection AND it clearly highlights the clash between investment law and efforts by sovereign states to address climate change.
For anyone that wants the read the fine detail...
https://www.ejiltalk.org/polluter-doesnt-pay-the-rockhopper-v-italy-award/
My thanks to Tommo for highlighting this significant gem that I'd never even heard of !
"Furthermore, even when the UK actually withdraws from the ECT, the UK would remain subject to a 20-year sunset clause, which continues to protect investments existing at the time the withdrawal takes effect. However, any new investments made after the UK’s withdrawal would no longer benefit from ECT protection."
https://www.signaturelitigation.com/what-the-uks-withdrawal-from-the-energy-charter-treaty-means-for-utilities-philipp-kurek-and-pietro-grassi/#:~:text=Furthermore%2C%20even%20when%20the%20UK,longer%20benefit%20from%20ECT%20protection.
Tommo
The UK withdrew from the Energy Charter Treaty a couple fo months ago.
https://www.gov.uk/government/news/uk-departs-energy-charter-treaty
Https://www.agcc.co.uk/news-article/enquest-to-drill-biggest-north-sea-oil-field-in-20-years
Yep, at 60P I'd also be retired. Can't bloody wait !
It will come, of that I am sure.
Marianne Daryabegui - That's quite a catch !!!
RB
I've also got a lot og ENQ2. More than happy holding those. Ticking up a bit yesterday and today. I can see them trading at par long before redemption.
But UK Gilts are subject to the same income tax as are corporates. OK, cgt freem but income tax is the same.
Or am i missing something ?
But the income tax on UK Gilts is the same as it is on corporate bonds. Guilts are CGT exempt
There's no reason why share buybacks can't start immediately. Not saying they will, or predicting when, but why wait until H2 ?
From the results...
"Presentation to Analysts and Investors
A presentation to analysts and investors will be held at 09.30 today - London time. The presentation will be accessible via a webcast by clicking here."
^^^ The above link relates to a call scheduled for yesterday at 1pm. I'll try nearer the time.
Really happy with the results. Pleased that share buy-backs start this year (today?), but slightly disappointed in the $15m allocated. It could have been double that and not made a dent in finances. A good start nonetheless !
Plenty of time Karken, chill out man.
Climate - The Movie.
A must watch for anyone interested in climate change. Should be a box office record breaker !
200,000 @13.82
GBP 600 to develop Bressay
https://www.rigzone.com/news/viaro_acquires_full_ownership_of_license_west_of_shetland-04-mar-2024-175946-article/
At the current ridiculously low SP, it seems prudent to consider implementing a share buy-back initiative rather than distributing dividends. Of course nobody knows where the SP will be if/when the buy-back starts, but even if the buy-back is initiated at a price twice the current level, it still presents a compelling strategy. In fact, even at three times the current stock price, the argument still holds ? Maybe ?
This is speculation I know, but I'm curious to hear various perspectives on the potential size of the dividend/buyback fund and the possible commencement timeline ?