Member Info for Profitaker

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 ?

A fantastic update if ever there was one. I particularly liked this:

"The Group will provide an update on shareholder return plans when we announce our final audited results in March.”

Me neither! So fill your boots while you can.

Serica Energy, 100% North Sea operator, 50/50 Oil/Gas. At the last interims had net cash of £234m. They've just completed a new 6-year $525m RBL facility with an option for another $525m, Why ???

From the original RNS (18/12/23)

"The new facility, combined with our existing attributes, means that Serica can approach acquisition and investment opportunities from a position of considerable strength."

Could be interesting !

Karken - there's no volume. The price you see is meaningless.