Member Info for Profitaker

Pelle - $93m loss on oil hedges. The actual realised oil price (inc hedge losses) achieved in the 2nd half was £62.9/bbl to make the year average $61.2.

What amazes me is that there is nothing new in the results today. Nothing that nobody didn't already know, or at least couldn't have reasonably worked out and yet today there is eurphoria. I'm sure depression isn't too far away. Best thing (some) could do is remove the SP from their screens. Just keep an eye on Brent, kraken offloads, company RNS and come back this time next year...a lot richer.

TW

Current borrowings (ie payable in 2019) are $311m.

Conference call now.

Much higher than we are now !

Have to say I CANNOT for the life of me understand this hysteria. The difference between 50,000 Kraken and actual/guided production, net to ENQ, is not the end of the world. And i'm sure we'll get to the prized 50,000 Bopd eventually. It seems many posters/holders here cannot see the big picture but focus on fine detail.

I was holding ENQ when they were 13p in Jan '16 and was still holding when they touched 54p a year later. Been here before, I have complete confidence in AB, no confidence in stock market valuations, and I'm more than happy to hold.

Absolutely Modestus ! Trust your own research and be greedy when others are fearful.

Squif

"...but someone has to relieve AB of his duties as CEO. It simply does not work to be the major shareholder and CEO - it clouds judgement."

I disagree. I'd much rather have a CEO with skin in the game than a CEO that has nothing to lose personally.

Anyone know who Seapulse are ? Quick search reveals they have no licence interest in the north sea. They don't even have a website yet: https://seapulse.com/

Reminds me of the ferry company contracted by the government that didn't have any ferries.

https://www.marinetraffic.com/en/ais/details/ships/shipid:381604/mmsi:24515/vessel:HEATHER%20KNUTSEN

But if you participate in any fund raising there is no dilution.

I just find it ironic that those sweating over the share price on a daily basis baulk at the idea of adding another fantastic deal, or deals.

Perhaps it's just a question of time frame, where mine is several years I don't always appreciate that for others it's far less.

Regards

KO

"In exchange for equality stakes ! Don’t like the sound of that !"

Why not ? The Magnus deal was fantastic. I'd happily stump up for another one of those every year !

DK - Results due 21st March

https://www.enquest.com/investors/corporate-governance/financial-calendar

What MM ? It's traded on SETS.

Enterprise Value is a much better metric for valuation because it removes their capital structure from the equation. The current EV is $2.47b and with a full year ’18 EBITDA of $775m (AB Davos mid-point guidance) has an EV/EBITDA multiple of 3.18.

Fast forward a year to March 2020 results publication *might* see an EBITDA of $1000m and a modest debt reduction of $200m. All things being equal (3.18 multiple) the EV would be $3.1b, equity $1.4b, which is GBP1068m or 63p/share.

Apply the above using a multiple of 4 (reflecting a less geared and more stable company) the EV would be $4000m, equity $2200m, which is GBP1700m or 100p/share.

GLA

Fernan10

How can you make a balance sheet provision whilst at the same time vigorously defend the claim ? To do so would be an admission of liability !

Squif

AB has no control over the SP and therefore the market cap. He can only operate the company efficiently and add value where he spots an opportunity. If the market doesn't recognise the value that's not his fault.

If nothing else I think Squif has highlighted why we are where we are with the SP - sentiment. Nothing has changed since yesterday. Investors have simply become impatient waiting for the SP to double. Depressed and despondent investors sell out to those with hope and optimism. When the former have mostly gone the later take control and we rally, usually quite hard. Sentiment matters only in the short term, but in the long term it's fundamentals that matter.

Most of us know (or can easily work out) this company's profitability for a given Brent price and we can all see the Brent price right now. So, have some patience and chill out.

I think we need to have sight of the year end accounts before this will fly. Only just over a month to wait....

Squif

The last RBC "prediction" ended with them having to make an apology for their gross miscalculations. After that debacle I wouldn't pay any attention to them.

Hedging is always a difficult call in balancing risk. Personally I don't hold that against them, but yes let's hope they're lucky enough to get a better floor later in the year.