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From the Iranian Parliament speaker 45 minutes ago:

"Parliament Speaker Mohammad Bagher Ghalibaf, who said US President Trump “made seven claims in one hour, all seven of which were false. They didn’t win the war with these lies, and they will certainly not get anywhere in negotiations either.”

On the Strait of Hormuz, Ghalibaf said: “The continuation of the blockade means the strait will not remain open. Passage through the strait will be conducted based on the designated route and with Iranian authorisation. Whether the strait is open or closed, and the regulations governing it, will be determined by facts on the ground not by social media".

This could go on for months ! Weekend WTI up $2.5

We’ve been living on borrowed barrels for 47 days. Only today, the IEA stated the bleeding obvious by saying that the loss of energy [from the Iran conflict] will “take about two years to recover”. TWO YEARS. Then Trump opens his big fat gob and Oil drops $9 !

Utterly ridiculous.

But you gotta laugh !!!

Krackenoil - that wouldn't work. No NS oiler would invest a penny under those conditions.

Positive NS comments from that old bag Reeves. But I think tie-backs are already government policy, nothing new here, and Bressay already has a production licence. The Bressay gas tie-back to run the Kraken FPSO should be approved by Mad Milliband, but it’s not earth shattering and won’t do much to our bottom line.

EPL !!! That is all it takes to open up the NS to investment and production.

ENQ2 retail bonds ticking up nicely, now trading at 7.64% YTM (at the mid-price). Now would be a good time to refinance these. I think last time I think they offered ENQ2 about 18 months before ENQ1 maturity. Wouldn’t be surprised if we get the new offering fairly soon.

UK credibility for business (not just O&G) would be shot to pieces. It's b*llsh*t.

Well just for a comparison, try a lookback to 4th January 2011 –

ENQ production 21,074 Boepd

Brent $96/bbl.

ENQ SP £1.46

Share in Issue 800M

Market Cap: £1.168 BILLION !!!

Safe to say we were overvalued back then. Safe to say we’re grossly undervalued today. I’m sure the pendulum will swing back towards fair value, and who knows, maybe back to the ridiculous.

Exactly that Stumpy.

MRC

Yes they would because the hedges are locked into the futures market. There is no “physical” market to actively track, it’s just hearsay and gossip. Whatever deal ENQ cut with the buyer is between them, and nobody else’s business. Though they’d be wise to take the loss on the swap contract hedge at the point when they sell the crude (which I’m confident they do).

“What I don’t understand is why the paper Brent oil price is just over 100 bucks but Brent oil is actually selling around 140”

Because the paper Brent we see on our screens are usually ICE futures for delivery out in time, whereas the physical is for TODAY. Can’t track the physical market unfortunately, except for a few snippets from the media now and again.

I’ve got Magnus conservatively selling at about $145/bbl. Kraken is different oil that gets sold into the VLSFO market. Rotterdam are quoting $724/Metric Tonne, which is about $114/bbl. In SEA the spot barrels are trading around $150/bbl.

We are making an absolute fortune. Even with the hedge drag, I’m confident we’re realising in the region $120/bbl right now.

I don’t think Cobas selling (IF they are) has affected the SP, at least not much. Since the last Cobas notification (20th March) they could only sell another 18.3M shares before triggering another RNS notification. That amounts to about 1.5M shares/day of Cobas selling, when the average ENQ daily volume since the last Cobas RNS is about 11.5M/day. Ain’t gonna make "much" difference.

US Navy will blockade the Strait of Hormuz ! Good God !!!

Well, there’s another 10 days left of the 14-day ceasefire agreement, so I don’t see Trump attacking again before that expires. Most likely he’ll build the military capability in the Gulf itself (apparently 2 US warships have been through the Strait), then threaten annihilation once again. Whether he follows through with that threat, I personally doubt it, but you never know with the Orange Tool ! Hate to say it, but it’s Iran that has the cards here.

Meanwhile, weekend WTI is up $4.3……

Well they've now been given another 5 years by the NTSA to complete the decommissioning. That's £3.3m/ penalty. No great shakes IMO.

even though most of the ns oil gets sold abroad, it could, during a national energy emergency, be requisitioned by the government. that is where the “security” lies. as well as everything else mentioned here by others, there is also the point of improving our balance of payments by increasing our exports. who would employ that ******* useless **** milliband ???

It's a sanction over the timing of P&A, nothing to do with a safety event. They are considering an appeal. Hope they do so, and are successful. Looks like the government are worried in case the decom costs increase over time because these costs are tax deductible.

Sanction notice:

https://www.nstauthority.co.uk/news-publications/enquest-heather-fined-for-collective-decommissioning-failures/

Brent @ $93 with this going on, you just couldn't make it up. Need to wait for the physical shortages to start showing up end of this month then watch Brent explode.

Houthi

Kuwait says oil facilities, power stations struck in Iranian drone attack

⁠Kuwait’s ⁠Interior Ministry is reporting “severe material damage” at ⁠several vital facilities of the ⁠Kuwait Petroleum Corporation and the energy and ‌water resources ministry after what it said was an Iranian drone attack.

The ministry said fire broke out at some of the attacked sites, which include oil facilities, three power stations and water desalination plants.

Saudi Arabia, the UAE and Bahrain have also reported attacks despite US and Iran announcing a ceasefire for two weeks.

This from Iranian state aligned media:

https://www.presstv.ir/Detail/2026/04/07/766472/iran-declares-historic-victory-enemy-forced-accept-its-proposal

Iran has declared a "historic and crushing defeat" of the United States and the Israeli regime after 40 days of war, announcing that Washington has been forced to accept a 10-point Iranian proposal that includes a permanent ceasefire, the lifting of all sanctions, and the withdrawal of US combat forces from the region.

In a statement addressed to the "noble, great, and heroic nation of Iran," the Supreme National Security Council said the enemy had suffered an undeniable defeat and now saw "no way forward but to submit to the will of the great nation of Iran and the honorable Axis of Resistance."

The announcement comes on Day 40 of the US-Israeli war of aggression on Iran, which began with the assassination of Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei and top-ranking commanders on February 28.

According to the statement, the United States has agreed to a 10-point proposal that fundamentally commits Washington to:

*No new aggression against Iran

*Continued Iranian control over the Strait of Hormuz

*Acceptance of enrichment

*Removal of all primary sanctions

*Removal of all secondary sanctions

*Termination of all UN Security Council resolutions

*Termination of all Board of Governors resolutions

*Payment of compensation to Iran

*Withdrawal of US combat forces from the region

*Cessation of war on all fronts, including against the heroic Islamic Resistance of Lebanon

"Iran has achieved a great victory and has forced criminal America to accept its own 10-point proposal," the statement read.

So looks like we’re back from the brink of Armageddon and sense has prevailed, at least for the next 2 weeks. But I just cannot see Trump agreeing to the Iranian demands of compensation/reparations/guarantees/control of the strait/etc, and anyway, the Israelis will do their utmost to sabotage any deal. Then again, I don’t think Trump has the guts or political will to attack Iran again.

So I think this is the end of the war, but the Iranians will control the Strait and effectively “could” hold the world (or selective countries) hostage in future. Significant oil risk premium for longer IMO. Brent forward curve has flattened quite a bit and Dec Brent only down $4 from this time yesterday.

Massive overreaction to the downside on spot oil price IMO !

The Iranians are on record as saying that if their power stations or infrastructure are attacked they would retaliate against all gulf states saying they’d be “plunged into darkness”. They’ve got form in this type of retaliation remember, when their south pars gas field got hit by Israel. So I wouldn’t bet on him obliterating Iranian infrastructure tonight. Looking at $ Brent, the market doesn’t seem to think so either. But you never know with this f-cuking lunatic !