Member Info for romaron

Https://twitter.com/KobeissiLetter/status/1699064788926800291

"In October 2021, oil prices crossed above $85 for the first time since 2014.

Today, oil prices are back above $85 and quickly approaching $90.

However, the difference is that the US Strategic Petroleum Reserves (SPR) can no longer save the day.

In October 2021, the SPR had a total of 610 million barrels of crude oil.

Today, it has just 347 million barrels of crude oil, its lowest since 1983.

That's a ~43% drop in the SPR in 2 years all as multiple attempts to refill it have failed.

What's the long term game plan here?"

And irredentists aren't climate evangelists and are encouraged by international appeasement under the "climate emergency" banner.

Absolute bargain. Even allowing for higher property prices in London. Only £90k per property in Birmingham. I wonder how much is spent elsewhere? Mind you the Fife hydrogen project takes some beating.

The problem with that news is it is in an echo chamber. Many Telegraph |(and Mail) readers agree with the sentiment that dumping fossil fuels too quickly is self-harm and the activist evangelists like Caroline Lucas, Ed Miliband and JSO are ignoring reality and cost.

The news that OEUK states £100bio is awaiting FID could easily result in Labour penalising or cutting no slack to the O&G industry whilst increasing subsidies to the renewable sector. As for the Tories they created this mess and on current polls look likely to be out of power within 13 months.

Most people will not read the OEUK report.

The same with Net Zero Watch - they are imo handicapped by being closely aligned with the far right and their address is the infamous 55 Tufton Street.

I am currently fighting the impossible target of Enfield Council embarking on plans (along with the Mayor) to make London Zero carbon by 2030 whatever that means. They have dipped into subsidy funds (even some EU left overs) and retrofitted 10 houses at a cost of £127,700 per house. The building firms involved aren't necessarily corrupt but one does wonder who will audit the figures. One of the companies involved is a US Asset Manager. That bit won't interest or worry the ratepayers but the share from Enfield Council of £82.1k per property might . I brought it up at a meeting and to say people were shocked is an understatement. I am awaiting 2 more FOI replies and if they confirm my findings where do I go? It doesn't help us but it does undermine the credibility of the climate evangelists who crumble when costs are brought into the argument.

Thanks Therapist and Martinen. I read it now as 4 M&A ongoing processes. We jump to the conclusion that it is another ageing oil field but it could be one of the others. He was talking to one of his favourite analysts and I believe it is most likely to be old fields and exiting majors. He also said earlier that they had a compelling suite of projects which isn't necessarily the same and probably relates to the "transition".

There is less competition he added with even Private Equity not filling the vacuum. Any government should worry about this. Last man standing is not necessarily the best way forward and does little for energy security. Imports are necessary, dirtier and much more expensive.

*Just throwing this in. I listened to the Waldorf presentation on Monday and although I didn't learn much the CFO did say they consider Kraken a 'long life' asset with an estimated COP of 2038/40. They also bid for a block close to Kraken in the 33rd licensing round.

I was hoping they were M&A too but it isn't clear. Let someone else listen to it and see what they think as I never noted the time.

AB did say that they would make it easy for Swedish shareholders to "segue" into moving their shares from Sweden to the UK. Here's hoping for a recovery tomorrow. It did seem overdone. I imagine most algos have "delisting" as a sell order programmed in. It isn't only PI's that are guilty of "knee jerks". Maybe when the Swedish shares are listed in the UK stock market a buy order will be triggered.

Much cheaper than oil and gas",.

*In the presentation AB spoke about the 4 processes EnQuest are involved in. I'm guessing but that would be (I suppose)

SVT, Decom P&A, CCS and M&A. The last one is the problem. Unless there is some govt relaxation they're gonna be as rare as chicken teeth. We are well placed if there is any easing.

I was going to post about the sombre performance of AB in the audiocast which is available on the website. It wasn't overenthusiastic and he seemed subdued compared to Salman Malik who was coolly professional whilst Richard Hall was actually quite bouncy. He was very mechanical in his delivery but then he is on most presentations. He is much more friendly and chatty when he is off the platform.

I don't know what time the presentation was but I suppose AB couldn't resist looking at the share price although he never mentioned it. I doubt I'd be doing back flips myself if I had just dropped £4mio. I'm feeling depressed enough at my paper loss.

I watched the presentation andour performance was pretty good imo but the elephant in the room is the EPL and of course how much of labour threats is just opposition bluster.

Red Ed was on the Ian Dale show on LBC and I tried ringing in. They were discussing wind. No mention of the 9X lie and he has definitely reined in his hyperbole, probably under instructions. All he said was that wind and solar are "

Bond holders didn't like it either. Both moved from 96.00 to 94.75. This and the equity reactions should have been forecast but they still went ahead; on whose advice or pressure? This was in their control. How much is the saving? I do so hope there was a reason. They've firmly closed the door on any future equity raise from shareholders imo.

Hi Martinen - thanks for that. I do remember them saying a percentage at one of the AGM's. Today's action does affect us all and I agree that if 10-15% of holders are suddenly told life will be made more difficult for them there is an incentive to SELL. They must have had advice on the repercussions so I hope it has been worth it. There is no difference between either Swedish or UK holders here. We have both been shafted and it is either gross incompetence or there is a future benefit which for the present eludes me.

I wonder how it will operate? If people go down the inertia route or the easiest option what will it be? Swedish holders will get notification and have a decision to make. When will that question be set and how easy will it be to actually do something or go down the automatic route (do nothing). I quite like it when a renewal or rollover says "no action" required as it makes my life easier. The company would have been aware of this reaction and I wonder if it was

a) worth it

b) clumsy

c) a strategic move

I can't really think of a situation where purposefully forcing the share price lower helps us and the reaction was fairly predictable. Self-harm isn't a good look.

But what if they are algo trades Martinen? Unless you're inveterate gamblers it doesn't make sense. The algos will go where it is most advantageous and the kind of companies that can get involved are global anyway. There is a possibility that removing the Swedish listing may decrease volatility.

You could always try and manually add up the off-book trades on both exchanges I suppose? It would not be difficult to find out the amount of shares held in Sweden and I'm sure it is something that EnQuest are aware of. It isn't a secret and somewhere in my memory I think that the Swedish percentage was fairly low. Maybe the reaction was based on a fact that many people procrastinate and some holders in Sweden have been there since Lundin . This time they'll have to decide whether to move to the UK primary listing or sell. The algos think they'll sell. Delisting is seen as a negative. It would have hit a big algo trigger.

Stupmy - I wouldn't discount your thinking. O/T but maybe relevant. One of my neighbours had to take exams in Sweden to trade on their exchange in oil shares. He was at Lehmans then Nomura. It would require a lawyer or expert on both exchanges but it may cause more problems with two listings. There are sure to be obscure rules that prevent certain actions or flexibility. Maybe we're going to exit the UK stock market? The markets don't like uncertainty and the EnQuest would have been aware of this reaction. What is the saving? If it was large there could have been a separate RNS at an earlier stage. I think it is to slim down and give us more flexibility - not the costs of reporting.

The number of algo trades and speed of them makes trading almost redundant.

Thanks Martinen. I didn't know that.

The presentation of the interim results will start at 2:00pm BST on 13th Sep 2023. Is there anything to be read into this delay?

In answer to another question as to why we aren't attractive to other companies for our tax credits is probably more to do with the shareholding of AB and the Employees Trust which is close to 15% together. Add a few friendly holdings and it is effectively a "poison pill".

The Conservative government have scuttled the North Sea O&G industry.

I should have added that there is very little stabilising fund/corporate holdings in EnQuest imo. Perhaps these bargain basement prices might attract some but just as likely it'll reinforce their reasons to avoid UK O&G producers. There is often more depth in the 3.30 selling plate at Ripon

If you want to sell a product you really need google ads. Without them your chances are dramatically reduced. It follows then that they work. What algos do is the same but almost reverse engineering. Add to that the small MC and preponderance of febrile PI's then we will always be a target. With the current sentiment over NS oil and pre-programmed software this isn't surprising. Apart from out and out gamblers and those bailing there is little likelihood that those shorting this morning will go home tonight short (and that includes algos).

The price will be higher than where it is now.

I'm surprised that anybody bid. I feel they're delaying the results and I wonder how many are serious bids. Lottery tickets are by their nature cheap.

Kitchen sink job. The board numbers were low anyway but lower figures and the Swedish delist isn't a promising backdrop. Certainly the position you'd prefer if you were lobbying the government. The fundamentals haven't changed.

Wood Group issue an RNS for a contract with Harbour for a new master service agreement valued at c.330mio. Nothing from Harbour as it hardly moves the needle and somebody has to check the boilers anyway. I imagine behind the scenes there is plenty of nudging going on and new friends being made. Parliament is back and we'll start seeing some action soon.

*St Leger Saturday 16 Sept 2023 - buying boots may be needed.