Member Info for romaron

Hi Therapist - Far be it from me to criticise but isn't it a bit early to have BTfath's price. It usually requires a decent movement where a few days later he uncannily gets tops and bottoms right. I struggled with mrc's conversion too but we all have our moments and he does have more insight than most and is in the oil business. It is possibgle to take a position you don't always hold in a debate and maybe that is how he stress tests his investments. It is funny that he doesn't bother me (he did as NH) but I prefer black and white rather than the snide digs and half-truths from the likes of Stanley, L3 and KO. Can't people accept that it is a cyclical business and in a harsh environment equipment breaks down and unpredictability is a given?

60p party. Can we afford it? I was in a simple boozer yesterday and I like a few chemicals in my beer -Doombar, Timothy Taylor etc.. Naturally none was available (pumps off) and I don't like scented 'craft beers' so I went along with the wife's suggestion of join her in a glasss of wine. 1 Sblanc and a Malbec 175mm £19.62. Later in a middle of the road restaurant the cheapest wine was £33 a bottle. I suppose the investment tip is BUY Wetherspoons.

Phew! I got tired just reading it. Excellently compiled. For any newbies L7 is I believe a retired engineer and likes to know how things work. He also knows that they break quite often too. I just cheat and pick the brains of cleverer people than me.
It ain't over until it's over and if we get Magnus sorted we may well be producing oil at $100+ that we missed out on when oil was $50/60. Even Napoleon famously said that he'd rather have lucky reservoir engineers than good ones.

L3 posted this comment yesterday and wasn't pulled up on it. It is blatantly untrue. The poster is trying to infer that EnQuest hide information from shareholders and the market. Much of what he feels entitled to would come under 'commercially sensitive' or plain house-keeping and is more a requirement of his personally obsessive nature to detail. Anything of real significance requires a RNS. Just because AB doesn't deal in hyperbole doesn't mean he isn't doing a good job.
Many here were singing praises of AB and team when Magnus was firing on all cylinders. I was pleased but not one of them. For me it is the bigger picture and you can create the almost perfect model castle and then the tide comes in. We have been here before several times and that is the nature of the oil business. I will be critical of EnQuest for reporting wearing rose spectacles but this is pretty much the default position for all companies. Most updates begin "We are pleased". The only time you get the opposite is when a new broom comes into a poorly performing company and does a 'kitchen sink' job or the disaster is so blatant it requires corporate hari-kari. You could argue that we are benefitting from recent events, especially Ukraine but I would say that the hard work was in 2019-2021 when survival was threatened and we did better than many of our competitors.
My take on Magnus is that we recently went through a period of cost cutting. We are not alone and the whole North Sea has suffered from lack drilling and capex cutbacks. I remember at the 2015 or 2016 AGM criticizing our poor level of field declines. I was told by AB that high teen declines were not unusual. What he left out was that if you cut maintenance and reworks to the bare safety minimum this is what you'll get.

*I saw Brentford lose 2-1 to Arsenal in February. It was a boring game. Yesterday Brentford beat Chelsea 4-1 and it was an exciting game. They didn't play Christian Eriksen against Arsenal. He'll no doubt have games where he isn't the star and Brentford will lose for other reasons. I think Magnus is temporary. L3 has already passed a death sentence but then he's not a supporter of the EnQuest team.

Be Lucky

Respect Tigar. Prospectuses terrify me because even if I find the item the implications are often beyond me but they do bring benefit to those who understand them. I was invested in Xcite which was a previous owner and my simple take on Bentley is that to access these tax losses you need to develop the license. There is a lot to consider with Bentley but we have proven with Kraken that we have the ability to develop the field. It is worth remembering that Xcite sold 135,000 barrels of oil from Bentley produced during the EWT.
Tied up with the US SPR announcement was this " The White House also asked US oil producers to increase output and said it would impose levies on those that were not making use of their drilling licenses on public lands."
The world is in an energy crisis. It will require a considerable walk-back by BJ after COP 26 to say something similar but there are few options. The small groups of activists currently protesting outside UK refineries will be swamped by the amount of support that "cheap" energy will get from the majority of the British public. Politicians know what is required to get re-elected and they are already positioning and preparing for a "Volte-face" on energy.

This is only the beginning of the 'new transition'. When people are pushed into poverty and are cold and starving promises are no longer enough and time is of the essence.

*The Bentley tax losses are mentioned on P. 207 of the recent RB Prospectus.

The physics of LNG make great sense.
It takes 2 coal workers, 169 solar workers or 1,100 wind workers to equal 1 natural gas worker for the same electric power flow.

https://twitter.com/aeberman12/status/1509921320238206980

I'll stick my neck out here and suggest that there is a connection between physics and the current energy crisis. Nearly 23 per cent of the cost of household electricity is made up of green taxes in the UK. I think it's time to take the punch bowl away.

"Interest on the Notes will accrue at the rate of 7.000 per cent per annum and will be payable semi-annually in arrears on 15 April and 15 October commencing on 15 October 2014. Interest on overdue principal and interest, if any, will accrue at a rate that is 1.0 per cent higher than the then applicable interest rate on the Notes. The Company will make each interest payment to the holders of record on the immediately preceding 1 April and 1 October."

== It is on page 30 of the prospectus 25 November 2016. So option 4 was correct. I'm just wondering if they delayed action here on the HYN until after this was out of the way. We might find out if they intend to rollover the HYN shortly. The RB is a tad more tricky as it concerns retail who include widows & orphans. I really enjoyed trawling through the prospectus. I was expecting it to be on P. 194 so I've had a result.

A predictable, boring and uninformative response from Stanley which he has consistently repeated on this message board which obsesses him even though he is not an investor. He has no knowledge of this business other than what he accesses through google or whatever free media he can find. There is nothing in his posts that indicate independent research or original thought. I am a fan of heat pumps in theory but unfortunately I have a pragmatic side and live in the real world.
I of course know little myself other than being a qualified plumber, qualified surveyor and even have a certificated level 3 Diploma in Green Deal Domestic Advice Training. I did consider calling myself L3Trader but that sobriquet had been taken. I also sat on a committee at Eland House that met regularly for feedback on Energy Performance Certificates to Government. Labour were heading in the right direction and then the Tories came to power in 2010 and did away with HIPs and reluctantly kept the EPC requirements.
Renewables have had some success which would be pretty unavoidable with the amount of money thrown at them (e.g. Fife hydrogen powered houses at £100k per property).
He says he has a "preferred option" well so do I. I wish he would leave this board and go dogging elsewhere. As there is little chance of that happening this will sadly be my last post to chilting as he is joining his long time ally Kraken Oil in the Filter bin. Renewables getting cheaper? Compared to what? There's been little investment in hydrocarbons over the past 7 years and we're seeing the result of that. Tech improves forever? Yeah, and trees reach the sky.

Goodbye Stanley. Gpood luck with the stalking.

Could be a RNS on the way. Could be a misprint. Could be an April 1 prank. Could be effective interest date calculation excluding cumulative interest (kinda going ex dividend).

The HYN has fixed at 98.652 It fixed yesterday at 101.625. I'm thinking that it is likely choice 4. It has dropped 3%. I'm popping out but I'd have to look up the prospectus to get the right dates. I've chosen the easiest option and emailed IR. All contributions appreciated. I think it is just regular house-keeping as the share price is bubbling along nicely.

https://www.bourse.lu/search

Stanley, stranhge - you were once a rabid fan of heat pumps. That whooshing sound you hear isn't anything to do with tinititus but the noise of you missing the point, as usual. Lets be generous and say that a heat pump turns the electricity to thermal energy by a factor of 4. That is hotly disputed but we'll pass on that for the moment. The 1 unit of electricity going in has a cost. That is extremely important because the world is now facing the cost of electricity supplied by renewables because of the lack of investment in hydrocarbons. You have to allow for electricity becoming prohibitively expensive when produced from 'renewables'. Show your dad, he can probably help you. Fossil fuels are ridiculously cheap in comparison.

You have to remember that Stanley is only 18 years old. He can afford to wait.

Stan - the problem isn't heat pumps it is our housing stock. You really need to read up on renewables or ask an adult.

In times of threatened shortages the phenomena known as "toilet rolls" happens. People buy up available stock at almost any price. Could this be happening to oil? It would of course mean that currently we would be awash with the stuff if this had happened. So why the SPR? It is always a Peter, Paul thing anyway. I'm hoping an "honest broker" can brief us on what is actually happening. I fear the worse. It would be good news for EnQuest holders but bad news for the wider public and countries with no hydrocarbons or having to rely on 'renewables'. I hear from Stanley that they're close to cracking solar power during darkness (another phenomena called "nighttime"). Something to do with mirrors.

"Green hydrogen" made possible by using a mix of Unicorn tears and angel dust. Stanley, heat pumps work well in Sweden. It is all about our housing stock with them. You really don't know what you're talking about.
Meanwhile we'll keep 'greening our renewables' by taking advantage of and using fossil fuels.

That comment is nonsensical mrc and most "ordinary people" just want to be warm and move around. These activists have been tolerated for far too long.
I'm trying to get my head around dated Brent from my experience in FX. It is never how it is reported. Putin gets some things right and will miscalculate on others. What I can imagine is that the oil market for front end delivery is in chaos. That means for instance that if somebody has bought a cargo on spec. at a below market price they won't be in a hurry to buy on the 'official' market. People need reliability and expect the majority to follow the rules. That can happen but you only have to look at who produces oil to know that this is not the case. Nigeria, the Stans and Iran jump quickly to mind without even considering Saudi Arabia who are the worst of the lot. Russia has allies amongst this bunch. What worries me is that releasing from the SPR encourages Russia and is showing the West's weakness. It is easily possible (I have no way of knowing) that the SPR has been announced at a time when the 'official' market is in balance or with a slight surplus. It could also be that other countries are buying cheap oil in the 'unofficial' or sanction busting markets which would lower the 'official' price. We already know that natural gas has been cheaper in the US for some time but that doesn't immediately help if the shortage is on the other side of the world.
A few mines laid in some of the narrower channels around the world could easily double the price of oil. These are incredibly dangerous times. I have been critical of the US for their selfishness in economic matters but thank goodness we have their military might to constrain the Russian madman.

https://twitter.com/aeberman12/status/1509613040660103174

Stanley, the war in Ukraine is an opportunistic move by Putin encouraged by the rest of Europe's weakness in energy that has been exacerbated by the like of you and other fanatics who think renewables can solve all energy problems. Surprised you find time to post here,. I'd have thought you'd be glued or chained to a refinery or the like.

p.s. oil is already between $85 - $125. Iran never stopped and Russia will follow suit.

"The White House also asked US oil producers to increase output and said it would impose levies on those that were not making use of their drilling licenses on public lands."
Part of their action as well as releasing oil from the SPR. What is the UK's position?
"WTI crude futures dropped more than 6% to below $102 per barrel on Thursday, as the Biden administration announced the largest-ever strategic petroleum reserve release. The plan involves putting on the market 1 million barrels of oil per day for six months to lower the gasoline prices that have hit record levels following Russia's invasion of Ukraine. The White House also asked US oil producers to increase output and said it would impose levies on those that were not making use of their drilling licenses on public lands. Meanwhile, OPEC+ agreed to raise its output targets by 432,000 barrels per day from May 1, as expected."

This has all the makings of going awfully wrong. Stranded assets need to be addressed both in the US and the UK. Just how bad is the true position energy wise? Whatever the knee-jerk reaction it is often wrong.

Trump was as subtle as an air raid but Biden is also a US President and susceptible to the same pressures. Surely he isn't as clumsy or as desperate to announce the SPR news today and lift the stock-market and help Bonds on the last day of Q1?

I fancy we are in deep caca energy wise and in poilitical terms he may have bought a quarter. Politicians love the news cycle and anyrthing else their advisors say will help polls with announcements. Tomorrow is 'All Fools' Day' so we shouldn't be surprised by anything. I'd like a few days of calm to sort out my ISA next week.

"Europe’s energy crisis today is related to their massive renewable investment...How could renewables possibly have such poor EROEI without anyone realizing it. How could so much renewable investment be made with so little recognition of the problem?"
--Goehring & Rozencwajg

Oh come on Art. You're missing the point. Hydrogen and heat pumps are brilliant. We have been stalked by Stanley, environmentalist and voyeur on this message board for several years and he tells us that it is due to happen at any moment. Just probably not in our lifetime. You are soooo short-sighted!

Cnooc is reported to be exiting the NS (Reuters). I was wondering if we'd have got a RNS with plans for the HYN following yesterday's RB announcement. It may be an afternoon announcement as I suspect US involvement in the HYN.
I'm just wondering if we would be in the running for GE? If we got the Cnooc stake here we'd hold a majority stake in GE(63.23). We know the field well and a quick decision could be made.
I know the majors are leaving but I get the feeling that although the total production by companies are smaller I still think you need 100,000 + barrels to be efficient. That is the challenge EnQuest face imo. There is still plenty to play for and we still have that huge tax credit. Exciting times.

Would love to debate further but out to lunch with a Vietnam War veteran. We are related. He is Australian and flew helicopters. He then became a pilot for British Airways. I asked him if he'd ever been shot at. He said yes - and hit. I asked him what he preferred. Jets or helicopters? He said jets because "jets want to fly; helicopters want to crash".
I am going to wind him up by saying that he effectively did a Russia on the Vietnamese. He will have a robust reply I'm sure. With today's move I'll be paying.

Laters.