Member Info for romaron

I thought it was 3 large trades if you include the 1,896,733 - I use this to look at trades which I don't follow religiously because it is almost impossible to know what is behind them https://www.londonstockexchange.com/stock/ENQ/enquest-plc/company-page . I'm also confused as to why on the LondonSE page put the 7.3m up late which Fredmac commented on. I am ignoring it. However, a stab at the larger deals than normal imo could be that some deal has been engineered (likeliest Waldorf) and these amounts are at the level that a removed Director might hold? It is the kind of tidying up that lawyers like and a technical impediment removed? It could also explain the delay in the timing of the HYRs. Lawyers charge by the hour so the longer they can string it out the better. I'm thinking technical/legal rather than sinister. I sense that there has been non-stop negotiating for the past couple of years and the players play their cards very close to their chests.

Hi Auson, he did say and I don't really care. Torture any set of figures long enough and they'll say what you want to hear (remember the 9X cheaper quote). You could defend the quote by saying that IF the average US person used the same amount of energy as a Brit then those figures make sense. Because they use MUCH more energy.

Here's what ChatGPT came up with:

"Putting that together: for a “typical” medium sized UK home using ~14,200 kWh/year, the comparable U.S. home might use somewhere between 25,000-35,000 kWh/year (electricity + gas + other heating/cooling etc.), depending on climate & house.

So the average American uses ~1.8 to 3 times as much energy for domestic electricity + gas/heating compared to a UK household of moderate size."

So NIck is probably right. It does also help explain why the US care so much more about cheap energy and why the country leads the world economically. For them Cost of Energy Counts.

I wish it were true Auson but AI disagrees and we also know that the US uses a lot more energy than any other country. Having said that look where it has put the US in economic terms. That is probably why they are so profligate with energy and the lengths their government will go to make the voters happy.

State / Climate Type Estimated Annual Electricity Cost Estimated Annual Heating (Gas) Cost Combined Annual Range

Cold Northern / Northeast, high rates $1,600-$2,500 $1,500-$2,500 (winter heating + other gas uses) $3,500-$5,000+

Midwest cold but moderate rates $1,400-$2,000 $1,000-$1,800 $2,500-$4,000

Mixed / Mid-Atlantic with moderate winter & summer $1,300-$1,900 $800-$1,500 $2,200-$3,500

Warmer Southern / mild winter states $1,200-$1,800 $300-$800 $1,500-$2,500

Very high cost states (gas + electric both expensive) $2,000-$3,000+ $1,000-$2,000+ $3,000-$6,000+

Around 1998/2003 1 ounce of gold was worth around 7 barrels of oil. In April 1 ounce of gold was worth around 58 barrels of oil. You're a braver man than me.

Stifel analyst Chris Wheaton said the tax, which currently imposes a headline rate of 78% on oil and gas producers until 78%, is an outlier among European nations.

The UK is the only country with a windfall tax lasting beyond 2025, with similar taxes in Spain and Hungary set to expire this year.

The Netherlands lifted its windfall tax at the end of 2024, while Italy, France and Austria lifted theirs at the end of 2023.

Meanwhile, windfall taxes in Germany and Greece were lifted in mid-2023.

Wheaton said in Stifel’s view, the UK has the longest lasting windfall tax “because of politics and not economic reality”.

“Other countries don’t have a windfall tax because there is not a windfall to tax,” Wheaton wrote.

“Since the invasion of Ukraine in February 2022, oil prices are down 40-50% and gas

prices are down 80% from their peaks.”

Wheaton said the UK has a “punitive tax rate” compared to other energy-producing regions globally.

With Labour officials often making comparisons to Norway, which has a similar 78% tax, Wheaton said this “misses the much higher costs in the UK versus Norway”.

This results in “much less profit to tax” for UK operators, Wheaton said, and “even less cash for reinvestment”.

-------------------

An article in today's EV on a note from Stifel's energy analyst Chris Wheaton

From Energy Voice about GB Energy today - "However, any technology that is small, or pilot scale and below, is off the table for the state-backed body.

Technologies must be of “large Scale,” in “inactive commissioning,” “active commissioning,” or operational to pique the interest of McGrail and company. This means projects must be of technology readiness level (TRL) –an assessment system pioneered by NASA – six through nine.

The firm’s mission statement outlines that the firm will be “investing in more developed projects that are entering construction or are already in operation, to help build GBE’s development expertise as it scales up”.

Intercepted message from Ed to the head of GB Energy "Hi Dan, the Danes should stick to bacon and expensive audio - time to back the truck up and fill it with Ørsted shares I reckon - they'll never be cheaper."

My second choice for subject would be 'Elephant in the room' A question that will NEVER be put to Ed for 2 reasons. The interviewers are unlikely to ask as it would end Government ministers being available for interview ever again as they embargoed the institution and most of the viewers/listeners wouldn’t understand the question anyway (plus many of the interviewers). Remember News has to be interesting because eyeballs and listeners count and NZ zealotry isn't popular any longer. My unanswered question would be “does the failure of the Danish company Ørsted signal an end to renewable energy as it clearly cannot stand on its own without government subsidies unlike oil and gas which is unsubsidised and heavily and unfairly taxed?”

OK they might say it hasn’t failed. Then ask supporters to defend this following the Rights Issue

• TERP (fair value after dilution): ~145

• Actual closing price on 16 Sept: ~106

So the share traded well below TERP.

That means investors weren’t just pricing in dilution — they were also adding a “fear discount” for Ørsted’s risks (cost overruns, offshore wind economics, political uncertainty). The Danish government’s commitment is keeping Ørsted alive, but the market priced in dilution + high risk, which is why the stock dropped much more than the mathematical adjustment. Hasn’t ideology lost out to economics and physics?

We’re waiting Ed? BTW, when will we hear about AR7?

Hi Stevo, unless you're a fund or a large investor I guess you're talking about the Retail Bond? Trading at par so around 9%.

I'm more interested in the dollar bonds because they have international investors who are generally better informed than the retail investors and often larger equity investors.

They are at an all-time high and both the 144A and the Reg S are at 103.75 (as at 1st and 9th Sep 2025) with an appx. YTM of 9.63%

I'm going with their assessment. They don't have the non-stop negativity espoused in the UK or the noise it encourages.

Hi Malu - you may have missed my post of Saturday with the old Stock Market aphorism - “Sell in May and go away, come back on St. Leger's Day” - it was won by a horse called "Scandinavia".

You don't get many better tips or clues than that.

BTW - yesterday was a rollover day for spread betting with City Index. I don't know how the algorithms/Bots handle that? Negatively with EnQuest I'd say.

In the febrile world of politics little is accidental. Ed has become the Scarlet Pimpernel of the cabinet and thinks he is a "statesman" and enigmatic. Personally I think he's on the spectrum. He doesn't actually think like normal people and you can see the similarity between him and Dale Vince (well I can).

I came across this today. https://labourlist.org/2025/09/miliband-gb-energy-prices/ posted on Ed's "X" account so he clearly supports Lucy.

Why pick a picture with Lucy Powell. Is it a 'dog whistle' to the Far Left of the Labour Party? Is it a 'look at me. look at me, I'm still relevant' reminder and Starmer should tread carefully? It is definitely a threat in my eyes.

How Starmer deals with Miliband will be crucial to the Country and the O&G industry.

I thought this would just be a repeat of other talks and interviews of Kathryn Porter BUT I was sooo wrong. She has broken it down and simplified it so that even a Labour politician could understand it. https://x.com/unprecedentedtv/status/1967165714579726738

EnQuest even gets a mention around 6:00 BUT the best is at the end when she is asked about how she would solve the UK's energy problems. In the first half she tends to go on a bit of a rant but to be fair she is saving the time needed to answer questions that are repeated so many times we could answer them.

You can comment on Telegraph stories so I posted this - "That noise you hear is Labour trying to engage reverse without using the brakes to slow down. You don't hear of ESG any longer and I'd suggest that Octopus doesn't want to be reminded that they are the biggest B Prod Certificated company in the UK. Most important banks who care for shareholders have left or paused membership of NZBA. It's over Ed but ideology never dies. Like religion they put their faith in miracles and to date none have EVER been recorded. Dale Vince left with the women and children."

"Miliband has, however, made clear that he is not bothered by oil companies quitting the UK. His Department for Energy Security and Net Zero has stated that its mission is simply to “manage the decline of the North Sea oil and gas industry”, while building the “energy industries of the future”, such as carbon capture, hydrogen production and renewables.

But it’s not just companies that are departing. Jobs are going too, which is where it gets even more sensitive.

This could be where Miliband’s greatest risk now lies. In last week’s reshuffle, alongside his failed attempt to shift Miliband to housing, Sir Keir Starmer also appointed Douglas Alexander as Scottish Secretary.

Alexander’s key priority is next May’s Holyrood elections, where the future of the North Sea will be at the heart of all parties’ campaigns.

He is backing Scottish Labour leader Anas Sarwar, who advocates “maximising” extraction from the North Sea and minimising reliance on imports – the opposite of Miliband’s plan.

It means that Labour is entering next May’s crucial Scottish election and the English local elections with two separate and contradictory policies on North Sea oil and gas, each represented by separate Cabinet ministers.

In London, Miliband is trying to phase it out, while in Scotland, Alexander and Scottish Labour are proclaiming the exact opposite."

Part of a Telegraph article today by Jonathan Leake. We cleared the Highlands and now Miliband wants to complete the task. Ed has cost us 1 billion barrels of oil so far. A one-man wrecking ball. I fail to understand why Doncaster ever voted for him [Ed]. They must indulge in self-harm there?.

"As the American economist Art Laffer says, high tax rates and a “welfare mentality” are crushing our economy. A Left-wing coup in Downing Street would likely see the Government double down on both. " Comment in The Telegraph this morning.

Those leading the Far Left do not think the same way that we do. The fact that they oppress the working class in favour of ideology and 'wokeness' doesn't concern them as they strive for their Utopia. The economy is collateral damage. They HATE the oil & gas industry. If you think the present Labour government harms us you ain't seen nothing yet if Ed and pals take charge. Sadly I'm thinking that Starmer puts his personal survival over the country.

“Sell in May and go away, come back on St. Leger's Day”

Scandinavia just won it.

Stop being alarmist Mansardman - Miliband as PM is ridiculous and he failed before. "Chancellor Miliband" though has a certain ring to it! From the little I know of politics Miliband is the favourite of the Left and may be even more powerful than Starmer presently. We're all waiting to see what he intends to do.

"Burnham prepares to challenge Starmer for leadership

Mayor of Manchester launches new campaign group amid speculation that PM will not last in post until next election"

Posted in The Telegraph last night @ 8:29pm - over 3,200 comments already. I reckon Lucy Powell and Clive Lewis have been laying the ground for Ed Miliband. It explains two things to me.

1. Ed's absence and his contempt for Starmer. Ed stabbed his brother in the back. Starmer has no chance.

2. Net Zero would be enforced even more harshly under a Marxist regime as it fits their warped ideology. Hence the stasis in oil & gas companies in UK.

I'm as frustrated as you other LTHs but we should not be surprised. Remember EPL? We were on a roll until it came in but the impact was a quick drop which stopped most of us selling , steadied, then a remorseless down direction where James Hosie of Barclays became public enemy no. 1.

Many of the funds have remained basically loyal but it did put an end to Buying. The 3 D's mean there'll always be Sellers and there have always been more exciting stocks out there.

After that experience you will NEVER get the funds, especially new ones, buying into EnQuest unless there is Government action mitigating EPL and/or a lighter regime in the NS. Sensible people realise that the UK needs growth and has decades of demand left for oil & gas.

As retail investors we don't have shareholders to worry about or indexes to judge us but funds do. A rising tide will lift all boats but I think it will also unlock the route to bigger deals and this is where we are better placed than many because of our NS focus and the tax credits. This will attract NEW money and finally bring stability and an element of certainty to the Industry.

The reason I chose Déjà vu as a subject is that what happened to the share price after EPL was imposed will do the opposite as it unwinds and the O&G market plays catchup.

Of course Labour may choose to double-down on their ideological NZ fantasy and drive the country to economic ruin and deindustrialisation.

The More in Common polling which is totally biased towards the Left https://www.moreincommon.org.uk/our-work/voting-intention-trackers/ is used by the lobbyists and picked up by lazy journalists. Answers are important but so too are the questions. In Britons' Top Issues this week they have Climate Change and the Environment at No.8. Why combine them? I doubt there is one person on here who isn't pro Environment. Litter, parks, fly-tipping and clean water have my vote but climate change is NEVER discussed in my circles or family and if it is, blame me!

Separate them and have climate change as a stand alone and see where it gets positioned. I'd say alongside transgender issues. In fact by manipulating the polling they risk harming the actual environment because of 'crying wolf' without any evidence on a regular basis.

On second thoughts - carry on as it seems to be working for us! People now treat climate concerns as background noise. The supporters are looking more ridiculous by the day.

“We should scrap the windfall tax and protect the industry and its workers – we need to avoid the destruction of the industry or we will see a repeat of what happened to our coal miners,” he said.

Robin Allan, from trade group Brindex, said: “When we get to a stage where Ecotricity are saying we need to back North Sea oil and gas production, it shows how Ed Miliband and his team are completely out of touch with the real world.”

From the Telegraph.

Of course it also means making renewable subsidies PERMANENT. Go away you parasite. Let economic facts, geology and energy security be the drivers.