Member Info for romaron

They are SINT trades.

"If a client wants to buy shares, and the SI has those shares in its own inventory (or is willing to buy them to fulfill the order), the SI can execute the trade directly with the client without needing to go through the exchange."

A bit large for the float that a market maker would need it seems to me. I'm not getting carried away but this isn't normal trading in EnQuest. It will attract professional interest. In July in what has been a desultory market there is no way the market maker would hold £half a million worth of shares imo. It could be for prosaic reasons (death, divorce or death for example. The Shore note could be just coincidental.

Ahead of Donald Trump's meeting with Sir Keir Starmer in Aberdeen, AGCC has called on the US president to persuade Starmer to ditch the disastrous Energy Profits Levy.

The so called windfall tax is the single biggest barrier to North Sea investment, resulting in a 78% headline tax rate on profits.

A spokesperson for AGCC said: “For as long as we require oil and gas as part of our energy mix over the decades to come, we should produce as much of that as possible from the North Sea - sustaining jobs and growing our economy."

and for balance, this from the BBC

https://www.bbc.co.uk/news/articles/czry2zgk4y3o

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We know how transactional Trump is and he has his Menie golf course nearby. It is at the apex of an isosceles triangle being about 12 miles from the airport on one side and 12 miles to Aberdeen itself. The airport to city is about 7 miles so you can see how important a successful hub will be to Trump's family interests. Fans of renewables aren't famous for their golf handicaps and Trump knows which side his bread is buttered and usually acts accordingly. We know how important it is for Starmer to be patted on the head by Trump so the AGCC is acting in Aberdeen's and Scotland's interests.

I didn't know nightingales nested below solar panels or that eagles quickly learn how to swerve a turbine blade?

I hold one share in GB Energy and am uneasy about the management. Apparently it is a lock-up arrangement and I cannot sell. Any advice?

Hi L7 - I don't know if you can read this but it is very helpful imo. Especially the accompanying explanation to the graph.

https://discord.com/channels/902451679776092230/1193550179127799839/1392650590143647876?fingerprint=975848389205979226&attemptId=5b42bbc5-da2f-436a-9a6a-ef13a5f77cb8

Maybe it is just me that I never felt completely comfortable with the Serica deal. Did it really deserve to be called a "transformational deal"?

Is the consolidation over? You could argue that Ithaca did engage a threesome (Ithaca, ENI, Neptune) and why stop there? The North Sea is beginning to give incest a bad name!

I never cease to be amazed at wizardry of some of the deal-makers in London and I'm sure they scent big fees and equity uplift with (of course) the proviso that the UK doesn't commit more self-harm with energy.

Throw in the 2C reserves and the fact that we are not an AIM company must also have influence. I think something will break in September when Waldorf gets sorted.

*I copied the link from 'sialla' on the Discord board so thank him.

This newsletter was sent late last night

"WCNS(I) continues to work towards the completion of the Restructuring as described in the 28 May 2025 Announcement and is focused on engaging with its key stakeholders in respect of this process. With this in mind, WCNS(I) has rescheduled the First Hearing from 10 July 2025 to 10 September 2025 in order to allow a further period for discussions with the relevant stakeholders. The Company will provide a further update on the details of the First Hearing in due course."

Guessing here but imagine dissenting stakeholders have agreed to extension. A moving part that obviously affects EnQuest. Could be part of the reason the Serica merger failed?

Hi Auson, I have no idea but it seems strange. Most likely he was just shuffling some personal assets around but the timing looks odd. AB will be up to something and I think Waldorf may be the catalyst; they are after all our partner in Kraken.

L7 - speculating is all we can do. The current government aren't (publicly) listening and the Craig Mackinlay comment regarding Starmer's control over Ed Miliband being a moot point is a worry. Miliband IS the most popular Labour politician and he may well be in a stronger/safer position than Starmer?

I copied this from Doomberg when discussing the US O&G's travails. It is also moot to our situation in the UK and was about the manipulation of the whole climate agenda by China. Doomberg wrote "Cruz’s views are as universally held by industry insiders as they are rarely expressed in public. Navigating global regulatory and political landscapes is challenging enough, and outspokenness is seldom seen as adding value for shareholders. Prudent execution in playing the pieces as they lie is the preferred path. Few doubt who is behind much of the funding of the climate lawfare nexus, but there is simply no upside in directly engaging on the issue, which is why so few executives do."

Https://notalotofpeopleknowthat.wordpress.com/2025/07/09/nonsense-needs-to-stop-experts-warn-net-zero-drive-could-cost-uk-a-shocking-803-billion/#respond

I met Craig Mackinlay a few months ago (shook his hand) and he has links deep into the Tory party and Reform too as UKIP is part of their DNA (he was acting and Deputy Leader of UKIP). This is a guy with serious contacts and he is good with figures too. This is VERY encouraging I'd say. I think the Tories are after eating Reform's breakfast. Labour can remain Canute like but the very real evidence is mounting up against their NZ ideology.

This was the headline on an article in Energy Voice today "Merger mania set to shake up UK oil and gas production league table" about an annual list compiled by Richard Woodhouse of Dundas Consultants and we got this mention:

"Serica has considered M&A, although a recent deal with EnQuest fell through. If the deal was successful, the duo would have seen production reach 24 million barrels of oil equivalent (boe) in 2024." followed by this "Now that Serica is back on the hunt for potential M&A dealings, Woodhouse has suggested that Waldorf Production’s portfolio “could potentially be complementary”, if a “mutually agreeable price point can be found”."

Serica will announce their half-year results on the 5 August so the recent purchase by their CFO on 3 July narrowly squeezed in before the closed period. It was a modest purchase so I don't really see the point or is there a message in it?

If he was playing by the rules the company is effectively saying they are not currently in talks with anybody (as this too would preclude PDMR buying) and is a signal to Enquest that they are still "single". Maybe Woodhouse is barking up the wrong tree and it is us that Waldorf are talking to?

I also got thinking about this list appearing to be tidying up various companies into 'arranged marriages' but these are promiscuous companies where bigamy is legal. This means there is nothing to stop (say) Shell/Equinor or Ithaca/ENI making it a threesome. The EnQuest dowry of around £3billion of tax credits would xcite a lot of suitors.

It ain't over 'til it's over.

"sitting in westminster, it’s fun to hear labour mps ***** about each other. the starmerites truly loathe the corbynites; they are “professional activists” who harm the people they’re meant to help. the corbynites say the starmerites will never fix a capitalist system they don’t understand, and thus haven’t learnt to hate. out of power, this conflict was barely worth a column in the morning star, but as we enter year two of the revolution, journalists must study every nuance, unpack every conference motion, to see where this civil war is taking us.

if you want a vision of the future, winston, it is pro-gaza activists glueing themselves to a truck at london’s pride parade on saturday. black flags v rainbow flags. a family row with consequence, because the entire country is stuck in the traffic behind, pumping the horn but going nowhere."

tim stanley sounds angry. but it is a neat summary.

Https://open.substack.com/pub/davidturver/p/ecotricity-dale-vince-green-energy-for-dummies?r=lx6e9&utm_campaign=post&utm_medium=email

With all the problems Labour are currently having if this gets picked up by MSM then it will question the feasibility of renewable energy via none other than the Labour sponsor and pin-up boy for renewables, Dale Vince, being shown as just another "grifter" with his nose deeper in the trough than most. It appears that his company, Ecotricity, relies on CHARITY, SUBSIDIES and SPECIAL TREATMENT and should, in all honesty, have a .org after its name as it cannot survive unaided.

In other news it looks like Ed will have to explain to Rachel why she may have to find at least another £1billion following Prax's collapse and problems with decomm etc. for Lindsey oil refinery and the Lancaster oil field they bought from Hurricane in 2023. No wonder she was crying. Luckily the administrators intervened in late June cratering Prax's purchase from Total of the West of Shetland gas fields and the Shetland gas plant (2 million homes safe for now!). I'm surprised Ed didn't spot it in May when he called Prax in for an explanation.

I'm not sure if this helps but it looks that like Dale sees bacon as a huge threat and I imagine Ed agrees.

https://x.com/aDissentient/status/1836702480668758322

Further thoughts. It looks like they aren't allowed to talk to one another but it appears that Serica are not talking seriously to anyone else or I doubt their CFO would risk breaking the rules with a purchase. This is what ChatGPT has to say:

"Unofficial talks (i.e., private discussions between the parties) are not expressly prohibited, but they are heavily constrained. If such discussions advance to a stage where a new approach could be interpreted as a new offer or re-initiation of the bid process, that would likely breach Rule 2.8 unless one of the exceptions is met.

Covert or informal communications could also be problematic if discovered, as the Takeover Panel places great importance on transparency and equal information for shareholders.

So, can they keep talking unofficially?

Technically:

Private informal contact might occur under the radar.

But any substantive discussion that advances a renewed offer would breach the spirit (and potentially the letter) of Rule 2.8 unless it qualifies for an exception.

Reputational and regulatory risks are significant — the Panel could censure the parties or even impose sanctions.

Conclusion:

Unofficial, non-substantive contact might happen informally, but continued or substantive discussions about a future deal are effectively off-limits unless an exception under Rule 2.8 applies. Most companies and their legal advisers are very cautious during this period to stay within the rules."

Ask ChatGPT

I missed the purchase on the 3rd of the Serica CFO. Maybe they aren't still in discussions with EnQuest. Our Directors haven't bought for some time so I'm guessing we're still talking to other parties whereas Serica ain't?

I just don't see AB sitting on his thumbs and there was definitely confidence from the EnQuest team at the AGM.

And you'll have Sir Keir trumpeting about cross border cooperation and "our friends" across the channel whilst rhapsodising over the interconnectivity benefits of surpluses and shortages in renewables (totally missing the point that night time happens there too and dunkeflaute may have a German name but it often affects all of Europe, including us, at the same time.

I'm still hopeful that gas and oil may be separated in the ESIM part of EPL which the public will not understand and may be a small peace offering to placate the GMB Union.

I am concerned about where Ed Miliband might next pop up. I have a feeling in my water that Barry Gardiner fired an opening shot on Newsnight Wednesday makes me think that he is trading his contacts for a government role or he might join Corbyn. He is a nasty piece of work.

I'm with Dumbly on Serica happening and I'd missed that not having strings of RNS's and accompanying guff takes away some of the pressure - marry in haste repent at leisure is a warning - it does ensure that if the numbers and personnel can be agreed the deal may well go ahead more smoothly.

*There should be a CPR on DEWA at the end of the month by Sproule ERCE. It is a Seascape decision but no doubt EnQuest along with all of us will read it with interest.

He is effectively God on any new field being developed - From AI "Ed Miliband legally decides (as Secretary of State) whether major new fields go ahead, based on full Scope 3 (emission 3) assessments under his department’s new guidance. His approval will signal whether the UK continues with these fossil fuel projects in a way that legally accounts for their climate impact."

Early days but a reshuffle cannot be far away. The Barry Gardiner comment last night on Newsnight in making the WFT tax permanent and that it would raise £14bn is not encouraging and I wonder if it is even true. I immediately thought he was positioning himself. Not seen any follow up.

They [EnQuest] update by RNS. Doesn't mean the shareholders are always diligent. They have always caveat that "they rely on being told". Save sodding about - why can't we have a list of Major Shareholders as at 30/06/2025? Must be a lot easier now with AI.

KO - we just don't know. The reporting of shareholdings is hardly a top priority for many companies and maybe they went from 9.98% > 10.02%?

I do know that EnQuest check the register from time to time and would certainly have done so around the time they were talking to Serica. How accurate are the figures on the web page? It is a reminder that there is hidden activity we're unaware of.

We are close to the "dog days" of summer when activity is supposed to be minimal but try telling that to Keir Starmer tonight! The bout of selling following the Iran bombing by the US may be where they picked up the shares that pushed them past 10%. What is interesting is that we've seen no Director Buying for some time which indicates there is stuff going on below the surface. We don't really hear the rumours but I bet Aberforth do.

When Aberforth BUY they hold and it reduces the Free Float which I imagine isn't that large anyway. It has been some time since we were described as a trading stock.

The list of our Major Shareholders is over a year old. About time it was refreshed.

Aberforth are mentioned and I'm guessing that they are behind the Nortrust Nominees holding. They have increased and they know EnQuest better than any of us and have been shareholders forever. Cheered me up.

We have some lumpy shareholders who seem to be backing AB. My own feeling is that with the ever decreasing number of players in the NS that the Serica deal is still being pursued. I wonder if the majors might be attracted to the tax losses.

I went to Chingford, Costco this morning and thought Covid had returned. I need some kitchen towels and there was a huge queue and some squabbling around that part of the warehouse. There was panic buying of ????