focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Dear Mr Miliband,
As always, it was a pleasure to meet you and your colleagues at our local youth gym/boxing club last year and also at Mexborough Business Centre the year before that, both community focused efforts that I lend my skills to via my contacts. Everyone is always pleased to see you in the area as it raises us on the Levelling up agenda.
On this occasion I write to you on a different topic especially with the favourable odds that Labour will be a welcome change to the directionless governance we have had since the 2010 coalition.
I firmly believe that the most success this government has had since 2010 is simply the reduction of plastic bags floating around our country side and the oceans. Everything else has been a wishy washy waste of time.
The subject I would like you to reconsider (to remain current and credible) along with your colleagues and the media is Oil, Gas, Renewables and the Energy Profits Levy. For disclosure, I declare that my family has been investing in UK Oil and Gas listed companies as one of the last safe havens for our hard earned money, specifically in the most part Enquest, headed by Mr Amjad Bseisu, someone who appears to have worked hard to overcome the difficulties surrounding being raised in an unstable middle east. Choosing the UK as a stable and prosperous base.
In order to be brief, here are my concerns and proposals.
1. The EPL is hitting the small/medium companies, not the super majors.
2. The EPL is not helping the transition.
3. The EPL is discouraging national production and encouraging foreign supply.
4. The EPL will result in no tax contribution to the treasury as abandonment nears.
5. The EPL should be split towards 10% government inflow and 10% company retention for allocation to green projects (not carbon capture as this is a false dream looking at the facts).
6. British companies should be supported not demonised.
7. The energy transition should be laid out carefully with industry leaders.
8. Just stop oil should be appeased by bringing them to the table but stop the deluded chaos that they could cause. The working man (your voter base, if livid at their liberal idealistic, unrealistic approach).
I could go on but you get the idea, I believe the EPL will make Britain poorer faster.
Everybody accepts that moving to renewable energy solutions is the way forward but the EPL is too drastic and puts our national energy security at risk which will result in unmanageable inflation for us ordinary people of the UK.
Please could you rethink the energy strategy by talking to knowledgable industry people like Amjad Bseisu who if you haven’t already met I can vouch by saying if I can talk to him face to face then I’m sure you would have much more vocabulary between you than a simple Yorkshireman.
Either way, good luck and I hope you get a seat at the table because I’m no fan of the current setup despite coming from conservative background.
Thank you for reading an
I finally wrote my email to my MP, I'm not the best orator. I know my grammar and spelling is sometimes annoying but anyway I've done my bit for now ladies and gentlemen...
Bought more today, don't want AB to leave, want him to speak, show the way forward. Will continue to buy. Sometime it gets a bit dark but then the light suddenly comes back and everything seems much better. Spare a thought for people less fortunate than all of us. War, illness, hungry, homeless.
Martinen, sorry to hear of your very strong financial pressure, I hope it resolves and you can be objective in your decision making. I appreciate everyone is feeling the interest rates and rising prices. Personally for me it was lockdown that screwed with my mental health and I ultimately went and broke my ankle last year due to not thinking straight. Feel much better this year and have hope returning again. Some friends say they are busier than ever some others say invoices are being paid late by normally reliable sources. Who knows what comes next but I do believe in Enquest and the last eight years have been a financial education. (mainly from Ron lol) Good luck everyone. All I can say is scrape all the loose change together and chuck it in here.
Krak, you know what, I've been thinking that AB has been loaning stock out of one company transferring the profit back to his main holding or the other way around to buy more for a long time. But because he's a nice guy my mind wouldn't admit that he's got some real professionals in the background managing his holding. As retail investors we are supposed to instruct our nominee accounts with a high sell limit to stop the loan?? Very frustrating, still wish I could buy more though.
Enquest should spell out the transfer process to reassure Swedish holders. Have you tried to open a trade account in London Martinen can you do this, is it possible? I see what you are saying about holders just 'folding' or at least reducing risk by taking a portion of cash. Shame AB didn't state the retail transfer process in the RNS and also say that it will be automatic so our friends across the water know it's just a waiting game and they are valued/appreciated.
OK so 1.45% of Nordic shares are on active loan. 1.45% of 1885m (issued) is 27m. Surely those 27m shares need buying back to give to the owner so that they can be transferred to London. The London stock on loan won't be waiting around for that to happen so they will be buying back at lower price to avoid when the squeeze arrives. Demand for oil seems steady people are paying these high prices and the Saudis will be enjoying these high prices. At what point does the SPR get refilled and or does American shale oil become worthwhile again.
Point taken - Interactive Brokers gives a Short Stock Availability figure for ENQ in UK today of 21,425,304 shares, a small amount really so are we assuming that this constant downward pressure is to last until December or will there come a point where entities holding in Sweden are prepared to wait for the transfer to London.
Bought a few more today, good price to buy at. I will be glad when the Swedish exchange isn't able to short sell Enquest anymore. Well done to AB for cancelling them!
Today is the double bottom, stay positive, have a good day all.
Yes the Company are down playing the Swedish sell off. Truth is rare these days isn't it. Shame. Good comments guys thank you for info... and £1+ per share will be nice for some extra waiting time 2025/26 :)
Morning Ron, agree; direct the activism to our MP's, as you know my MP is your good pal Ed Miliband. You are a wordsmith and can spell unlike myself (I'm just a thick northerner lol).
If you want, draft me up a quick email please and I will send it to Ed. Try to turn the focus towards partnership (where old energy experts helps re-new-bees with the facts) and ideally I'd like to see the 35% EPL channelled into renewables by each individually company rather than disappearing into the wasteful political machine.
Enquest is a better money manager than big state, every time. Again Ed's a nice guy (met him in person twice) things have just gone to his head about just stop oil thats all, we all go down the wrong road sometimes, we'll be doing him a favour by bring him back onboard in fact it's quite likely he plays a senior role 2024/25. His Lords ticket is probably already written out so lets keep him in play, he is a veteran now.
When I met Ed (it was regarding the local community) he is good at grasping the essence of situations and doesn't waste time on small fry or things that he knows he can't change...
Hi Martin, sorry to go on, I'm enjoying the discussing while i recover from ankle hardware removal last week (it was fine and I'm walking already), the NHS did me a great service and I thanked every Nurse, Cleaner and Doctor personally.
I didn't mean to come across rejective of your 'active' ideas just my gut feeling from watching proceedings here over the last 8 years, I didn't want us to waste brain power on that, we'd be better just going to the AGM's.
In terms of share transfers you have to remember that those Enquest shares on the Stockholm Exchange are yours, similar to your sofa being in someone else's apartment and the removal men just bring it home. I've transferred some other obscure gamble shares that annoyingly went from LSE to ASX. I used Interactive Brokers from LLoyds/Halifax. The first two transfers failed 1. because I made an error on the form writing IWEB rather than Halifax (parent) and two because the junior transfer officer at Halifax kept sending the transfer initiation email to interactive investors rather interactive brokers. I believe IB show the both the Swedish listing and the London listing.
Please keep us updated on which platform you choose, Degiro might be an option? Are you able to open an Interactive Brokers account if your current provider can't see the LSE:ENQ listing??
Swedish holders feel shafted, OK I get that but they can/could just hold and wait for the transfer. It is totally right to cancel unnecessary exchange listing costs. I'm not in favour of measly buybacks or small dividends right now I'd rather wait for a proper costed dividend and I'd rather EnQuest have a bulletproof bank balance until debt is reduced.
I'd rather they spend the money on public awareness about the importance of fossil fuel during cold still grim winter weather, while also showing green potential. Hey lets build a Hydro-electric dam or something with all the free government grant money they are dishing out, Tata gets £500mil for some electric arc Furness. Amjad was once energy ambassador so he will have contacts even when Labour get in.
We have to stop feeling so bummed out and picked on because of the EPL tax. Enquest should be applauded for its contribution unlike google, amazon etal.. Change will come and so will better days. Accumulate.
I appreciate reading everyone's opinions about EnQuest and the UK's situation. Here is my off-topic opinion; I don't like Sunak or Hunt they are so far removed from ordinary people (my family have always been conservative but the torys have wasted ten years) my local party asked me to deliver leaflets and I refused because they don't represent me or my feelings, everyone I know doesn't trust politics. But which sain person would put them selves at the mercy of the negative skewed wicked witch hunt media in this country these days?? anyway be positive, EnQuest will do good.
Good idea but I don't believe Enquest will get an "activist investor" prodding around. I do believe oil is heading higher and EnQuest share price will hit around the 30p or 40p area again. OK yes Amjad is sort of guaranteeing his job by having £35million pounds of skin in the game but even on his massive salary, it would take years to claw that back so don't think its some conspiracy theory. Whether 'Doube A' hedges this pot of shares for him I don't know but Amjad is ultimatly aligned with fellow holders. I've met him (only once) and he is a really genuine bloke. I trust him and Enquest. Patience required that's all.
Well said Mansardman. Trouble is if we elected an ordinary person the media would soon accuse them of smoking, drinking and having sex.
Bought more Enquest yesterday and today. While we wait for news and a better valuation I'm enjoying reading about the various pipe lines around Sullom Voe (and social aspect). Engineering on this level seems much more interesting than Computers but that's what we got told was the future at School; and so that's the channel I got sucked down into, unfortunately. OK yes the IP networking/routing and firewalls and fibre optics were interesting but mostly sat around in offices waiting for something to break or home time led to boredom and then office politics which I gave up on. I'm sure some Enquest holders might have direct hands on experience of oil rigs and pipe lines. Would love to hear any relevant stories from the veterans out there? and also what is your view on shift to renewables. I read somewhere that old turbines are piling up in some vast scrapyards because they are difficult to recycle? Off topic I'd also like to know how many people are buying longer dated Government Bonds/Gilts since the Trus-Kwarteng bash? I've started putting some in my SIPP just to watch. Sorry for jumping around subjects, I admit I'm missing the 'readers digest' of Ron's dialogue... (maybe he's on Holiday)
What date was the GPA offer of £150m made please and by who, thanks
Reading Interim Results from 31st March 2023 it says the "Average gross production for the period across the Group's Netherlands assets was 18.0 MMscfd, approximately 3,205 barrels of oil equivalent per day (boepd)"
So help me out with the calculations here please Ladies; The current wholesale natural gas price is about $2.5 per MMBtu and Parkmead are running at 18MMscfd = 18720 MMBtu per day.
18720 x 2.5 = $46,800 per day
46,800 x 365 = $17 million dollars per year gross coming in (subject to tax) from the Netherlands operations.
Parkmeads Market Capitalisation currently stands at about £20M.