Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
U guys outside EU also deserve the full response from IR, gives med alot of comfort on the GE deal! =)
"We stated at the Half Year Results that completion would be ‘around’ the end of September. There is a paper trail that we have to go through to get the assets in the correct legal entity, which is in progress, and we will complete this as soon as possible. In the event that the transaction completes in October rather than September, we are protected to an extent by the economic effective date being 1st January 2021. We are confident that the transaction will complete and do not have any concerns.
Regards,
Investor Relations team"
He actually did reply e121! I feeeeel Gooood :)
” In the event that the transaction completes in October rather than September, we are protected to an extent by the economic effective date being 1st January 2021. We are confident that the transaction will complete and do not have any concerns.”
I agree Pelle! Once every 10th year they should be lucky with the hedging! Let’s say they sit on 20-25Mb over the comming 36m at avg price of around $70 I would be a proud owner! They will still have a nice part of production to sell at high spot prices and solid cover in case of black swan :)
We should all be writing to IR and ask about the deal! They have a responsibility to us owners to give some update! At least why the scilence!
Ian.Wood@enquest.com
Apart from this I think it´s great times for ENQ and i´m a happy owner of many many stocks by now =)
Not mentioning GE, production back above 60Kpd and No analysis om FCF 2022 being above current MCap. And off course the Tax credits! I think that article is rubbish!! Just ignore it and have a look at Tarmaks spread sheets instead LOL :)
Once in a while I have my doubts about investing here. After going over my spreadsheets and Tarmaks big Google docs this is not one of thoose days! This is just a crazy sale without sanity!! We are making huge proffits at this POO and FCF is absurd! We are making our total MC in FCF/Y and if you dont belive the EV will hit zero the SP will move, ALOT. Just be very patient my friends and enjoy the weekend!
GLAXX :)
Ye! -230Mb petroleum products in one year in US! We are now back to 2014 lows in total US P.prod. This looks more bullish every day! And Enq doesn´t even need +$75 oil to be super super under valued! At MC = FCF 2022. I think we could see 60p next year here for sure!
Our dialogue, please comment if you can ad anything =) :
"Hi!
I saw in the report now that you have adjusted Equity as per 31/12 2020, from - 64,640 to + 91,217. This makes me a bit confused since you didn´t comment on this at the meeting. What has led to this retroactive adjustment??"
"We had a restatement of the 2020 accounts reflecting the deferred tax calculations. Per note 2 of the release (page 18):
Subsequent to the publication of the Group’s 2020 consolidated financial statements and as part of the preparation of this interim report, the Group has determined there was an inconsistency in the calculation of the deferred tax asset recognised on the balance sheet associated with Magnus contingent consideration and the relevant estimated future cash flows used in the calculation of future taxable profits to support the recognition of this deferred tax asset and the deferred tax asset associated with other available tax losses. This inconsistency resulted in excess deferred tax being derecognised within Remeasurements and exceptional items of $146.6 million with respect to the period ended 30 June 2020 and $155.9 million as at and for the year ended 31 December 2020. There are no changes to the underlying amounts recognised in relation to contingent consideration or to amounts recognised in respect of deferred tax in earlier periods.
I hope this helps clarify.
Kind regards
Ian"
Ad info. 890K/d below now…
” Argus' latest survey shows the deal participants produced 35.85mn b/d last month — up from July's 35.75mn b/d but 890,000 b/d below the group's August ceiling of 36.74mn b/d, leaving overall compliance at 117pc, compared with 110pc in the previous month.”
So they are already falling way behind!?!? This can spike prices sooner than many thinks…
” The 19 countries participating in the Opec+ deal increased their collective crude production by 100,000 b/d in August, with higher output from Russia and Middle East producers offsetting declines in Kazakhstan and Nigeria.”
Would be nice of they also stated the premium to Brent they try to get out. NO problem selling oil in the market atm, the problem is getting that premium…
I think OPEC will be pumping pretty much all out sometime Q2 2022! Some of the ”baseline” numbers are nothing But fantasies, ex Russia LOL. Already we see some of the smaller countries not filling their quotas. How can they ad 400K/m another year?? Won’t happen!! Not the smallest chanse :)
Kraken have you lost it now for real??? Or is it you Hannon hiding in his account??
We all know ENQ are doing great come H2!! With GE + fixes in Magnus + fixes in Malysia + much better Hedges + higher OP!! This can only go one way mid to long term! Just hang in here! I did time my addings quite bad at +10% from todays SP but thats life! Wont matter much in the long run here =)
Ye they said close to 250M for GE in the pres, so that Will be on the credit side. But FCF of +300M in H2 should cover that and we will end 2021 quite close to 1Bn in net debt! FCF during 2022 will move us below 0,5Bn and below 0,5X EBITDA -> they can’t keep the divis away from us in 2023!! :)
Are you insa..?
"very little headway on debt reduction. I appreciate that oil is now higher than it was for the average of H1 but still production seems to be going backwards fast"
They have over $140M FCF during H1 with bad hedhes and production problems. By the end of H2 we will ad 13K/d GE production, restore 3-4K/d in Malysia, fix Magnus, start drilling again 2022 etc + have much better OP on sales. You think production and debt reduction will be worse unwards?? Hahahaha! Just buy this dip guys :)
Are you for real?? Look at production and avg OP during H1 and now look at what’s comming H2!! They Madde 140-150M FCF in H1 and we will be looking at +300M in H2!! Read this and comp OP n hedging forward!! : ” The Group's average realised oil price including the impact of hedging was $62.8/bbl in the first half of 2021,”
We are sitting om a goldcoin here :)