Member Info for Slift

Lol they haven't updated that table. Still an error.
Imagine paying for this report with that big of an error

People like talking about SFO but never about what really matters.

Projected revenue to drop sub $3b in 2022 before it starts picking up.
The covid situation in India doesn't really help either as many projects will once again be shelved until 2022.
Backlog is diminishing.

I don't think Petrofac will go much lower. In fact, technicals suggest it's about to go higher.
Let's see what happens.

$230m in debt
And many more $mills in liabilities.

Will soon be sub 1p.

Romaron,

I think $35 breakeven in the North Sea is silly, especially when it's heavy oil.
Maybe, there is a misunderstanding between breakeven and development?

Either way, brief read of the Xcite RNS, Brent was at $113/barrel at the time.
The Xcite RNS also provides development costs at c. $3.4b for 250mmboe over a 35 year period.
This definitely seems like it's based on an EDP.

In the current oil price environment and using newer more cost effective technologies, there's potential for ENQ to partially develop the Bentley field (using existing infrastructure with modifications) for maybe $40-50/barrel breakeven by targeting quick payback wells, IMO.

But let's not speculate! This acquisition is definitely positive and value accretive for ENQ, whether they develop it or not. Look forward to it completing.

I can post my opinions, whenever I want, whereever I want. Stop me if you can :D

I think people should be careful to take the recoverable resources from previous studies at full value due to it being heavy oil.
Sure, at $100-120/barrel, it's possible to recover those resources.

At $60-70/barrel, I have an estimate of c. 50-70mmboe recoverable resources in the medium term. Standalone, this isn't economical to develop.
I think partial development of this field (with a farm down) tieing back into existing infrastructure would be the best way forward. Maybe add around 20-30mmboe resources to Enquest at $60-70/barrel following a 50% farm down in the medium term.

But yes, will be interesting to see what AB's plan is with this acquisition.

Also worth noting that this is a value accretive deal for the price paid by ENQ.

This should bolster up the balance sheet a little, which will also help with refinancing.

Impairments largely due to oil price.

Approx 68m barrels of 2C resources.
Easy to tie back to existing infrastructure owned by ENQ

$2m upfront cost to acquire.

From CA's most latest update:
"It is now more than two months since its Chief Executive wrote that he wouldhave a telephone call and since the Fund requested to nominate a director to the board of Hurricane."

To nominate a director on the BOD of Hurricane. CA will call a general meeting to remove and/or appoint new directors. However, they do need majority votes.

Someone must have, otherwise they wouldn't have jumped.

Investec bank?
For restructuring and placing of shares (significant dilution + restructure/extend CB).

At the end of the day, if CA did buy those bonds.. then only losers are PI's and Kerogen.
But Kerogen will likely transfer shares to CA, maybe?

Here's a theory:

HUR bonds jumped on the 11th, 12th and 13th of March, on NO NEWS.

This is an extract from CA from 3rd March:
"During September and October 2020, the Fund suggested, following discussions with other Hurricane shareholders, that it should allocate a portion of its cash to buy in some of the Hurricane loan notes at below 50% of par value.The Chairman
of Hurricane had previously told the Fund that he regarded such a purchase as “a commercial no brainer”. No update on bond purchases or capital allocation has been provided to the Fund or the market."

No further updates regarding bond status was provided by CA in subsequent updates.

There is a high possibility that CA bought the bonds on 11th, 12th and 13th March.
Now, if CA did buy those bonds (at 27-50% of bond value), they have a good chance of becoming majority shareholder even amongst bondholders for when the significant dilution occurs.

Would be funny to see the sheeps get gobbled :)

Current employee numbers for Petrofac is c. 9400.

c. 20% cut since 2019
c. 40% cut since 2015.

I wonder if Petrofac will start growing again and whether they'll start recruiting to >10k employees.
At 9.4k employees, I suspect Petrofac only has the capability to do maybe 3 or 4 >$1b projects at a time.

Q1 update usually lands with AGM.

Will there be a Q1 update now that the AGM is delayed?

Technically, Tullow should also provide an update by end of this month confirming the company as a going concern.. since no update has yet been provided regarding liquidity test.

This week should be interesting.

Smokey,

Why not wait and see?
If you're confident, why not keep adding? Lmao
Put your whole wealth here, sell your house, car. Put it all here if you're so confident lmao

"$140m free cash by middle May 2021 .
25% Water cut being maintained .
8 Tankers at oil + $64 will allow CB payoff ."

What people here don't understand is that HUR needs c. $50m liquidity to be a going concern for cash flow movements.
So technically they have $77m in the bank they can use for CB payoff.

Which means that they need $153m between now and July 2022 (14 months).
That's not even accounting for costs for FWP, Lincoln P&A, other liabilities.

Shareholders going to be wiped when the significant dilution comes to extend the CB.

Good advice Taverham.

I'll buy at 0.6-0.8p/share.

"its just as important to invest in an on trend company"

Naah i'm okay.
I'd rather invest in a fundamentally strong company.

Enquest is strong in FCF generation and growth.

I'd rather have my investment in a fundamentally safe investment rather than one that just gets pumped in the market.
At least i'll know even if Enquest drops 5-10%, it'll recover over time.

But hey chilting, you can run off to CWR if you think it's a better investment. But my money is here in the medium term. Pretty confident my money is safe here in the short and medium term, especially at these levels where the fundamentals of this company strongly backs up the share price.

DiveCentre,

Fact is fact.
As urbandictionary would define it:
"Fact
Something that proves to be true... despite what the idiot arguing with you may say.

It is a fact that here are twelve eggs in a "dozen eggs".
Idiot: "No man... there is 10 in a dozen""

If it was speculation, it would no longer be fact. You think the fact is speculation, but a dozen eggs will always be 12 eggs.

"Its speculation dressed up and presented as fact and that is deceit."

What?
You only think that as it doesn't suit the agenda of the rampers...