Member Info for Squif

monkeyface - If I was deramping I would not be holding myself to facts. Have you understood anything that I have written. Can you even read a P&L or Balance Sheet. I know that Romoron can't and he has admitted to that on this forum. $6BN invested over 10 years and losses of $1.2BN. This takes into account writeoffs totalling $3.4BN the majority of which were terrible investments.

Now it appears that you are telling me to go away because you only want to read people writing that the sp is going to the moon because everything else is. Well let me tell you something - I have been reading this drivel for close to 5 years and guess what. We are still at 20p even below the price that AB has pumped us for. If I am holding myself to the truth you are not.

I will leave as soon as I get what every investor is entitled to and that is returns. You tell me to sod off because I should pack up and leave. Well let me tell you something - AB and Swinney should be the ones packing up and leaving. The way they have handled this company is an utter disgrace.

I could well imagine Romoron sitting up a palm tree somewhere in Burma using mobile internet connection paid for by AB lol. I think most people by now see through ABs storytelling. It is like Baghdad bob standing there telling the masses that everything is ok. We are stuck in the quagmire and I honestly don't know what will get us out of it. I think by now most people recognise ABs limitations to turn things around. He has turned over 6BN in capex during the last 10 years into 1.2BN of losses. Most of those are not recoverable (Alma Galia and the decommissioning assets). By the way whatever happened to the Enquest Producer? That may at least recover some of the 1.2BN in losses that AB burdened shareholders with. Maybe he sold it on the aly and is using it to finance additional share purchasing.

Agree krak that something is holding the sp back - maybe it is AB himself?

Yes I am sure that he is ramping as much as he can. Unfortunately I am not in HUR but investors have seen through the ramping he does for Enquest :-).

Interestingly, if one removes the $291M that AB has pumped investors for the market cap of Enquest is £180M v £155M for Hurricane. Enquest had less than 25% of Enquest's production in 2020 (5M v 21M) although last year AB did his best to try and even things up (annual production 16.2M).

It appears to be more than a coincidence that the sp cannot lift from the price that all 3 RIs have been set at 21p. AB has done a sterling job draining investors and rewarding bondholders as Romoron likes to boast and remind us all of :-)

Hi tarmak. Don't care if I have a small s. I see some of my posts from the weekend have been removed - probably by the Enquest PR squad lol.

I think it is simpler that what many of us have tried to model in our spreadsheets. If you care to look at the Enquest balance sheet you can see how Shareholder Equity has been destroyed by AB over the past 10 years. In 2010 Shareholder Equity was $882.8M rising to $1,484.7 in 2013. 2014 saw it decline due to write-offs, losses etc to in end 2020 land at ($64.6M). That includes the $291M that shareholders pumped in during the 3 RIs. So net equity loss of $1,238.4M!!! During the same time Enquest has paid out interest costs of over $800M.

The salient question to ask is does the actions and decisions AB makes create value for shareholders or bondholders. The answer is simple. No. Write-offs have totaled $3.6BN and a large part of that is Alma Galia. I am only now starting to understand the magnitude of the destruction that that caused to the balance sheet and shareholders.

Indeed Pelle.

Yes i do. They all leave enquest for dead. Whats your point?

Which way do you want the sp to go mrccrmmrccrmmmrmrm? Down to 18p. Makes sense

https://twitter.com/tomycardy/status/1493329397700771841?s=21

Many use tarmaks spreadsheets to wire their backsides. Tarmak has been predicting 60p and dividends for over a year now.

Newsflash all - we are now under 21p and there are No dividends. 7.5 years of Candy valuation of the sp

Dont worry Mike - romoron is promising to do some heavy lifting of the sp. He has decided that the future is bright and that the sp should be at 60p. Expect some heavy buying as he pumps in his pension checks lol

That's great Romoron that you made that agreement. Maybe you can convince the broader investor community that have pegged Enquest at 21p. Funny that was the price AB plucked out of the air for the 3 RIs that he has pumped investors for. Wonder why he selected it and we are pinned to that level.

I would be the first to celebrate if Enquest got to the levels you are spouting. But hey maybe you are living in a fantasy world.

So what is incorrect with my approach to EV? You write continuously that you cannot read P&L and Annual Reports so please tell me where my thoughts are incorrect.

You say that you are 70+ but I can't honestly believe that someone with that age has time to sit by his computer day in day out to write as fast replies that you do? Most people that I know at that age are sunning themselves on the beach. What went wrong Romoron?

Thanks Romoron,
I wrote this as input to the broader conversation. You as always make it a personal attack, divert the conversation and then end with a build it and come. Well I have news for you - Enquest is struggling to get above 21p.

You are a paid scribe for Enquest who is trying to divert attention from the real issues at hand. Enquest needs a new CEO and a new direction.

ANother measure is to take the EV and divide by 2P reserves. Back in 2011 there was 115 2P barrels. In 2021 with Golden Eagle there was 208. Using that measure the value of the 2P barrel was $12.93. In 2021 it was $14.92. Across all years this measure has varied between $9.29 (2015) and $16.02 (2012 & 2013). Brent price is obviously driving this

Hi L7. In my opinion you are taking too narrow a view of net debt or total debt less cash. For me this is ABism.

Total Debt includes Lease Liability, Contingent Consideration and Provisions. H1 2021 these were both current and non-current $1.94BN. From that I would remove the assets such as Goodwill, Deferred Tax Asset and other long term assets. We know that the Deferred Tax asset will increase considerably after Golden Eagle to $860M so using that plus the other items (working capital) gives a net assets of $1BN. Lease Liability and Contingent COnsideration have decreased by approx. 100M since H1 report so casting a more comprehensive net we have net debt of approx $2bn and an EV of $2.5BN. Back in 2011 the EV was about $1.5BN of which Market Cap was $1.15BN. Suck on that for a moment. Equity was 77% of EV in 2011 and now it is 20%.

In 2011 FCF was $630M (from memory). I do agree that by the end of the year things will be much better.

Good ol sleepy Joe jumping into bed with Iran - he has peed in his pants. Feels good but then will stink. His boney arse is fried: lol

Maybe more realistic than the 60p party which would require brent at $600……..

Nail on the head Pelle. AB has made huge misstakes. In any normal functioning company he would be gone long ago.

What a joke lol