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Haha pelle. It is good but we are in the gutter being valued less than superdry

Superdry is worth more!!!!

Ok. I understand your logic hitman. As long as no more debt. That would leave ebitda to net debt around 1.4 which is in the lower end.

Thanks pelle. Then we are aligned. Hopefully some sp movement up to 30p by year end

So what do you see happening with the fcf hitman? Dividends or new investments?

Hi L7. Good post. What is your estimate of net debt at year end 2019 and 2020? I am targeting 1.5 bn and 1.1 bn depending of course on brent but i assume 63 roughly like you. When are you targeting upward movement in sp? My feeling is that by this time next year sp should be at 40p otherwise something is seriously wrong.

Agreed mavrick. And agreed lucky it was a good report. Not sure if the negative post tax adjustments are impacting such as kufpec

This is a joke!

A chairman with heavy industry experience, revenue and debt reduction almost as high as pmo. Great work AB!

No new rights issue :-). Hopefully this puts any question of financial uncertainty to rest. We should be close to ebitda to bet debt of 1.5 by year end

Great results and great net debt. About 40m below what i expected although capex was lower. Great Opex figures. No wonder AB was buying big. Bring it on!

Ta mo

Hi mo - when was the last offload completed? Seems like maintenance is complete

Doll - given labour day yesterday you will need to wait for tomorrow hence your cloudy crystal ball

:-) yes missed those details that pelle picked up - well picked. I am sitting still in the boat. As i wrote a few weeks ago i see that with brent around these levels the economics should be compelling in enquest by end of next year if not slightly before. Next thursday will hopefully cast further light. I expect net debt of 1675 or thereabouts after ifrs changes and that should set enquest up for net debt of 1.5 bn by end of year

Interesting find banana. I agree that the financials and ratios look strong and yes enquest pales in comparison. It is only now one realises the fool extent of the acquisitions, failed deliveries (Alma) and operational issues that we as shareholders have suffered. I do think things are slowly improving and all being well we should have a net debt of 1bn by end of next year. But what has been the result of the last five years is nothing short of gross incompetence

Interestingly pmo formulates like this
• Opex of US$10/boe plus lease costs of US$6/boe

I suspect leasing is over and above Opex. Kudos to pmo for being transparent

Maybe not straight away but wouldnt surprise me if it did get driven up again.

Agreed l3 - that will be something to keep an eye out for. I looked at the pmo results and i think they give us a good Idea where we will end up in terms of net debt this half year. For caution i estimate production of 69k and average price of 66 (good that interest was paid on the Bonds). This give Income of 824m. I estimate Opex of 300 as communicated and financing costs of 110m. Interestingly pmo was Opex of 186 and financing of roughly 220 so fairly close. Capex of 175 as h1 heavy, working interest movement of 50. Finally, as londoner picked up ifrs accounting will lead to a 83m increase in net debt for financial lease (this impacted pmo as well). All told this should gives a net debt reduction of 100 and bring us down to 1670m or thereabouts. H2 will not be impacted by ifrs although brent will be somewhat lower as will capex and should see enquest hit 1.5 bn in net debt.

Very interesting kraken - thanks for sharing. My suspicion is that brent will oscillate in a tight band (57 - 65) until october / november when reality will hit. Hopefully the Trade war will ease off then as well

Romoron - very pleased to hear that. As you write this hopefully means that realised poo for enquest was above 65 and in line with pmo. Of course the time periods differ somewhat but that is a small difference