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God knows what to make of this mess! With poo at these levels enquest should be starting to get air under the wings but no. I think that we are soon getting ti the point that it doesnt matter what poo does as it is all down to kraken. How that is the case when with enquests share it stands for less than 30% of production is another matter but again i think that AB cannot sell the merits of the rest of the organisation. Cairn did not give too many details of kraken -I guess they were told not to say too much but quite clearly an argument has blown up between the two parties. Why was AB such a mug when engaging bumi. The Guy has made too many misjudgements

That is the gracious thing to do for someone who has invested so much into the company Both time and money. He needs to be let go of gently

It is now out of ABs hands and he will have to take the price he gets. Ineos may allow him to keep in working in a non-Executive capacity. Poo rising nicely which will hopefully allow us to keep over 16p tomorrow. Heres hoping!

Yes - incredible reaction yesterday. Feel empty. I think that it was the right thing to come out with the rns however the effect was the reverse and sunk the markets confidence in AB even further. Todays a new day

GB - are you saying that you expect a negative result for 2018 for enquest?

I am all for being positive but it really feels like many people on here completely ignore what happens and carry on as if nothing has happened. That is not the case.

Settle down l3. Enquest have ringfenced the deal. 175 from 15% and then a check for the difference but their AIM was to pay it off quicker. Lets see IF AB has been lying. Not looking good at the moment

Hang on - where di you get that from L3? I have never heard that they lose 15% of kraken IF 175 is not paid within 5 years from 15% of kraken. They have not transfered ownership just ringfenced the money

Fernan - is the inference that enquest is not respectable and are there more skeletons in the closet do you think?

Very good summary fernan

Pelle - cairn has come out and written down their kraken investment by 19% and enquest has decided not to do so. The market has written down kraken by 19% for them.

Branson - i think it must be the fund managers and instututional shareholders selling up as they are fed up with the opaque management and failed projects

Regardless the market has written down enquest anyway. We are a fraction of our book value. Congrats AB - you have failed!

This was a defining day for enquest and its shareholders. This was the day the market turned its back on management, ignored their rns and voted with their feet. Whatever anyone else writes on this forum the market has clearly shown what they think of the management

I wonder if institutional investors are selling off. It feels like an element of capitulation and they have given AB enough chances and he just keeps on faffing up. Now the company is valued at the 2 RIs that were conducted during the last 3 years. That is a disgrace!

Hi L3 - can you send links to FT Alphaville and IC. Thanks. I can say one thing there is extraordinary focus on Kraken which thankfully is no longer the only leg that Enquest stands on but AB must move aside and promote someone who will gain the market's trust. He has lost it.

I listened to the audio and my take is that they are downgrading because they are producing 20% more water than what the FDP stated and that it is 40k boepd rather than 50. The life of the field is unaltered. Naturally the value on the books is impacted by NPV which is impacted by what has happened.

It is hard to remember anything quite like this. I think that it was necessary for Enquest to come out with an RNS this morning but unfortunately it has served to further undermine the companies confidence. Someone once said that AB has balls of steel but this is simply insane. Agree it may be an attempt to undermine him like the RBC call but the whole world can't be screwed up.

Agree profitaker and that is what attracted me to Enquest but AB has failed as CEO. The problem with relieveing him of his duties is that the board is made up of his friends that he has appointed so the likelihood of them removing him is tough however it may be AB who comes upon the idea himself and that would be a different matter

This is an utter disgrace. I admit I was hopeful this morning like most of us invested here but someone has to relieve AB of his duties as CEO. It simply does not work to be the major shareholder and CEO - it clouds judgement.