Member Info for Squif

AGree Epip - any accretion in the sp will be despite not due to AB.

Yes - he is doing a brilliant job for everyone but shareholders. He is a knob

Awesome work by AB keeping the sp nice and low. Wouldn't want the shaeholders getting any benefit of this rise in poo. Better that we pay more at the pump for our share of oil and lose money on this investment. GLA!

Sorry Jan - I missread that post from Spindok - I thought that was from you. Apologies. I will formulate something special for Spin instead :-)

Jan - you seem to know an awful lot about the mental health care program. I have no experience but I hope it is working to ease your dillusion at least. In my line of business the term PIP plan is used for underperformers - Performance Improvement Plan (PIP). Top performers like myself don't want to end up on that list

I really hope that you wife comes home in time to help tuck you into bed. Wouldn't want you to miss out on Cbeebies....

Lol - I can maybe borrow your diaper Jan :-). Hope your wife has replaced your morning one...

KO - I think back to that famous line from Wall Street spoken by Michael Douglas. "If your not on the inside then your on the outside". We can speculate all we want, why is there no rns from AB boo hoo. He has a plan and we are all following his drum beat. He will make money when he is good and ready and the rest can jerk off...

oh, and if you need a friend get a dog (lol)!

About poo reaching year highs, AB lining his won pockets and us shareholders going absolutely nowhere. This is sensational!!!

I don't understand why they rushed the Rights Issue. Was that so they could create a favourable strike price for AB? Probably.

Agreed KO. It is just fairy floss from AB.

Really good find Jan - thanks for sharing!

I can see something coming in the second half of October.

AB is really a piece of work. Any other stock listed company where he didn't own 10+% of the stock and he would have been fired long ago. Never heard any other CEO couch all his statements with maybe, probably, possibly, should, could blah blah blah. The CFO is a waste of space, maybe can't get a job anywhere else in the city. Sells all his entitlements to pay off the tax (yeah right). AB should get a CFO who believes in the company.

The only person that appears to be half decent is Davenport - he should tell AB to step aside and let the yanks take over.

I have a sinking feeling that there will be no RNS this side of the 30th September. I would love to be proved wrong but even when AB states that something should happen you know that it probably won't happen........zzzzzzzzzzzzzzzzzzzzzzz

Enquest is being run by and for the benefit of one individual alone….AB. Everyone else is told on a need to know basis

Interesting assessment L3. I also very Much doubt the value of the Magnus deal. When enquest present npv Numbers i disregard completely. Would be interesting to see an npv for Magnus.

Agree with your points Hitman. Nevertheless, I still don't understand why Enquest would not paint a clearer picture around the Golden Eagle situation in the half yearlies. I looked through the narrative and could for example find no clear statement as to what is the adjustment that will be made to the purchase price for GE for profits in first half. I believe from memory it is $75M but this is not clearly stated. There is no clear statement as to the impact of GE production on total production - simply production will be in the lower half.

And then again with the tax credits I simply don't understand why they didnt post the net value of these tax adjustments. Revising the tax adjustment up for a period that has already been reported has no visibility with analysts but another fresh write-off does and particuarly when the net effect is a loss.

@Hitman - what is the adjustment to purchase price for GE when it closes and what is the net effect on production of GE? Should one calculate production of 46k in Q3 and 56k in Q4?

I think it is very Clear what ab is doing with the company and sp. Low ball and talk down the prospects so he can increase his Holding at cut price. I must say i cant understand what they were doing with the tax credits. They post results revised down the writedown from 2020 so they could again write down the tax credits and post a negative profit!!!

L3 - what h2 production figures do you have including GE?

Trying to work this out is notoriously difficult given that there are many moving parts and details are hidden. I have been surprised that Enquest conveniently removes Magnus debt from net debt. Anyway, for me net debt HY is $1,24BN including $57M for Magnus.

When GE concludes the net remaining to be paid will be $325 less $75 less $50. I had missed the $30M in fees that L3 mentions so that would indicate net debt rising by $235M so $1,48M.

During H2 I get cash flow of $320M using average brent of $64 and average production of 56k including GE. I provision for capex of $64M what I could interpret was left and Kraken financing of $50M and Magnus split of $40M which maybe on the high side. That gives me $1,16M net debt just slightly lower of the official figure. I have EBITDA of $800M for the year and net debt:EBITDA of 1.45 so very close to your calcs Pelle.

It is definitely getting easier to understand Enquest and somewhere there is the value of the FPSO in the dry dock. What is that worth? $200M?

Nice upgrade. Suspected that something was on the way with the nice tick up in sp this week.