Member Info for Squif

Look mrc - if I didn't see there was potential I wouldn't still be invested in Enquest. Both Alma Galia and Kraken were rotten investments. AB is Enquest and this has become more the case since 2011. He owns an unhealthy amount of shares.

I seek greater visibility and accountability from AB and the company. I see the potential for Brent to rise and that should lift Enquest. AB needs to make and execute on decisions that are value accretive over the oil lifecycle. Forgot to mention that Brent average since start of Enquest is funnily enough $80 so he has plenty of opportunities to get it right.

As long as he makes NPV decisions based on Brent in the $60 range he should be able to start repaying investors. His problem is he has been reckless.

Oh, and to the point of what has happened with Tullow and PMO - yes they have not fared well either but there CEOs have been removed sometimes multiple times. CEOs need to be held accountable for their mistakes.

So let's have a look at the facts mrc. Enquest started on the 6th April 2010 with a sp of 97.5p, total equity of $817.4M, 800M shares and a market cap of $1,188BN (£1 = 1.5228 back in the day). In 2010 the average oil price was $79.47. Rolling forward to 23rd July 2021, Enquest has a sp of 21.2p, total equity of ($65M), 1,69BN shares and a market cap of $498M (£1 = 1.38). Average Brent 2021 is $62.26. So the sum of all ABs actions has reduced shareholder wealth by $690M over a period of 11.3 years. Now of course Brent average is $17 (or only $5 looking at today's price) lower but still. Not only that the sum of his actions has reduced total equity by $882M despite shareholders pumping in an additional $250M. Loans and borrowings have ballooned from $0 to $2.6BN and total assets have gone from $1,172BN to $3,3BN (including deferred tax assets). So even with that measure he has borrowed $2.6BN and increased the asset base by $2,128BN.

I am sorry mrc but any other CEO who was not the majority shareholder of their company would be out on their proverbial butt with that performance but please tell me what your analysis tells you. As CEO your actions should be wealth accretive over a business cycle (7 years) but his have been wealth destructive (and not simply looking at the last year when oil prices cratered). At the same time he has increased his holdings 6 fold and reduced his average price. In 2010 he had 31M shares (3.9%) at an average price of 95p and now he has 180M (10.6%) at an average price of below 50p. So yes it is part of ABs plan to dilute shareholders, reduce his average price and increase his % ownership of the company. This is misuse of power, incompetence and a total lack of oversight by the "independent" board.

You are obviously a novice in enquest onedb. Let me enlighten you. We have had 3 Capital raisings in the last 6 years - once every 2 years. Almost always around 21 or now 19p. In the beginning when enquest shares were valued at over £1 each AB went on a rampage and bought about 40m shares. This was obviously ab-esque (rash and not well thought through). By emitting a further 1bn shares since 2015 at 21p and buying his entitlements and even more AB has now over 10% and an average closer to 40p now. I am sure he wants to go plus on his investment

The OO was needed to help satisfy AB Desire to reduce his average price. He will continue with this practice. Next OO coming in 2 years when bonds Will be redeemed

Yeah - pmo shareholders were also royally screwed over lol

Pelle - it is difficult to keep information secret. I would not be surprised if Word had gotten out. Anyway, i suspect that you Will have your chance at the next Capital raising that Will come 2023 (Pre warning) but ab likes to go cap in hand Every 2 years and do a reverse dividend lol.

If oil was at $35 enquest would no longer exist. AB is more than happy to buy as many shares in his private company as possible. He has an enormous self belief in his own ability that sadly is not mirrored in the company performance where he has wiped out shareholder value

Well I stand corrected - will be interesting to see the new shareholder percentages

As far as I recall he has first option to buy the 40 odd % that pi’s didn’t want to take up

That ab buys even more shares and gets more control over a company where he has generated negative shareholder worth over more than 10 years. The market is clear how it views this. Negative…

Low interest in the OO at 59,18% - not unexpected. More shares for AB to vacuum up

What about the knees and toes?

Jan2 - it is raised to 32p from 28p

Great find Pelle. The cup is not coming home but enquest is!

Agree it was good reading. Dont like that they sprung the deal on us at short notice but obviously something pushed their buttons

In the presentation prospectus

I must say it was interesting to read the rate for the refinanced RBL - 4.25%. I see they have prioritised repayment of Magnus and Sculptor which makes sense given their higher rates over the SFA. Opex guidance at $14 which is lower than last year and a mid-point production of 59K. Project Antelope - wonder what they mean with that?

KO - I have nothing against it going to a MCAP of $2.5BN. I am invested up to my teeth in Enquest. It all depends on sentiment. I agree that Enquest could pay off their debt by end 2023 - not sure that that is what they want to do but that is another matter. The market is not sufficiently scared by the supply shortfall. When that happens maybe the sentiment towards oilies will change to the positive. Anyway, hopefully Enquest will write back a significant portion of the equity in the H1 report.

Ok jan. I will express fcf and mcap in £ in the future for your sake. Anyway it is still 40p according to my calcs

Jan -$ 1.1bn not £1.1 bn. Enquest accounts fcf in $ not £!!