Member Info for Tarmak

Hi!

It is a favor to read what has been going on for a couple of days and I like numbers.

I'm not here all the time and don't have much space now either but I want to show it in my view.

Many numbers are recycled but not all.

Don't forget the hedges either.

https://docs.google.com/spreadsheets/d/14S5OQYjYFJav3s-VUV4elK_0NpDeqBMp-tN0mObIL2Q/edit?usp=sharing

Regards/ Kamrat

Hi!

Magnus was idle for c. 5 weeks and that probably meant that payment to BP in H1 would be low (don't know why payment was moved but it should have been lower than otherwise).

Drawing any conclusions on fcf generated in H1, with that production, is wrong.

In August, the company stated a production of over 50k, I have a total of c.46k for H2, which more reflects the production that applies beyond exceptional stops.

Excluding Vietnam from the calculations only causes confusion.

The costs of the Seligi expansion reduce the result and fees (which are still quite modest) but will have full effect from Q2 -26.

We will enter a new year with c. 46k production that will rise c. 5k with Seligi sometime in Q1.

EnQuest is fast-paced and adjusts costs according to income, don't forget that.

Regards

Kamrat

Hi!

All,

Of course, I would also include the files showing that the H1 production of 38,257 Boepd (excl. Vietnam) goes to 46,109 Boepd (incl. Vietnam) and an annual result of 42,215 Boepd ((well inside guidance range of 40 – 45 Kboed which includes pro

forma volumes for Vietnam)..

.. and we take that good production into -26.

That Amjad also said that a deal was a few months away sounded very positive.

That would mean that they seem to be in negotiations but that it has been delayed due to circumstances and such a deal apparently has a lock-box that is quite well filled.

The files (which you are welcome to criticize):

https://docs.google.com/spreadsheets/d/1bJ3AQm_-7Tn6C5bxF6lc-x7X6eXwPLF8H2KdDxmCYw4/edit?usp=sharing

Regards

Kamrat

Hi!

All,

Something to note. That:

- Magnus was idle for 5 weeks during H1 (will be much more in H2 considering the two new wells).

The shutdown at Magnus means that H2 in NS will be c. 2.5k better than H1 driven by new wells and missed maintenance (done during the shutdown) and optimizations can increase it further.

- The leasing savings were only affected for 3 months and for H2 the entire period is included.

- Planned 6 new wells at Magnus -26 will drive up production further.

- Advancement for the Seligi gas which gives an increase of around 6k boepd in Q1 -26 and the production file had 5k boepd from September which I changed to April (by 5k).

- Veri is running according to plan and its operations will reduce EnQuest's taxes, FID wind power at the end of -25 and E-fuel still relevant.

Got (expected) to write up production after the report and it looks better than before.

Other things about the company that are also positive are that they speak more clearly than before.

- They can finance their shares in Asia

- When financing a deal in the UK, it was suggested that the "lock-box" takes a lot

- Bypass prepared if cop come who disrupt the gas flow from Magnus

- Bressay gas, which can reduce taxes and costs, also facilitates the extraction of its oil.

Bressay FDP and Kraken FDPA in draft form and a final investment decision planned in 2025.

It is also nice to see interest from analysts.

Regards

Kamrat

Hi!

I'm not here so often but I hope some of you appreciate the times.

New files which include production for -27 and-28.

https://docs.google.com/spreadsheets/d/14S5OQYjYFJav3s-VUV4elK_0NpDeqBMp-tN0mObIL2Q/edit?usp=sharing

Its some words following of the link and keep it if you like it.

There is also one file who describes how to read them.

Regards

Kamrat

Hi!

The latest conversation with Craig telling me that times running out for UK if they don't do changes before -30.

My newsletter have some posts that the most don't have read (I'll think).

https://docs.google.com/spreadsheets/d/14S5OQYjYFJav3s-VUV4elK_0NpDeqBMp-tN0mObIL2Q/edit?usp=sharing

There are also a link there to my files and "Triggers" are updated.

For translate, use the three dots up at right and choose translate.

BR

Tarmak

Hi!

Steelwatch,

I didn't see that, thanks.

Best/Kamrat

Hi!

All,

I thought the update was good where the Asia aspect is seen as the best.

They expect production over 35k boepd there by the end of the decade and only such a forward-looking statement is promising and expresses a spirit of the future.

My files are updated where I have removed 16k boepd for April due to the stop in Ninian and removed 2 maintenance days for the UK as Magnus days are already done.

They have probably also managed to do more that can reduce days/reduce downtime days for next year.

The guidance is unchanged at 40k - 45k and the file says 40.9k with some upside (as before).

Regards

Kamrat

Hi!

All,

I can only regret that there was no deal, which would have benefited both companies' shareholders, and I see it as a failure on the part of our boards.

In the merger, I believe that Harbour's holdings would have been purchased, which would have provided a tremendous cash flow, but some party, unnamed, was not satisfied with a secured future and did not want to give in enough.

The guessing contest on discord regarding EnQuest's closing price of -25 is approaching its end date.

The last day for participation is 9/5 (this Friday) and requires holding at least 1 EnQuest share.

Rules etc. can be found under the "Competition -25" tab.

https://docs.google.com/spreadsheets/d/1f5HeabHGD6X3LByuOcebN1Cru64VaNu5BLsfJzJsgZ8/edit?usp=sharing

Good luck

I hope and believe EnQuest's dividend of $15m will be increased to $40m for -25.

We may be able to receive part of it already during h2 -25, as an interim dividend, to receive a final dividend in June -26.

I believe in dividends twice a year when we have full and half-year reports.

What will happen after the failed deal?

Very unwritten, but in the long run it will be very good for us.

Regards

Kamrat

Hi!

All,

I can only regret that there was no deal, which would have benefited both companies' shareholders, and I see it as a failure on the part of our boards.

In the merger, I believe that Harbour's holdings had been purchased, which would have provided a tremendous cash flow, but some party, undisclosed which, was not satisfied with a secured future and did not want to give in enough.

I wrote earlier that we are organizing a guessing competition on Discord in Sweden regarding EnQuest's closing price of -25 and it seemed that there was a little interest.

The last day for participation is 9/5 (this Friday) and requires holding at least 1 EnQuest share.

Rules etc. can be found under the "Competition -25" tab.

https://docs.google.com/spreadsheets/d/1f5HeabHGD6X3LByuOcebN1Cru64VaNu5BLsfJzJsgZ8/edit?usp=sharing

Good luck

Kamrat

Hi!

ZippyFrood,

If I understand correctly, the PSC for the oil is 55% (45% to EnQuest) but it could be the other way around.

The PSC for the gas is 50%.

Since the contract is 40%, 60% also "disappears" to the others, but the share is really large to handle.

We won't know the timeframe until the PSC is signed, so at the earliest in June/July but probably in the autumn.

According to the initially shown figures, it could be over 4 billion barrels after contract and PSC deductions with a recovery rate of 50% and 70% of the oil from the gas, or just over 288k boepd for forty (40) years.

But you should know that nothing has been found yet.

It's promising so far, but it's probably about 7 years in the future.

Regards

Kamrat

Hi!

All,

As some of you know, there is a guessing competition on the Swedish discord about what the closing price of EnQuest will be at the end of the year.

It is free but there are some rules that need to be met, including a requirement that you own the share, read them.

The deadline for responses is Friday, May 9th and it would be fun to have more participants.

The currency is SEK with two decimal places.

Currently the pot is worth c. £720 with c. £240 for first place and c. £70 for fifth place.

I don't know anyone else other than ukbbbbbb and therapist who are participating and they have also contributed to the pot, thank you.

The files:

https://docs.google.com/spreadsheets/d/1f5HeabHGD6X3LByuOcebN1Cru64VaNu5BLsfJzJsgZ8/edit?usp=sharing

Regards

Kamrat

Hi!

overgill,

Not entirely in agreement with Modestus1 there.

Bentley is well documented but development would cost a lot of money and in order not to have to look for partners the company needs to grow (which could happen with Serica).

The key is that we have Kraken opened and that it can support opening of both Bressay & Bentley.

Bressay will be first.

There is also a frugal variant of development where you do a tie-back which can also be done with EOR technology.

The cost is on par (probably slightly higher) with what it costs for a well on the western flank.

However, development produces more oil and over a longer period (+30y).

Regards

Kamrat

Hi!

Modestus1,

Completely agree!

The sensible thing for the UK would be to further extend the fields with certain subsidies.

At the moment they are being closed prematurely due to lack of profitability while they would need to be up and running longer than the crass profitability mark for each company.

For the UK it will be both cleaner than imports and profitable for a little longer, hence the idea of ​​a subsidy.

I strongly believed that it would end up there a few years ago given the downturn and the UK's needs.

Regards

Kamrat

Hi!

Modestus1,

Completely agree!

The sensible thing for the UK would be to further extend the fields with certain subsidies.

At the moment they are being closed prematurely due to lack of profitability while they would need to be up and running longer than the crass profitability mark for each company.

For the UK it will be both cleaner than imports and profitable for a little longer, hence the idea of ​​a subsidy.

I strongly believed that it would end up there a few years ago given the downturn and the UK's needs.

Regards

Kamrat

Hi!

Modestus1,

Completely agree!

The sensible thing for the UK would be to further extend the fields with certain subsidies.

At the moment they are being closed prematurely due to lack of profitability while they would need to be up and running longer than the crass profitability mark for each company.

For the UK it will be both cleaner than imports and profitable for a little longer, hence the idea of ​​a subsidy.

I strongly believed that it would end up there a few years ago given the downturn and the UK's needs.

Regards

Kamrat

Hi!

Modestus1,

Completely agree!

The sensible thing for the UK would be to further extend the fields with certain subsidies.

At the moment they are being closed prematurely due to lack of profitability while they would need to be up and running longer than the crass profitability mark for each company.

For the UK it will be both cleaner than imports and profitable for a little longer, hence the idea of ​​a subsidy.

I strongly believed that it would end up there a few years ago given the downturn and the UK's needs.

Regards

Kamrat

Hi!

Romaron,

Sorry, late reply.

I would say that the merger is important for the future as it creates direct muscle.

Both companies' shareholders benefit from the deal and make the wheels turn faster.

They can then pick and choose what is interesting and go on their own projects as they do not have to look for partners.

I think Harbour and Waldorff are next but it is a question of price.

I personally would like to see the hub BBK develop at an appropriate pace but if the money is shoveled to Asia it is because it is better for the moment.

Regards

Kamrat

Https://www.lse.co.uk/rns/ENQ/statement-re-pusu-extension-h0nfdmbeo2ydisi.html

2 of may..

Play rough AB..

Hi!

Either a deal is anchored by both boards or it should be rejected.

Details and market are known while it is the valuation that is to be negotiated.

Whether it ends up with money between us, or not, that is ok for me and should be for others too.

The reward for the merger will be $150 - $200m, 30% divi = $60m, to be shared as extra money in addition to the regular.

Even the merged MC will get a boost, $100m tomorrow, as the company becomes larger and fits into the FTSE -250.

Ringing the water against what is bought and done then...

Regards

Kamrat