Member Info for Tarmak

Hi!

Romaron,

Let's hope they do the job right from the beginning.

A time to control the average price must include inflation figures which it did not.

For the oil it would have been an initial value of c. $91 but it was introduced at c. $71.

We must also hope at the same time that some other deal is dependent on the one with Serica, as I think it falls.

Regards

Kamrat

Hi!

Sparhawk

If you're going to criticize something/someone, it's good to have your place in the dry.

To get to the negatives about Serica, just look at what you yourself complain about page after page...

You barely have any oil position to use tax deductions and gas doesn't work (I don't know for how long but I'd like to know).

The chance, as I see it, is to realize them with the help of acquisitions, but the queue for that is not long.

From my perspective, I see it as an expensive deal where you get access to the Bressay and Bentley fields (about the size of Rosebank) as well as Veri Energy (which I myself value at more than the whole of EnQuest).

However, it could increase cash flow and benefit us shareholders and get follow-on deals in a short time.

I don't know if there will be any bids, but I would have abstained.

Regards

Kamrat

ps/

newkotb,

(small letters)

If you want to critizice anything, tell me where I go wrong instead.

Tell me that your EV is bigger or something...

/ts

Hi!

It is quite interesting to read about a fair deal but that it must end with large payouts to Serica shareholders.

Fair is fair, nothing else.

That the EV, the enterprise value, is higher for EnQuest than Serica is what the market values ​​and not what may appear if the bid goes through.

Only then can we ordinary people see how the companies have been valued in the process and see if any money will flow in any direction.

I still believe that the EnQuest share would be much higher if they paid dividends in the same range as Serica.

That would be c. 7p /share and send the share price north (worth thinking about and comparing with).

However, that will not happen as dividends are only introduced if they are sustainable in the long term, but a merged company would have the muscle to do so.

I hope that EnQuest will introduce a good dividend to us existing shareholders on 27/3 and that, if a deal is made, it will be increased and shared with you.

A deal should be made with equally happy or equally unhappy boards, while its shareholders may have the wrong estimate.

If deals are made solely to make the company bigger without benefiting the shareholders, it can easily be cancelled.

Hi!

Stevo12,

You are wrong.

The guide is 40-45k including Vietnam and if you want to exclude it you have to remove c.2.5k (in the year).

They did the same thing with the GE deal and counted a few months out of the whole year.

Before the deal is completed, everything is counted in money and after completion in production.

The following year, the entire production was counted.

I don't understand that you don't have your own forecast for production, but only lean towards guidance.

My forecast, 44.5k, is based on the latest known production with a discount for decline (15% annual) and maintenance.

On the plus side, new wells end up.

If you are going to criticize something, you can say what in decline, maintenance or performance on new wells is wrong and that would be welcome.

In addition, I would also like to point out that production from Vietnam was estimated at c. 5.3k for -25.

I have subtracted both decline and maintenance from that and believe that the figure is low.

Some extra stop days usually appear and it is good not to count too high.

Also read "Triggers" in the files as there may be more "meat on the bones".

Regards

Kamrat

Hi!

dadean,

You should write the name in capital letters and you are hitting the right spot and thinking completely correctly in relation to the rest of us.

If you can't really put it into words, it becomes more difficult, but it is clear that the company value should govern (EV).

That is exactly what I have tried to say, but both language barriers and a little problem with brain function make it difficult.

Then when it comes to differences, I have avoided size and just said that differences should be compensated for through shares or money.

I see the fact that Serica is inflated in value compared to EnQuest (divi / no divi) as obvious, even if they may be depressed compared to other things.

It is quite clear that EnQuest is still the clearly larger party.

You shareholders need to be aware of that and not be surprised by what may come and if your board buys, in your eyes, a bad bid.

It is a merger and should be on equal terms.

Regards

Kamrat

Hi!

Stevo12,

The production from Vietnam will be presented as year number in -25 after the deal is complete.

IT will add c. 2,3k boepd for -25.

In -26 will the whole production be counted.

My number for -25 is 44.500k (line 76, e) and 40.000k is paid boe (line 80, d) and it is some upside on it.

But things happens so I let it be.

Regards

Kamrat

Hi!

Stevo,

If you want to see the problem from Magnus is it illustrated at line 25 (c) in the production file:

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

We Lost c. 9500k boepd in November but it jumped up in December and als some in January.

It was a pipe-line problem (think it was Ninian) and EnQuest did do the fix.

Regards

Kamrat

Hi!

NQM,

It is not a hostile bid as this is a merger and should be on equal terms.

If there is no deal (I don't think so) it is better to come back 6-12 months later, if Serica is interested, when your dividend and MC have been significantly reduced at the same time as EnQuest has introduced a dividend and has managed to make some other deal(s).

We'll see how it goes ..

.. its not we who decide and I think that our boards that will come to an equal agreement.

It is not the MC wich governs.

Regards

Kamrat

Hi!

Megla,

I haven't said it will be 50/50 but if the difference is paid it will end up being 50/50.

There will be no distribution of both the difference and a larger share.

We'll see how, and if, that happens later.

I understand that there will be disappointment here but you have to listen to your company's board.

If there is a deal, it will benefit the shareholders of both companies in a way that is somewhat fair.

After the Triton incident, things will probably be cooler on EnQuest's part.

Anyway, look at EnQuest share, it's worth a bet.

Look at it as a hedge..

Regards

Kamrat

Hi!

Megla,

Sorry that I wrote Mega, it is a translation mistake.

I must say that you are still confusing value and valuation.

Valuation often means that acquisitions are made at a premium.

Serica's MC is doped with dividends, which EnQuest has not yet started, announcement of 27/3 about the plan, and that difference is visible in a valuation.

Without EnQuest, I think, unfortunately, that it will be a heavy fall for you and it is my prediction that this will happen.

A, in your eyes right now, bad deal is definitely better than no deal and will become a great deal for you.

A deal provides safe money in dividends and a future.

Also see it as shared costs to get Triton moving.

Regards

Kamrat

Hi!

Stevo,

On point 1. I can add EnQuest's calculation (which is for the year).

If you buy 1/1, the entire production for the year is counted, while a deal for half a year is counted as half (calculated barrels for H2 are excluded as annual production and in that case will be half).

Vietnam will add c. 5.3k /2 for -25.

Regards

kamrat

Hi!

Sorry that the files are in Swedish.

To use the files in a simply way.

1. Click on the three dots in the top right.

2. select translation and language.

Regards

Kamrat

Hi!

EnQuests trigger-list (you can see it completely in earlier posted link to files (19/3 11:03).

Upcoming updates.

Insider buying

The effect of them stopping amortizing on loans

Acquisition in the UK to accelerate tax deductions

Acquisition elsewhere

Shareholders' return increases significantly from current level, plan coming 27/3

Lower leasing from 1/4 -25 of Armada Kraken (annual lease from c. $116m to c. $36m, full effect -26)

Production search at Seligi from mid -26

Completion of SVT, which can be done in stages, where sizing and electrification are on the agenda and save money

Upcoming decisions regarding CCS (10m tons / year) and wind power, where all produced power is intended to be consumed by itself = biggest savings

Wind

CCS, Comparable

Upcoming decisions regarding green hydrogen, requires initial contribution.

Upcoming decisions regarding current power plants, where the alternatives are fossil fuel combustion with co2 capture (for storage) or closure

Anything that may happen regarding Veri (partnership, listing etc)

Any transaction profits that the company may make in addition to tax (epl) linked to the point above

Gas field (Dewa) in Malaysia starts up -27

Closing of the deal in Vietnam (Q2) 5.3k on an annual basis and production search from workovers

Far ahead, several years, it may possibly yield something from the gas deal that is under investigation in Indonesia, but updates along the way may indicate in some direction.

I will also say that probably EnQuest will after this buy more and become an even more stable company.

This is your chance while EnQuest has it easier even if this deal would do much better.

Regards

Kamrat

Hi!

Mega,

you are confusing value and valuation.

If you look at MC alone, you are roughly right, but it is not on MC that a deal is made without valuation.

I am not saying how the companies should be valued and how large the results show without them doing so.

Most likely, such a deal will show a significantly smaller difference, in which direction I do not know, and a difference needs to be regulated in some way.

A merger as you describe will not happen and it is the value that governs.

If the deal goes through, it benefits shareholders in both companies through synergies when/if Triton gets up and running for a while.

Since I think there will not be a deal, I must apologize in advance because the biggest losers from a failed deal are Serica's shareholders.

Regards

Kamrat

Hi!

What can the green (Veri energy) in the company be worth?

: go to cdp, CDP is an environmental site where c.23,000 companies are registered and the information is public but may not be treated in any way.

There, companies are rated environmentally based on their own submitted information.

https://www.cdp.net/en

Register and then search for EnQuest.

Check the file -23 climate change under point C2.4a.

There are costs and lifetime benefits for Wind, CCS, Hydrogen, the SVT reconstruction and SVT electricity to other platforms which are being investigated and are not priced.

The information below can be found in the material above or in the press release on EnQuest's website.

It's not wrong to inform about where to find it and as I don't know where the line is have you to read it yourselves.

I suggested to the management that they should distribute Veri to existing shareholders

if its value was not captured.

I personally see significantly higher value in Veri than in the entire Enquest.

Regards

Kamrat

Hi!

I suggested (via EnQuest IR, Craig) that they should issue a dividend announcement to all shareholders after any takeover, no amounts mentioned.

EnQuest recently bought Dewa from Harbour at a price that was the same as the one they dropped out of and chose E instead.

Why?

I think there will be more deals with Harbour after this one which would be safe for us shareholders and ensure a decent dividend for a longer period of time.

Waldorff's share in Kraken could also possibly be incorporated.

Regards

Kamrat

Hi!

After valuing both companies' assets, we will see what the possible distribution should look like.

If Serica is larger and some difference is paid, the distribution will be 50/50.

It would be a "fair deal" and benefit all shareholders.

Serica would share in (and get access to) tax deductions for the gas and half of the synergies and half of EnQuest.

EnQuest has a really nice future where production increases will occur for several years, with or without Serica.

They also have their foot in the CCS that will probably come to fruition and which will be really profitable.

For Serica's shareholders to have a few good years, a deal is needed and the queue to buy/merge with them is not long.

I understand those who are short-sighted and see a quick reward ahead and then sell but suffer with LTHs.

If there is no deal, it will be a tough few years for you.

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

Regards

Kamrat

Hi!

sparhawk,

I don't know what numbers will eventually appear, but a

due diligence would make it a fair deal with satisfied shareholders in both companies.

You have to accept and adjust what differs or drop the deal.

However, it's a bit of a 1+1=3 with coordination gains, so shareholders in both parties should be able to feel somewhat satisfied if it happens.

Not sure that Serica's major owners will be satisfied, though, and then there probably won't be a deal.

You can't sell the cake and keep it.

If the difference is, for example, $300m after a dd, S needs to be compensated, but if they are fully compensated, they can't get more than 50% of the new company, equally divided.

Regards

Kamrat

Hi!

Tamovv,

Serica's MC is doped with dividends and it will drop significantly in the coming years.

They need EnQuest to access tax benefits for the gas.

The fact that they have just over $300m less in debt is precisely the difference in distribution for MC at the moment.

However, its future as an independent does not look so bright.

However, EnQuest's does with a fresh Vietnam deal and dropping leasing fees in the near future.

They will also start up more in Malaysia and get higher gas production at Seligi.

Not to mention Veri's future (suggested to IR that they distribute 49% of the company to existing shareholders before any mergers as its value is not visible on MC).

If they value the companies after due diligence, I would be satisfied and the shareholders of both companies would be winners.

I don't think that will be accepted by Serica's "fat cats" even if it would be fair.

EnQuest is in more negotiations and if Serica wants more benefit from a deal than dd says, there will probably be no deal.

Biggest loser, Serica.

I see EnQuest as the stronger partner.

Regards

Kamrat

Hi!

Krakoil,

Its there, c. $1,5bn + c. $1,2bn ($2,7bn), worth c. 1,1bn (40%).

Best/

Kamrat