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Hi,
I know the Golden Heart and of the landlady. It was the local for an old friend.
Ashurst are indeed lawyers of choice having advised on borrowing, re-financing and project antelopes. Whether there is a 10:00 meeting to sign on the dotted line before the AGM we won't know till the day. More chance of me being shat on by a passing black swan.
Wanted to come to original but can't do Friday. Make 'em sweat.
GLAXXX
Hi,
Just seen a Maybank Investment Bank note on Hibiscus updated to 31st March. A few parallels with Enquest in North Sea - Anasuria and in Malaysia - North Sabah. I know this can be skewed by hedging but averaged realised oil price Anasuria $122.28, N Sabah $89.58. Average Cook and Teal gas comparable to Magnus gas, my calcs have just under $139. Interesting.
GLAXXX
Hi Sipp,
"I cannot attend the AGM as I do not own any shares" They're not even 60p a pop. That's somewhat less than 5p a question. Surely worth a punt and there might be Prosecco and nibbles?
I would have gone to the original shindig but can't now do this one. My question, which is mainly as a heads up for the debt collection goons ; "What's happened to Swinney??"
GLAXXX
Hi 3dart (60,60,Bull),
My daughter has just finished a masters in environmental science focussing on marine environments and I tag along pretending to understand. David Attenbourough is now a double Sir. The clever, rational science people have universally called it and I think it is therefore foolish to be in denial. I don't think many actually are. As has been mooted here the problem is in demand and not the production that serves it, and therein lies the confusion.
I recently completed a sustainability related online survey which asked for a "discussion point" comment, mine was "Are fossil fuel extractors the bad guys?". I don't think they/we are. I think they are by far the major part of the solution, and there is an ongoing battle to be won to convince the world that is the way to go. A battle of trust that minimal comms Enquest could do with taking part in.
I don't think it is nonsense, and I occasionally "like" Chilts!!!!
GLAXXX
Hi Pelle,
This is interesting:
https://www.dropbox.com/s/q1fmt5q6qqy7mdt/Tapis%2008.06.jpg?dl=0
GLAXXX
Hi,
So as a summary:
Companies are making large profits as a result of a war - not as a result of an evident global energy crisis. FAIL
Profits not made in North Sea - Ring fenced regime geared to UKCS - WIN
Offset losses - we don't do that. FAIL
Define Oil Price "normal" - $60-$75 range for oil . FAIL (too vague) . Gas also (Serica figures today per therm H1 22 looking at par with boepd price) Need a gas normal too.
Sunset clause 2025 - or before if back to normal - FAIL (but WIN also) I'm no expert but dream on Rishi.
Investment Relief Levy - at point of investment so quicker . . .sounds good. WIN
Expected increase on NS investment - FAIL. I smell bull**** Didn't answer the question.
Sweet Dreams
GLAXXX
Hi
From 14:20 onwards if you can bear it for about 20 minutes. Dishy Soonlapsed squirming his odious self in committee. In fairness cool as cucumber but let's not forget where he really wants to place that cucumber.
https://parliamentlive.tv/Event/Index/e2f36585-3b9d-417e-8817-6d5774339ba8
GLAXXX
Hi,
Swinney's future might be uncertain but for sure as soon as he has gainful employment I'll have him for a crate of Lambrini, three and a half bottles of Limoncello, some Twiglets and a box of surgical gloves. That was a leaving party to remember.
In the meantime Scott Spirit is latched to Armada Kraken, suckling the snergelly hose like a ten bit hooker with a crack habit unsure if being paid in Euros or IMO 2020 Singers Dollars.
Richy Soonsacked is about to take another U-Turn around the U-Bend of his sewerful existence and accept that referring to a windfall tax levy on a "normal" oil price ensures he takes the dunce cap from Shammu and that he'll soon be explaining to his tax dodging wife that he'll have to wear the clown clobber for at least another week.
Lastly, I'm sure we're all aware, but it is Malaysia arbitration day today. It's only a potential $17 million loss but that's a fair chunk of market cap at present and don't forget a counterclaim for loss of earnings.
Will keep you posted . . .
GLAXXX
Hi
Aloj,
Scroll to bottom of this page.
https://www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy
Should be individual contacts on the links.
Not my favourite people but some might be up for putting a squeeze on the levy as they in general don't like capitalism being hindered.
Not one to nail my politics on a mast but Kwasi Kwarteng is a bilious snide of vomitsome arrogance and self interest.
GLAXXX
Hi
This is Amjad Thursday morning.
https://www.cnbc.com/video/2022/05/26/theres-amnesia-about-past-energy-crises-as-we-grapple-with-current-supply-issues-enquest-ceo-says.html
I bet a Thursday afternoon interview would have been a different story.
GLAXXX
Hi MakeSomeMoney,
I get that but I'm here because I believe the demand is unassailable for many years and energy sovereignty has recently become a thing. There is leverage there and I think that could weigh in favour of efficient late life explorers.
I think the "windfall" will be called out for the **** poor, "distractionary" (thanks for whoever posted the word) tactic that it is. I therefoe think there is protection on the downside . . .because we need the black stuff!!!
Wouldn't normally get political preferring the methodology of **** jokes. If ony it was a Robin Hood tax. Dick Turpin was not a nice chap.
GLAXX
Hi,
From KO mentioned telegraph article:
"One of the North Sea's biggest energy producers is preparing to invest in South East Asia instead of the UK in the wake of Rishi Sunak's £5bn windfall tax.
North Sea specialist EnQuest is drawing up plans to expand outside UK waters in an early sign of the impact of the Chancellor’s levy on oil and gas companies.
EnQuest decided to narrow its focus to the UK and Malaysia in the wake of the oil price crash. But it is understood the company has been looking at further expanding its presence in South East Asia amid the rising tax burden on UK oil and gas producers.
A City source said the company had found the Malaysian government supportive and is open to locations outside the North Sea. It planned to calculate the impact of the Chancellor's new measures before making any decisions.
A spokesman for the company said: “EnQuest is committed to the North Sea. We are currently executing our largest capital investment programme since 2014 and our plans are continuing unchanged.
“We have invested around £4bn in the North Sea over the past 12 years, and maintain our view that long-term, stable taxation arrangements are important for the industry."
This is the first "warning shot" from Enq who are set to lose less than 20 million 22 if Jeffries are to be believed.
I wonder what the big boys will say about the levy costs?
There is an argument to say develop NS to benefit from the incentive (suffer less from the levy) or say frikk you and go elsewhere. Oil keeps rising and there is another U Turn in the offing.
Either way who will challenge Sunak on the supposed £5 billion coming from the NS levy?
Malaysia, gas price, PM409.
Malaysian production and profits protected from Uk regs.
GLAXXX
Hey MO,
Let me be the first (if I am) to welcome you back.
I'm all grown up with graphs and everything. There are still those here that fester in the green fields of filterdom but on the whole it is a fairly nice place.
Not a good week but prior to that quite a crowd threatening to reveal themselves at incoming AGM. See you there??
GLAXXX
Hi,
EnQuest Petroleum Developments Malaysia SDN. BHD is a subsidiary company. They pay taxes in Malaysia. Does that make Malaysian based profit exempt or mitigated in any way from the "levy"??
Similarly is Malaysian exploration subject to the "investment incentive"?
Clear as mud: "An investment incentive. An ‘allowance’ will be generated on investment expenditure (capital expenditure and **some** operating and leasing expenditure) at 80% which can immediately be used to reduce profits subject to the levy."
Genuine question as I have no clue on such matters.
Probably worth taking EP out of Nigg and parking her somewhere in the North Sea, claiming exploration and offsetting the costs. Who would know.
GLAXXX
Hi,
I've asked that Swinney is kept on board until he clears the bar bill at EP. It's the least they could do. I'll cover the smashed up urinals. Monster.
I missed Rani Koya though, you can read the blurb but I pick out "Rani is currently the CEO of OGL Geothermal Ltd., a geothermal development company focussed on Europe, the Middle East, and Africa."
"Geothermal" in the air = brownie points! That's a clean reference if you happen to be Swedish and don't know the juvenile female side of the scouting movement.
GLAXXX