The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hi,
I was at a Mediterranean dockside years ago, I don't recall where, and there was a skanky, pestering, barky, cur scaring all and sundry. Rabies was in the news. The elderly local gentleman stood next to me was convinced the best course of action to avoid an incident was for someone to grab the mongrel by its neck and **** it to completion. I declined.
I'm not sure that little tale is entirely relevant but good luck all tomorrow. A roller coaster ride is a **** analogy as the roller coaster always finishes at ground level. I hope to feel like a spent hound tomorrow; momentarily peaked, calm and confident in the knowledge that satisfaction is just around the corner.
GLAXXX as ever.
Hi,
NSTA September production has been out a while. Here is an updated graph with NSTA reality in solid and my year end prediction in dashed.
https://www.dropbox.com/s/leu545306w1qp46/NSTA%20Enquest%20Production%20Data%20current%20Jan%2022-Sep%2022.pdf?dl=0
All points to middle of road on target range albeit might be some more Malaysian upside with new horizontal wells x 3 as yet numbers unreported (but No. 1 "higher than expected") and as always the unloved Magnus with new drill (longest liner this century) reported at Half Year as due late September as well as return to service of June failed well.
You'll also be keen to know that the Barakah dispute continues with latest hearing on 14th Nov yielding no update. At least £12 million in dispute.
GLAXXX
Hi BananaJ,
I sense anger.
It's a forum with multiple viewpoints. Tune in or tune out as you wish, but don't take offence until you find a real pond dwelling underbridge scum sucker that is in it for their own ego and the diminution of others. If you get there you can play with them a while (hashtag guilty!!) or better still filter and live in a land of peaceful nonchalance.
Someone else asked the question of Enquest IR. I passed on the info and expressed gratitude. If you have a problem with IR then maybe target them.
Fun Banana based fact: Bananas are radioactive! They contain small amounts of the isotope potassium-40. But for the radiation to be harmful you need to eat close to 700 bananas daily for over 80 years.
Everyday a school day.
GLAXXX
Hi BananaJ,
Not sure that rampaging against an ideology that seeks to threaten the very business you are invested in is "trolling". I think it is relevant and Romaron seems to have found a recent enthusiasm and issued a rallying cry for direct action against fake news which should be supported and commended.
I'm no denier but Total Energies taking legal action against Greenpeace is interesting.
Ops Update on 24th November (Credit Malu on Discord).
GLAXXX
Hi
From Transocean Earnings Call today: "The active market is nearly sold out for 2023, and we are seeing longer-term opportunities that have not been typical in the U.K. in recent years, including programs longer than one year in duration for Ithaca, Equinor, and EnQuest"
GLAXXX
Hi,
Who wants to play a game?
"Spot the Faulty Component"
https://www.youtube.com/watch?v=UrWTMCgHr6s
Watch this and then write to Enquest IR with suspected component failure and estimated timeline. The most accurate entry will get an actual real in person visit to the Magnus platform with complimentary wire wool, paint and a roller thrown in as well as a case of lambrini (must be consumed onshore).
GLAXXX
Hi,
So, I know you're all well aware that you can actually make your own panic choices but here's a reminder that exploration continues:
https://www.dropbox.com/s/0u900vgj2z426ss/Bressay%20Survey.jpg?dl=0
Bressay getting a good seeing to, no time for a standard **** and balls survey here, it's serious!!
GLAXXX
Hi,
I know this is a sidetrack but they have a record of best in class and when you have decommed 4 UK assets and have a team in place then there are ambitions: "We are however looking to build EnQuest as a decommissioning business which could have global reach."
https://www.ogv.energy/news-item/people-in-energy-will-black-decommissioning-project-manager-enquest
A future profit centre?
Not sure about Tiger Woods as an icon though? Would likely shag your wife while on a back to back.
GLAXXX
Hi,
I've never sniffed the odour of a roustabouts g string but think I know more about Enquest production than most. Don't dismiss and lose the input of persons that clearly understand the company in depth just because they challenge. Surely we need that. Space disco tanker basement rocket ***** ****tail lambrini monkeys if so. (No offence to monkeys)
GLAXXX
Hi,
I'd just question the "debt free". It may be a possibility but not as yet an intention. Surveys booked at Bentley and Bressay signalling development intent, PM409 planned, Kraken West? EP redeployed with costs?. There is borrowed money to be spent ongoing. I could do with a divi for sure but share price gain more likely for me before debt zero.
#trusster**** if you haven't been there alreday. Happy Friday place all.
GLAXXX
Hi,
"Geophysical survey at Bressay: 2DHR Seismic & Environmental Survey by Fugro Venturer within UKCS Block 3/28. The vessel, Fugro Venturer, shall be acquiring seismic data with a 152 cubic inch source array and 1300m Streamer approx. 2m below sea surface along with a Side scan sonar up to 350m behind the vessel, approximately 20m above seabed, within UKCS Block 3/28. An FLO shall be onboard. "
FLO? I think a Fisheries Liaison Officer, checking sub aquatic mental health and well being.
GLAXXX
Hi McL,
Probably a bit simplified and I obviously never got to the "last page" of the interim report. I normally like all that Non GAAP M/Q stuff.
So as ever averaging can be misleading , 50% hedging doesn't necessarily apply to H1 and as you say the ceiling price may vary, cost of hedging also factored into hedging gain/loss maybe. I had missed the interim realised price but frikk me it is about $10 higher than I had worked out, so all good.
I should leave the clever stuff to clever folk and just look out for survey vessels and court cases.
GLAXXX
Hi,
Noticed this little figure in the presentation today : "Average realised oil price H1 22 89.9 $/bbl includes impact of hedging". If H1 hedging was at 50% production at a $78 ceiling does that then make the other 50% sold H1 at average of $101.8 $/bbl? Brent average over the period was around $107.
If the math stacks up then it is a larger number than I had envisaged despite banging on about Kraken premiums with regularity.
GLAXXX
Hi,
Moody's
"FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
In the event of a successful completion of the refinancing, EnQuest's CFR and PDR could likely be upgraded to B2 and B2-PD respectively, assuming that no material event deteriorates the company's operations, profitability, free cash flow generation or the liquidity profile. Before placing the ratings on review, we had previously stated that:
EnQuest's ratings could be upgraded should a continuous recovery in operating profitability boost FCF generation, leading to a strong liquidity profile and Moody's-adjusted gross leverage sustained below 3.0x. The refinancing of the high yield notes maturing in 2023 is also a required condition for an upgrade.
The ratings could come under pressure if leverage trended above 5.0x or liquidity deteriorated most likely as a result of a decline in oil prices. Failure to address the 2023 maturities at least 12 months in advance could also lead to a downgrade. EnQuest's ratings could come under pressure should persistent weakness in cash flow generation lead to some further deterioration in the group's liquidity profile and leverage metrics."
GLAXXX
Hi there chart lovers,
Meanwhile at Scapa Flow . . . . Thor and Odin of Scapa (Tug Vessels) are squeezing Ingrid K and Aura M together like enthusiatic Vikings boarding up Britons at a Lindisfarne barn burning. No rest till the last drop is dripped from a snergelly hose and on it's merry way to a VLSFO premium.
Be happy Enquestrians, the gates to Valhalla are in sight . . .the still alive version that is , , , just need to check Bumi are sorting those alarms.
GLAXXX
Hi
Bentley also about to be surveyed; "Consent to Undertake a Geophysical Survey (2D Seismic Survey, Sub-bottom Profiler Pinger Survey, Sub-bottom Profiler Sparker Survey". Indicative start date October 1st. Suggests a longer term view for Kraken with already mentioned Kraken tieback and gas for fuel possibilities.
GLAXXX