Member Info for Therapist

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

HiMcL7,

Fugro Venturer just arriving onsite now having a bit of a survey. One to watch as you say.

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

Grrrrr!!! Board Police. It's commonly found aftrer Cluster and is a potty mouth word beginning with F!!

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 all,

For those that feared the Kraken had run dry, Ingrid Knutsen flagged for Scapa Flow tba, currently berthed at Fawley.

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

Hi Kamrat,

As a spreadsheet junkie I need to align my predictions to the recent update but I currently come out closer to 50k 22

I'm learning to read your files a little easier but will take the opportunity to say how fantastic it is to have someone drop them in public domain and work with any response.

They'll never see mine, work of a madman. Top work dude.

GLAXXX

Hi,

Here are some dudes that know what they are talking about:

https://oeuk.org.uk/wp-content/uploads/2022/09/Economic-Report-2022-Offshore-Energies-UK-OEUK.pdf

Worth a read I think.

GLAXXX

Hi Jeffrey,

Perspective: https://www.dropbox.com/s/juap5jgexrqucwq/Brent.jpg?dl=0

GLAXXX

Hi,

From the report: "Galapagos development to FPSO: EnQuest Producer with 4Producers/4 Injectors. Same production profiles as used for Galapagos development via Ninian. It should be noted that Galapagos is a very complex reservoir. Galapagos development is sub economic mainly due to low oil rates. Therefore, it is not considered a suitable host for Dunlin redevelopment. "

Despite being published Feb 22 the conclusion research references Dec 20 when oil averaged around $50. Might be an option??

GLAXXX

https://datanstauthority.blob.core.windows.net/external/relinqs/2022_07/P2601_211_18j_23a_24a_EnQuest_RelReport_Feb2022.pdf

. . . . she's just dipped it in Limencello and added a sprinkling of hundreds and thousands. It's not going to be our day.

GLAXXX