Member Info for ThomasFoulser

Enquest’s decomp liability will be $715m at the end of this year (according to the year end results).

As you note, Serica’s decomp liability is next to zero, so there’s limited chance Serica would buy Enquest at a premium, especially given that decomp is not an allowable expense against the EPL.

The effective tax rate for Serica is currently around 52%, that takes into account the tax losses, investment allowance and that the limited interest costs cannot be excluded from the SCT and EPL. This will rise to nearly 60% next year if the tax rate is increased and the investment allowance reduced as expected.

Enquest is in a similar situation and there are benefits to both companies, particularly enquest’s higher weighting towards oil, so I would be in favour of a merger based on current market caps.

Zenith Energy have one of the worlds top law firms representing them in their $180 million case vs the Tunisian govt.

Expensive? Not if you have litigation finance firms so convinced of success that they are lining up around the block to fund them. @zenithenergyltd

@ ladyofaim

May enter at current levels for the arbitration results

Can easily see the FCA not allowing the reinstatement of the shares on the exchange which would be a great excuse for the BOD to blame someone else and put the business into liquidation.

As a LTH I cannot believe the pure incompetence of the BOD, its absolutely shocking, even a one man band business would have better management skills and certainly better financial wherewithall.

I can only hope that the share comes back, shorts close and I can decide how much of a loss i take as the price hopefully rises on shorts closing.

The BOD needs to be investigated after this and disqualified from serving as directors again. They should be totally ashamed of themselves and embarressed!

Again, another pretty outrageous comment said with outmost confidence.

First, we know that traders take a substantial of volume from DNO/GKP/SNM and truck it abroad: their ability to price (bid) depends on their ability to sell it abroad.

Secondly, the refiners compete with other local sources of crude; and do you really argue that if that was priced at $120, they would still not pay a single cent more to GKP/DNO/SNM as if local prices was at $40?

To say it doesn't correlate 1:1 is fine, or to say it comes with a lag is fine - but to argue there's no correlation at all to international brent is ludicrous.

Corresponded with Sam regarding a US listing and he said they hadn't given it a thought for some time but that if & when the market believes Sea Lion is happening ,then, they would at some future point give it consideration. Which seems a sensible approach to me.

Sam did said Rkh had some sizeable US investors years back but they drifted away along with the declining sp.

IFair play to him, he always gets back to you and addresses any (relevant & realistic)queries holders may have.

I think as US listing ( not OTC ) will be reviewed once revenues start coming in.

Shell are now also looking to bail from the UK market now, it seems everyone is trying to flee it because its totally washed up & so few use it anymore.Its dead !

Higher valuations can be had in the US & that's where a fair number of British companies already are and want to be listed.

Very good

"1. NIMs falling

2. Housing market exposure

3. Long-term weakness

The verdict

As I say, Lloyds shares look exceptionally cheap on paper. But this reflects the prospect of severe profits trouble in the near term and weak earnings growth thereafter. On balance I’d still rather buy other value stocks.

https://uk.finance.yahoo.com/news/3-reasons-why-lloyds-shares-125110488.html"

Cannot find anything other than a generalised analysis and summary of all of the outcomes of the bids in that 2018 auction.

References cost recovery percentage limit of 20% if PoO very low but 70% if it’s anywhere near where it is now. Why are they questioning the 40% max under the current PSC?

References MoO thinking that IOCs bump up the costs! So are they offering 70% of costs BUT only after they have removed the froth and rendered them “realistic”.

References low cost fields versus high cost ones in Iraq, $5 per barrel versus $20. Gives an idea into how they come up the bizarre $6 average included in the Budget Law, which is now being referred to in Dinars in some quotes.

The model used in 2018 was for use in a bidding contest. The FGI set a max for the profit generating bit and companies had to decide where to pitch their figure without knowing if the field would be commercial etc..

How will that transfer to a contract that already exists for a field which is producing?

Had to laugh at one outcome. Max allowed by FGI was 14% for one field and the winning bid from a sole interested party was 13.99%.