Member Info for Tigar

I had a dream and the headline was that Enquest were drilling the 10 longest lateral wells in history I didn't see where but was excited as the drilling company was taking a stake in the field as payment.
Will finish off the stilton before bed tonight and hopefully find out more details!
Enquest run a tight ship and a dream is about the only way to get info out of them.

Who will be exploring for more oil? not many I suspect we have several field waiting for investment that have already been found.
Enquest have multiple choices to invest in. Or should we just start rewarding the shareholders? Hopefully we will do both this year.

ESG opinion, not public opinion. Renewables are 9x cheaper that is why energy prices have skyrocketed to pay for them.
Market forces would make something 9x cheaper the winner without help!

And a thank you to romaron for sponsoring and running the sweepstake gutted it was won by the lowest entry but I think most of us still hold and have not been bullied out of ENQ and well done to PKUECK
As we say in Norfolk keep on troshing along all.

Hi romaron, yes a bit peculiar timing to highlight Bentley & Bressay I have wondered if we would hear news soon, I would expect news would be on a partnership deal on developing both fields together we have 100% Bentley 100% EP and about 40% Bressay so a deal needs negotiating first.

$52m for 2022 contingent payment. You have to remember we repaid the last of the BP loan early and that effectively was recoverable from revenue of the 75% it was stated that ment no expected contingency payment till about April 22 so that makes it very hard to work out profit per barrel.

Thanks for that L7 I waver on if we will clear it but a good oil price for a couple of years might, but it is of no risk to Enquest and is not a debt? I am happy to accept Enquest net debt at $750m and falling fast 7% bonds and $50m to Suncor next year then dividend for us?

I have always been of the opinion that Enquest could use its Tax credits against that $1bn making it effectively $600m am sure it was in original prospectus. We pay BP but it is not a debt owing to a creditor I accept Enquest have some liabilities that do not come under heading of debt as defined as a liability on windup.

The vulture's are circling and testing for a pulse, we have sorted debt repayment we will need to repay 7% Retail bond and $50m to Suncor next year. At moment best investment we can make with the rest of FCF would be to buy ourselves lets get on with it ASP.

Nar! we are in middle of takeover? sounds a lot better than school fee's

And he would almost certainly have picked up a few more at these levels if he could, so what is going on that stops him?

While we are in the doldrums have been thinking about investment in NS and tax if we bring on Bressay and Bentley using EP how will this effect our tax? firstly I believe Bentley has Tax credits that can be used if we put it into production, then their is EP will its enhanced value as an asset be allowable to be offset against the WFT all thing to consider in the decisions to be made soon, I expect Enquest are on the case but I would like to know I cannot see why it wouldn't be in some way.

Hi romaron
If ESG keeps it up by 2028 we will have $200 oil so those $2.627bn of losses may have disappeared fast.

Sipp10
I read somewhere that at 40% tax saving our Tax losses will allow $1.6bn of Tax to be saved I hope that is correct as it means we can repay the $1bn outstanding and have $600m left for other uses before we get anywhere near the 75% tax rate others face. Why buy more we have plenty of organic growth to go for.

Hi Krakenoil
Sounds a bit sneaky to me, let's do it?

Hi ZippyFrood
Well said ESG is most undemocratic Invester unfriendly idea, someone should sue them for bad investment decisions! And I have said before the WFT should be applied to the Hedging companies would be interested to know if hedging companies are allowed to be bought in an ESG fund? we have been making a good profit, but you can hardly call returns after hedging excessive, but ESG is leading to $200 oil so if we just keep head down it will come.

Afraid though we all think it doesn't make sense it is an additional Tax on profits made on UK production! We have previous losses that can be offset against the 40% corporation tax but they are unusable against this new Tax but any new investment is, against corporation and the new Tax. We await the Nov update to see if we try to save some of that Tax with new production or invest overseas and run UK down?

Suppose we just have to accept we now have 100% Profit divided 35% Tax or Investment? debt now repayable over 5 years with interest payments should be covered by 30% leaving us 35% to divide up between us.

Hi L7
Thanks for that explanation so with £600m NS profit we would have £150m EPL Tax but with NS Capex at £200m we would have £60m to pay with no corporation Tax
How many extra bpd can we get for £200m?

Hi L7
On your fag packet the Tax man is expecting NS oil to produce $104 profit per barrel so about $160pb price hope he is right. $26 for him $78 for us.