Member Info for Tigar

I do think we will be expected to do our bit, we may not have a windfall tax but we will be expected to invest our extra profits to help secure supply ASP so am expecting a speeded up drilling campaign.

We await 2021 figures with hopefully updated balance sheet March 24th and an Update on production and plans, I think we must be working overtime in the planning department as the Russian madness must be leading to frantic plans to get dependence for UK production, every opportunity must be actioned especially Gas NS targets must be sanctioned and we may even get fracking revisited as the lesson has sunk in don't rely on others! Enquest refinance Bonds and get drilling.

If the body bags start piling up Putin will get one in the head. And we will have peace and cheap Russian gas again. Ukraine and USA made mistake of destroying their nuke's .
If Ukraine fold up to the Russian's then Russia will have even bigger Army with western weapons. To continue his game of chess. And we will have $150 oil and a drawn out sanctions on Russia, oh and also shortages of wheat that mean we will be ripping out solar farms to return to farmland.

BTFATH1
It's just if I am going to see your posts for in and out trades you really need to find time to post your small losing trades as well as your profits. You do accept very tight trading range with .5% stamp duty and costs.
ATB

You turned down the chance to double up at 19.4p but have upped your target to 19.7p then. Still holding your 21.7p ones though don't worry you will get chance to offload them for 23p soon. This quick in and out game is the way to do it?

Micheal2021
From your posting history you seem a bit mixed up if HUR is outperforming ENQ you are not benefitting? Take the plunge ENQ will perform in MHO
"I entered HUR with 32p. From that exact day HUR has just gone down, down, down... Then it dropped to below 1p, bounced a bit and l sold with 1.9p exactly. Since l sold my shares, this dog hasn't stopped climbing. This is heading north, big time, 10p this week probably... Short term 20p/30p"

We all know Enquest got lots wrong but so did most oilers, we have survived and the balance sheet will be rewritten to reflect our current position very soon at present it reflects $30 oil so bears no resemblance to our present position. Judge after 2021 results by all means but hot air about the past is a waste.
Much as my fag packets are, but they say at the moment we are repaying $2m a day.
51k = 25k hedged at $78 + 26k at $93 = $4.4m revenue and an average oil price of $86
Using $44 as total costs leave's $42 debt reduction. waste of time but kills the boredom while we wait.

What negative News? have I missed something.

What we do know about Magnus gas import contract, firstly it runs till 2023 can't find ref offhand but have seen in black& white and from Nov update the ref:
" Revenue in the ten months to end October 2021 of c.$950 million, including c.$110 million related to Magnus crossover gas, reflecting the strong price environment and the realised impact of the Group's hedging programme"

So we don't know all the details but it make quite a diff at these gas prices and am sure we have the effect for this year anyway.

Hi L7
Thanks for reply I think I have my head around my Magnus query / thoughts, it is 37.5% shared profit and the tax element is reflected in the fact that the $1b cap on profit share is actually capped at $600m net of 40% tax to reflect the fact we operate and can use our credits. I think however well Magnus does it will be some time before we clear that BP entitlement.

"the date on which the aggregate amount received by BPEOC under the profit share arrangements
equals $600,000,000/(1-TR), where TR is the rate of Corporation Tax in force on date of completion
under the Magnus Call Option Deed (not to exceed 40 per cent.) (the “Profit Share Cap”);"
ATB

Hi Tarmark
Thanks for your workings I have a comment / question on Magnus your workings treat BP share as 37.5% gross FCF but from my reading of Magnus prospectus it is Enquest that have the tax credits and they will be benefitting from their use not BP that is why the cap on profit share was $600m net of 40% tax.
ATB

We have good FCF at the moment Not because of hedging in fact it is holding us back, AB went down the hedge path to get the 4.25% refinance deal it means we are doing well despite the hedging losses he was unlucky when he chose not to hedge and has been unlucky with the present hedges.
Share price is being controlled just like when you are in discussions with the Bank over finance, reckon it could be Bonds soon.

Offshore 25/03/21
"A new round of development drilling is planned for Magnus in 2022, and following the award of block 211/12b under the UK’s 32nd licensing round, the company will launch subsurface studies to investigate future opportunities."
Hopefully they did subsurface studies and are ready to test with the development drilling in 2022?

Hi epiphiny121
I know BP get 37.5% but it will be after the reclaim of the $59m Enquest paid in advance they said April 22 but with the problems with production I expect it could take longer, and capex will be higher on Magnus this year and 75% of that will be recovered before any payments to BP of course $100 oil will speed that up.

Hi L3
I agree with squif and your condemnation of AB over Alma/Galia a lot money down drain! kraken was wrong time but he pulled it out of fire with cost reductions etc I think Magnus was a very clever deal that gave us a field when we couldn't afford one. Shutting down fields last year I thought was mistake but he used the low oil price to secure GE that wouldn't have happened if we had kept thistle etc open. And he has secured two giant potential fields for the future should the oil market play out that way. Unlucky possibly but luck turns.

Hi Squif
I have to ask did you work for AB, you sound very much like a Dominic Cummings figure.

Hi Londoner7
You probably have a better handle on how Bonds are renegotiated, my reasoning has been that Enquest have stated they wish to reduce and extend Bonds and it seems cheaper and cleaner to clear RB and consolidate the required amount in one arrangement be it a reduced or just an extended amount. It may be HY bondholders would not like that? but am sure it will come out soon with the plan , It seem Enquest are being very conservative with plans and sticking with debt reduction as the target $1222m was I believe a good figure after 2021 outlay.
ATB

And to let us know they were reading this BB they clarified they are looking to refinance HY and RB, the market seems to be in control against any logic?

Hi L3
Many thanks I agree with your summery of GE for 2022 and your Londoner7 ref to Eagle I respect his posts as well, I believe he also has hope that ENQ test the Tiger prospect as a Magnus tie back. I also have hope they will drill the Magnus gas prospect BP identified, the time seems right although that will consume much of Magnus cash this year we still have the imported gas to sell on till 2023 I believe? I noted Londoner7 thinks RB will run I thought it was likely to be payed up early but will be happy with another year of 7% if he is right?

PS free bar curtisy of AB