Member Info for Tigar

Always wanted to know can they smell your farts though?

Fair enough but over zealous use of negatives that do not reflect Enquests position when you have no intention on a position in holding stock come across as having a motive.
Good to hear you are an HBR holder interested in comparing against Enquest, I am sure HBR will do well I like Tolmount perfect time for that to come onstream. In short term Enquest have been stabilised by AB and Cobus purchase, week holders have been shaken out, and my opinion is we await year end figures to see the new balance sheet after right backs and GE integration before market can rate them correctly. I would say HBR have market cap 10 x ENQ but not sure it has 10 x potential.

It's your use of words to describe a disappointing update, Guidance missed by 1700bpd is not Massif, a declaration they expect debt to be approx the same as 2020 is what most expected, and to know that is after BP entitlement being added to debt on balance sheet and purchase of GE and Bently is not a bad year, with interest payments being reduced as well, Magnus at the moment is main issue but it also has some good news in that $110m from gas is included in our $950 in 10 months revenue, we will have 10 weeks of GE to be added to the other 10 weeks of this year.
But I have a feeling you know all this but its not your purpose for posting on the BB If you don't hold but wish to get in lower best of luck if its to just wind up long term holders P-off

It's Incredulous, must consider that you may be wrong or need to redefine your interpretation of the words massive and hugely.

So who has been selling! presumably retail investors? short's? AB and Cobus have mopped up all sellers and those shares are now unlikely to become available to buy backer's or new investors at these prices.

£325m SP of Enquest AB has the firepower to keep mopping up at these levels and he doesn't sell into any up days. Most who are unsure of Enquest have sold on way down if there are more they will be mopped up. At some point Enquest will be able to buy back all the shares from cash balances at this rate.
If oil price drops renewable alternatives will be unviable, so oil will have go up, and OPEC will see what gas shortage has done to price's and act accordingly. Boring but I can wait, a lockdown means I turn heating up and shop online with all the lorries running around burning oil.

Hi hitman1a
A good time to reassess GE's value to Enquest, my thinking is more on the P2 resources it holds when purchased they were declared at 19mb if we have produced 4mb in 2021 we have 15mb left expected costs were with capex to be $20 so at $70 we have $750m to make going forward at 40% tax we should have $300m of credits to use up. We also acquired 4mb of 2c hopefully some of that will have been converted into 2p with the new wells drilled. It could turn out to be a cash cow. And still the SP falls!

Hi Pelle
FCF from GE came in at $75m after tax and higher costs for bringing new wells online in first 9mnths so with the Tax and lower capex for rest of year and 100% of Magnus since settling the $60m to BP am confident they will make update claim of net debt coming in at about $1280m for 2021 this will be after purchase of GE $325m + $30m costs, and putting $60m to BP on balance sheet and of course raising $50m , so we can say a $365m equivalent debt to asset movement.
I agree we should make a huge difference in FCF / Debt reduction in H1 2022 the ducks are lined up!
The two cargo lifts mentioned in update were confirmed to me by IR to be for GE but they couldn't say size or price for those cargo's but reiterated they expect to bring debt in around the 2020 level. I will be looking to our net asset value in accounts after right backs.
I jumped in too early with my top up but good luck to all able to take advantage of a bargain.

Does anybody understand the comment in OU expecting 2 cargo liftings before end year, I understood GE to use a pipeline for export of oil?

Hi Oil
Nail on head is not arrogance!

Hi Oil
Time is the most important thing in the world, posting garbage about something you have no stake in seems the ultimate ineffective purpose for the use of it!

Hi Krakenoil
Yes new answers will be found, I always remember a quote that Oil is too valuable to burn, it will be required for centuries to come!

Oil companies performing badly (SP) it reminds me of when I bought my first house, I saw and liked a nice one everything was fine and it was priced way under my expectation would loved to have snapped it up but found out it was on the edge of an area down for compulsory purchase potentially due to council slum clearance, but nothing was wrong with it or the rest of the houses in area but it was in council 20yr plan so was cash buyers only I had to pass. That was 50yrs ago, houses are all still there and quite desirable now. Oil has a going to be replaced order on it.

BP 37.5% correction!

That sounds about right to me, all money paid to BP is after all costs so your conclusions on Enquests share is also after those costs, the clever bit was that it has never been a debt that was recoverable from Enquest it is from the net proceeds of Magnus alone, and was subject to interest. BP will have a legacy entitlement on 32.5% up to a total payment of $1bn from Enquest. The last $60m of interest bearing payments were payed in advance from new finance deal that means Enquest have put that £60m on the balance sheet hence we will not be liable for BP 32.5% payments till it is recovered from Magnus.
That is how I see it but always open to correction.

Hi L3
Agree the word Anticipates could cause confusion, I have read it to mean that is the anticipated time frame for the recovery of the $60m from BP's 37.5% I would have thought they had agreed with Enquest when offered the money in advance.
But could be wrong?

Hi Squif
On Magnus what is it's value to Enquest? I like everyone am annoyed that yet again we have failed to get all cylinders firing at a higher oil price period we should be raking it in, but it seems we are getting everything ready but failing to get things running smoothly. But to clarify Magnus still has plenty of oil and did not cost us very much up front and even that was recoverable, it has never been on the debt pile till now having paid up the $60m of BP's right to FCF on Magnus. That is why Enquest have noted that we will be entitled to 100% of Magnus FCF till about April when I presume they will have recovered that $60m what would be nice to know is how much of BP's potential $1b they have left it is not a debt just a right to FCF after costs and no interest is due on that remaining right.
BP has received all it's money from the 37.5% of FCF after costs so Enquest have benefitted from running Magnus by 62.5% of that FCF after costs.
So to be clear our income from Magnus will go up till we have recovered extra $60m in short term.
As BP have recovered its money perhaps Enquest should reflect on Shareholders getting the $100m they stumped up with dividends becoming a priority now.

Hi romaron
We are under UK stewardship and The activist are powerful here but we also run a power Hungary Economy and also rely heavily on oil by products after COP we have cries of stop the oil now! but that is impossible you only have to look at reaction to shortage of gas. If UK fails to sanction fields on principle they will be liable to litigation for recovery of costs, that could run into billions they granted licence to find oil and develop it. We may get the first stage of weaning off oil by UK saying they will not issue anymore licence's for future exploration? Of course new developments will be stricter on environmental impacts, but better to be in control of those than importing the pollution as we usually chose to do.

Hi Jan
Yes I have been in to long as well and am all in Financially but hold a chunk of Bonds that have done well and have taken the Gamble that Equity should do better from here on in.
Enquest have a Guidance of 46k to 52k net and have not informed market this has changed as yet, but have told individual share holder's they are aware of their duties! we are due an update soon anyway, and I dare say Kraken restricted production will be top of list, hopefully they will have solution done or know when it will happen by then, in mean time the extra from Malay and Magnus must have pushed us a bit over the 46k net to make a RNS in the short term not required.
And of coarse we have GE to build into any revised figure for rest of year. I dare say market will judge and hold us down until year end figures.

Just done my bit 87,280 @ 22.33p had to swap some Bonds for Equity fingers x