Member Info for Tigar

All of these types of charges are or should be illegal as they are not saying you cannot pollute, only you have to pay for the pleasure, Discrimination cases should be brought in the courts perhaps on grounds that less women can afford the charges for a start. Totally 1984 ish Rant Rant,

"has, on 10 September 2021, received notification from its appointed solicitors that an Adjudication Claim had been served against Enquest Petroleum Production Malaysia Ltd (“ENQUEST”) on 6 September 2021 through ENQUEST’s appointed solicitors for the total sum of RM73,570,587.19 (“Outstanding Sum”)"
I would say the relevant word is "Adjudication " when two parties disagree the court will adjudicate, suppose it was too much for Judge Rinder to handle, agree with Chilting could be a knock on from the Riser problems in some context, we have been billed for something we contest and the court will decide and both sides will abide by the decision.

Apparently Enquest could turn all those disused oil fields into energy storage facilities another way to go green?
https://www.power-technology.com/features/featurecould-depleted-oil-wells-be-the-next-step-in-energy-storage-5680002/

Magnus is huge and am glad we have got it! 20k a day 2022
http://www.oilproduction.net/files/coiled_tubing_handbook.pdf

Krakenoil I agree with Pelle it will go through I'm sure, but what is the point of bigging it till it has.
L3 not sure of your stance on deal, of course it was agreed by both parties. The oil price has made the deal a fantastic bargain at the this point of time. I bet we couldn't buy the rest of GE on the same terms.
Magnus its value to us has been less than hoped because of the oil price being lower I take your word for BP getting $475m from the transaction so far, but would be more impressed if you can give how much Enquest have received. We have to remember BP owned Magnus 100% so the $475m plus what they continue to receive was theirs anyway. With the higher oil price Magnus gives us much more than it gives BP going forward. If your $475m to BP is correct that has all been recovered by Magnus revenue FCF. The 50% profit on 75% stake that BP continues to receive is after costs so so future drilling costs are recovered before any profit share. The more we pay BP the better.

Could the low key GE in the update and accounts, just be that the deal is not completed if you have a fantastic bargain its wise not to keep banging on about it, seller and his shareholders probably wish they could turn back clock. Just let it happen and then readjust our expectations from new situation.
I agreed a property deal once, fantastic seller and me were happy but estate agent poked his nose in and scuppered my plans. Not suggesting GE will not close but till fat lady sings shush.

https://www.energyvoice.com/events/offshore-europe/349331/enquest-magnus-great-future/

Anyone have some spare pumps bet there were some good one's on the thistle platform.

I accept the £2m trades are wrongly listed on this site, an incredible amount that would have pushed RB to Par. But still lot of recent activity bodes well.

The big players are showing the way 3rd £2m buy in retail bonds in last few days just gone through, they must have heard Krakenoil was buying up all the equity so went after the bonds.
Just patience required GE completion in few days could be the trigger but it will happen!

I think it is clear that the automated trading systems are in control at the moment the O trades from PI's show little interest in selling. It could be all about lowering PI's expectations so on GE bounce they get the sells?

I think it is all about the transfer from PI's to II's they will allow price to rise but not till all the skittish have been fleeced, funny that Investors Cornicle only read by small PI's comes out with complete garbage at this time, it may be retracted but served its purpose, GE to complete and oil still over $70 have patience.

Just seen presentation on Enquest website. And for anyone like me Non accountant but like's to make sense of figures I found page 15 on the Movement of net debt inciteful it gives Net CF at $247m then lists were that money went like $12m to BP magnus contingency, It shows what has to be deducted from Net CF to get that headline FCF I get confused with.

Hi L3
We must not forget in H2 we have $47m added cash from OO to come off debt.
In H1 we only reduced net debt by $96m but as you pointed out earlier net debt was $40m higher at 31st march and we had PIK debt increase in H1 we must have had dramatic turnaround in Q2 not able to understand accounting. Will have to stick with fag packets but hopefully AB was being cautious on production he gave confidence in list of actions being taken to increase it but at same time stuck with present production as forecast. GE to add about 2k to production was sticking to prospectus 10k that would be 2.5k hopefully he is cautious with the projected $75m readjustment to GE price on completion we will see. I got your point on fuel costs putting up opex for the year.

Brilliant Dumbly email that to Enquest Investor relations.

PYUECK
You have said you would sell Bonds at 90p then at 95p you had the chance now at 93p why do you not do it. Is it because you have heard Enquest say they are looking to refinance Bonds ASP so you are hanging on now for redemption at £1 the same as me.
Enquest have not changed there estimate of production just warned that they expect it to be towards lower estimate, mainly because of Magnus that means that will pay less to BP so it will not hit our FCF 100%
But debt reduction is still main priority, drilling is for 2022, Magnus 2 wells Malay get 4 wells GE possibly 1-2 wells didn't hear Kraken.
EP has offers on it but keeping till next year as may re-use ourselves?
They kept low key about GE but did say expect to add 2k to this years production. FCF of $141m below my hoped for, L3 was nearer with his $120m, but hedges in place mean H2 will be much better and we don't have any drilling etc this half so its coming off the debt.
Time for the transfer of shares to the Institutions as PI's quit early in my view.

Hi L3
Accountants have a job to do, I am sure ours have done nothing wrong other than what the rules allow. But as you said, net debt did go up in Q1. Other than the deposit on GE and costs for Bentley purchase these should have been covered by FCF which should be very good? can't see explanation.
As for my 45p target that is the sell half and let rest ride price, I hold retail Bonds bought at 30p that I will hold till redemption, so I am too weighted in Enquest but confidant will be able to destress soon.
ATB

Hi L3
As FCF is an accountant defined variable I think I hold it as of less value to me as an indicator than I did. It could be as high as Pelle and me believe as things like the purchase of Bentley and the associated costs will likely be from FCF but it could also be that bills from last year were deferred to this year to give FCF in 2020 a boost. Long term the accounts are the position company is in. But Accountants manipulate to short term picture. I remember the overtime we had at work to get jobs on Machines by the end of financial year to generate invoices to that years accounts.
The accountants at the bank liked Enquest's figures? as they lent us $600m at 4.25% now we must get Retail Bonds repaid ASP as they are in sterling at 7% figures and plans for future out next week and my 45p will become reality sell half and let rest ride, stress free!
ATB

Hi L3
I get your point as have found your figures on page 252 in prospectus and I have to say your cash equation makes sense, I can find no reason to where the money has gone we had positive inflow of cash during that period, we purchased Bentley for small sum and a deposit on GE? I will have to wait for next accounts. The old adage says accountants can say whatever you want with figures.
Only figure I am really interested in is a share price of 45p all the rest just fills in the time, good to chew the cud though.

" Projected outstanding balance at end June-21 "
I had seen and noted that Enquest put those debt figures that had been reduced from 31st Dec figures except the credit facility that was same. And as the figures clearly state outstanding June 21, and not Net outstanding . The real question is the cash balances?

Debt costs in H1 majority was paid in PIK