Member Info for Tommo1985

IMO this is good news. It will be a lot easier for RKH to collect from a Global escrow bank than enforcing against Italian possessions. And if Italy don't pay up into the escrow bank then they are in breach of the order and hopefully the appeal would be dismissed on a summary basis, or the enforcement stay could be lifted.

Once the cash has already had to be paid over by Italy, unless they have a decent chance of overturning the judgment, it's just running up extra legal costs. Someone in government is going to have to write a big cheque or wire transfer a number with lots of zeros. The case is just a nuisance until that happens.

Going to have to issue another $1m placing at least, unless it can re-finance with another lender, even if its assets are not taken by the floating charge. Tough days here.

Good results but they are going through high grade ore atm.

Because all the profits are being stolen by windfall tax or being used to pay down debt and to bond holders for debt interest.

Wow. Including Russia’s cut that’s -1.5 million barrels into an already fairly tight market. Not sure whether we’re looking at $90 or $100+ oil but that’s going to have a hell of an effect (assuming they do as they say).

Any hope of inflation coming down just ended imo.

Hmmm. I said this was overvalued at 196p and again at 180 and it’s now 147p or down 41% since it’s overvalued IPO.

At the current price it’s still double the EV it used to be when it was taken over as a 50k barrel producer. It’s now a 70k barrel producer. So ideally I’d be buying at 103p as an equivalent target price, however I did think it was taken over very cheaply so perhaps we might not quite get there. Though it doesn’t seem to be turning around much so far, especially if dividend gets revalued.

Not sure it anyone has been following the bank failures and runs. Worth mentioning that the fed’s balance sheet has expanded by $297bn in a week, undoing half of their QT over the last 4 months. If bank runs continue then significant amounts of money printing and thus inflation is a lock.

Oil historically has done well in inflationary environments. The question is whether ENQ is the right place to play it or not. Mainly given the government and oppositions desire to steal all our profits. But at some point they can’t steal any more without falling foul of the energy charter treaty that would create a lovely lawsuit. All worth bearing in mind.

I hold here but am likely buying overseas stocks in Canada or the US as I am fed up with our thieving government.

If you have a nice letter, I have the dubious honour (sic) of living in Leeds West. Home constituency of Rachel Reeves the labour shadow chancellor. I’d dearly love to post her something suitable Romaron.

The problems here are numerous.

1) If oil price goes up, government keeps 75% of the upside
2) Net debt is big enough we basically are just paying that off for the next couple of years
3) Our tax credits will be used by that point, meaning FCF falls off a cliff
4) On that basis, we are on a PE of 4, may as well buy something else which has easier torque to the upside (no 75% taxes and labour government who say that isn't a proper windfall tax).

Options - sell up and go elsewhere, demand dividends now, be very patient or get the company to invest elsewhere.

Oil demand will soon be at all time highs and keep increasing due to billions of people who currently have no access to cheap reliable energy wanting it, getting richer. Currently there are a couple of billion people using less energy than an American refrigerator. Meanwhile Chinese and Indian populations are moving out of poverty and starting to demand more goods (meaning increased logistics) and motorbikes and cars.

Could always sue one of those groups for libel, as a shareholder you might have suitable standing?

The frustrating thing is the lack of mention of cash in the bank. As a holder who has been shafted regularly by Harry (come on we all have, 4 trillion shares in issue ffs) I want finance updates in addition to endless promises of "nearly there" that have been going on for how many years. Unfortunately the only safe time to buy around here - at least historically - is after yet another placing. Things may be different this time. I just have a healthy dose of cynicism having paid 2p for shares here in the past.

They should be announcing this in an RNS not in a webinar.

How can they do an update and say NOTHING about cash they have left?

When is the next dilution due? Anyone know what cash they have left vs usual spend?

I’m just investing anywhere that doesn’t tax a company at 75% on its profits. Why wouldn’t harbour move its production somewhere else?

This isn’t an environment to stay in. As you say the tax regime has changed for the worse, twice and could get still worse. Run.

It’s getting to the point I’d rather Harbour went Galt and just set it all on fire.

India is doubling coal production by 2030 and the retreat from Green is well underway. All we need is a month of proper cold weather over the next few years and the coup de grace will be applied. Meanwhile the European oil /green majors are now takeover targets for US firms that concentrate on oil and gas, not green.

https://oilprice.com/Energy/Energy-General/Citi-European-Oil-Majors-Could-Become-Acquisition-Targets.html

Back up. Someone is accumulating here but there is only a small free float.

Amjad at Davos:

https://www.youtube.com/watch?v=QL4YJdDdBmw
https://www.cnbc.com/video/2023/01/17/wef-davos-the-future-of-energy.html

Now down 32% since the IPO, and another 26p since the rampers were talking nonsense.

The production numbers simply don't compare well with Harbour or Enquest versus market cap.

It seems to be making the government 75% and us 25% assuming the investments pay off and it is not changed again, and they do pay up.

I'd rather they spent the 25% overseas or gave it back to us...