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Some interesting numbers there Stevo.

I've not rewatched AB's pitch but from memory, a couple of things stood out, numbers aside. 1)AB saw this deal getting ENQ to a proper 'scale' (>100kBoed, FTSE 250), making future deals and financing much easier. 2) NS companies were burning through their tax losses at a rate of knots and very few would have losses left soon, whilst ENQ, due to the size of its losses would have plenty left in the kitty. I'm expecting ENQ to do further deal/s and in the NS to leverage those losses.

It was interesting that SQZ stated they saw SEA and area for expansion into during there CMD. I suspect the merger will be getting wheeled out and dusted down again.

Https://docs.google.com/spreadsheets/d/1bJ3AQm_-7Tn6C5bxF6lc-x7X6eXwPLF8H2KdDxmCYw4/edit?usp=drive_link

Aim, can I suggest you use Tarmac/Kamrat's excellent spreadsheet, which contains FCF and net debt forecasts for 2026, 2027 etc. He updates it on a fairly regular basis and makes it available to all via Google Drive and will happily engage with you should you spot any issue or error.

Today's announcement was not an Ops update; it was an AGM statement shared for those not attending the AGM.

I would expect an ops update at the end of this month or during the first week in June, once the retail bond has been redeemed, when a clearer picture in respect to debt emerged.

There is a growing queue of companies in the UK in trouble as shown by teh latest Red Flag report.

N.I. and Min wage were starters for 10 but the energy cost impact which has been amplified by Millibands EPL, no drill baby and green levies are killing business's across the UK which will benefit BTG greatly.

If you are looking for a UK investment, then insolvency advisors are the way to go.

Brent averaged $81 in Q1.

Steveo, I'll say it again...Unless you have changed your Production forecast (you had NS at 23-25 Kboed for 2026 a few days ago) all your numbers are worthless.

Kamrat/Tarmac produces an excellent spreadsheet, which he makes available to all with a much better forecast.

He has NS production at 30Kboed and SEA at 15Kboed, which matches the upper end of the Enquest forecast of a couple of days ago. Amjad's statement, again of a couple of days ago, was that for 2026 the production split between the NS and SEA will be roughly 2/3rd 1/3rd.

Steveo, there is a problem with the production figures you are using.

I understand how you are calculating (using ENQ guidance) but the numbers do not square with the presentation of a couple of days ago. I've looked at the target production graph (page 7) in the presentation (which is Net Kboed) and is shows NS production dropping by about 2Kboed net during 2026 over 2025. I'm not sure why there is a difference between this chart and the numbers you are using. Perhaps the ENQ production guidance needs updating or your numbers are not net or Page 7 did not factor in the now overcome NS outage.

Oops I forgot that it's against African law to read a doc whilst travelling by elephant with no access to carrier pigeon.

Mike, 'what's a few days more'....where is the competent person travelling to?....the moon?

Steve. for me it's not a big debate. Diversification into Asia and Gas is strategic and a big plus. Clearly, Amjad thinks so also.

Kalan!, you're correct to highlight Leon's history of, let's call it 'exuberance' to be kind.

Listening to the last Roast Interview however he was much more constrained even when being prompted by the Interviewer 'there could be gold there' (or words to that effect) he was very constained and I don't think he even mentioned cobalt. Perhaps he has learned from past m8stakes and we are in the process of turning the corner.

Going forward I'd like to see...

1. Realignment of FY with 01/01/26 if practical. (ground zero for JLP Copper) and alignment with CY.

2. Publication of an investor/financial calendar for 2026 (results, ops updates, AGMs, etc)

3. Dated production roadmap/plan over 3 or 5 years by 'pillar'

4. Alignment of any CEO management incentives against the production roadmap/plan and share price.

5. Preference for buybacks over dividends however, as long as the management incentive plan is properly structured, I'm happy for the board to call this as they see fit.

In its 20 for 26 Peel Hunt has tipped Enquest.

'The bank adds that North Sea and Malaysia-focused oil and gas firm EnQuest

ENQ is at a “compelling entry point” for investors given the growth expectations for this year. Its price target is 133% higher at 24p..

From the RNS of 6 weeks ago..

'The Company expects to deliver its audited results for the financial year ending 30 June 2025 during the second half of November 2025.'

The Jubilee Way

Perhaps, only perhaps the EPL leak is teh link between Oil and Gas in the EPL is to be broken.

If JLP announced a Christmas Lunch on December 23rd 2025. On what date will it actually be held...

a) 18th January 2026

b) Sometime in February

c) Switch it a Diwali celebration in October 2026

This is a major step forward for Engine & Starling and CHRY by default.

PS 'Nam sells at a 10% premium to Brent.

Steveo, Vietnam brings down the breakeven cost per barrel by 5%.

Brakeven cost of Vietnam is $40 as stated yesterday by the company.

Vietnam adds 5K boed to the 38kboed.

If we assume $70.boed average before 'Nam, the average reduces to $67 after 'Nam is added.