Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
First impressions..
As the Jefferies guy said I liked the look and feel of the new refreshed team.
I'm anticipating a large(for ENQ) UK M&A deal to be announced this year.
I am more positive on the forward direction than I have been over the past couple of years Irrespective of the UK fiscal regime.
Interesting Tommo re your hedges comment.
I'm doing this from memory so may nor be exact bit will not be far out..
In 2022 ENQ realised losses > $200 m on the hedges. The hedges were mandated by the RBL. It mattered not a jot whether the RBL loan was $900M or 90 cents the hedges were required at level unrelated to the outstanding loan ( only the original loan amount)
When the ne RBL was being negotiated ENQ were able to agree more flexible hedges and we are now reaping the benefit of that.
My view is that the uptick in debt reduction is in large part due to the change in hedging strategy.
If I'm reading this correctly then as I write net Debt is down to $420M as the Bressey/ FPSO cash landed in January and we have had another 6 weeks of production. This is a beat and we should see it reflected in the sp today.
Https://www.shetnews.co.uk/2024/02/07/sullom-voe-terminal-connected-grid/
Londoner, I listened to the same Drew Hendry interview and arrived at the same conclusion as you. This represents a change in position even though they would not come out and state that...the oil tanker in turning.