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Great result. Puts to bed finance for 5 years.
We are now in a much better position.
I said at the end if last year/start of this that 2022 would be the year of the 'heavy lifting'. 2023 will be rewarding.
Soder, re ENQ you are looking at the trees when you need to look at the wood.
2020 Bond interest = $73.5 million
2021 Bond interest = $69.1 million
2022 Bond interest = $65-$70 million
2023 Bond interest = $48million ( and that assumes a 12.5% coupon for the new issue)
NB the new bond is for $300m which is less than the 1H 2022 free cash flow.
Soder, you are entitled to your opinion and views however you should at least post accurate info. It was with this in mind that I sought to allow you to update yourself. I will stop now.
PS the coupon is 9% not the 12 -13% you state, that's just one of your misconceptions and I can't be bothered correcting any more.
Soder, you are entitled to your opinion and views however you should at least post accurate info. It was with this in mind that I sought to allow you to update yourself. I will stop now.
PS the coupon is 9% not the 12 -13% you state, that's just one of your misconceptions and I can't be bothered correcting any more.
Soder, you may want to update your views on Enquest. My understanding is the both S&P and Moodys already are.
Here is a link that may assist..
https://www.enquest.com/fileadmin/content/press_release_pdfs/2022/2022.10_EnQuest_Credit_Update_-_vFinal.pdf
After the positive drilling results it looks like the mediation has hit a snag, let's hope it is a small temporary hiccup.
https://www.aljazeera.com/news/2022/10/6/israel-to-reject-lebanons-proposed-changes-to-gas-deal-official
Your correct Jan, what I should have said is that the US is a net exporter of oil (has been for 2 or 3 years). It does import,as you say, but the vast majority of this (70%-80%) is from Canada with Mexico the second highest exporter to the US accounting for 10% of imports.
My point is that the dependence on Arab oil imports, which is what the SPR was set up for is trivial and we should not assume that the US is likely to be rushed or panicked into restocking the SPR after the elections.
As I said earlier I think they will restock, at least to some degree, but I think they can afford to be leisurely about it.
KO, he (Biden) may not even need to refill it.
The SPR was put in place during the '70s when America was dependent on Arab oil and the Arabs imposed an embargo. Today the U.S. is self sufficient in oil so there is an argument to say that the SPR is surplus to requirements. I happen to think the will top it up again (as it's a useful tool against high oil prices in election years) but I don't think there will be any mad rush to so after November
Nice little piece in the Times today with something for everyone including Chilts.
https://www.thetimes.co.uk/article/enquest-offers-something-to-capture-the-imagination-rgh2gw0rr
We need to keep things in perspective..
When ENQ announce the Golden Eagle deal on 4/02/21 the Brent price was around $53/bl. The operating and capital costs of production were $25/bl. The deal included a clause to ensure that if oil went up to 55$/bl, ENQ would pay an additional $25M to Suncor, if Brent went to $65/bl then ENQ would pay an additional $50M.
Today oil has slumped to £94/bl.