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Oh yeah, it's absolutely brickin it :-)

SQZ, announced results today and also announced a 15M share buyback which starts today. Not sure why ENQ has still to pull the trigger on these.

I do wonder if we are about to swap GE for Waldorfs share in Kraken?

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.

Solid set of results. Bressay farm in is interesting and we will hear more at 09:30 no doubt, but it is moving forward. Buybacks announced which is also positive.

Stevo, your points have validity but why not ask IR what caused the management guidance to be out? There may be a clear and logical reason behind it.

Dissapointed that neither the ENI board meeting or the market update provided an update on Orion. Rig still on-site and presumably still drilling . Hoping it's not a duster but the longer this goes on...

Anyone know...Klarna fine ?

Hoping for an update tomorrow.

And Stevo told Krak to be more positive..

Re FCF for 2024, I think we may have a 'loss of production' insurance claim from the Kraken outage that may well chuck a another couple of scrotties into the pot.

Https://www.argusmedia.com/en/news-and-insights/latest-market-news/2546112-energean-eyes-next-level-growth-in-east-mediterranean

Yes, about time ENI told us what was happening.

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.

Rom, Flegg will not be missed. He sold SQZ shareholders a pup when he was part of the team that rejected a £4+/share bid only to accept a crap merger with Tailwind. SQZ shares never recovered and are a tad over £2 today. The fact he's going 2 days before an ops update and that a replacement hasn't been announced is interesting though.

IMHO..there are at least three aspects to this..

Firstly start ups/early life companies which chrys investment in require cash during the early years to get going. When interest rates are low this is 'easy' but when interest rates are high this increases costs , changes the risk profile and reduces the amount of future profit in the equation.

Secondly when people can earn 5% risk free from a bank then they are less likely to invest in higher risk investments which means there are fewer buyers. In chrys case this has been amplified by Jupiters decision to sell out (from a holding of over 25%)

Thirdly the IPO market has effectively been closed for almost 2 years so realisations from the chrys portfolio have been thin on the ground. A knock.on effect of this is that the valuations of the portfolio have not had a lot of support from the market in terms of confirmation that the are correct/under value.

The good news is that all of the above is changing and the headwinds are about to turn into tailwinds.

Interesting note from the analyst. I'd add that the forthcoming disposal cash if/when used for buybacks will boost the share price even further and reduce the discount particlarly as the Jupiter selling pressure ends.