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ENOG also has a stake in Scott & Telford which it would happily dispose of.

Hoping for a decent one...

Good update - Thanks

Glad I topped up yesterday but anyone know what driven the jump today?

Jupiter, down to 4% holding now from 12% over the last quarter (and 25% prior). I suspect they will exit this quarter and the downward selling pressure will finally be relieved. Assuming all goes to plan in April I think we could see a significant re-rate.

If I look at this very, very positively I think he could be sending us a message about the 2023 results forecast. IMHO, by wearing the single black he's telling us he's going to 'Beat It'.

I'm a holder of both ENQ and ENOG (Energean) and have been for some time.

IMHO ENOG is not interested in ENQ and never has been. ENOG is at the opposite end of O&G profile to ENQ focusing on developing new fields and predominately gas with the Med being it's core base.

Any deal between ENQ and ENOG would be for ENQ to take over ENOGs UK NS interests. ENOG will happily exit the North Sea if it can find a buyer for it's minority interests in NS operations. The Scott and Telford ops (both operated by CNOOC ) and in which ENOG has a 10% stake are the most likely if indeed any such deals are being mooted.

Hi Stevo, why do you say that Golden Eagle is a dog?

I get that production levels have been poorer than anticipated but the initial $250M payment for it was earned from it in 14 months ( Jan 23). I know there were contingent costs on top and that a final $50M was paid in July. As you know GE is a non-operated asset and is now throwing off free cash .

A Guid New Year to all contributors regardless of view.

IMHO.

The Bressay/FPSO 15% deal the first, others similar will follow shortly as ENQ build a consortium to help them develop Bressay (and Bentley).

One other thought...

If 15% of Bressay/fpso is worth 40M then the remaining 85% is worth 230M which is not far off current our market cap. Undervalued or undervalued...you decide.

I view this as very positive. We all know Bressay needs partners. The upfront cash will drive us closer to our 0.5 target and help enable shareholder returns, be that buybacks or divi's.

Even with oil at $70 the EPL will still apply. It would need Oil at less than $71.40 for 6 months AND gas at below 54p/therm for 6 months also. As the smirking Hunt said at the time he did not expect the floor to be trigerred.

Hi Red, not sure where you get $30m reduced opex from as I read it as $25m in reduced opex. ENQ also have a further 2 months before y/e to reduce debt further so Tarmacs s/s looking good.

All in all a very solid update given they had EPL and final Golden Eagle payments to make in 2H.

Clear water now through to 10/24 and use of puts over costless collars is proving v positive.

I anticipate an opec announcement this week that should help oil prices and next week the choppy waters of the Stockholm delisting will have been calmed.

I look forward to a reflection of the above in the share price over the next couple of weeks.

Was surprised by the Gov fiscal comments but perhaps alludes to something coming down the line.

Stevo & Kamrat, good to get you guys on the same page. These discussions only enhance all of our understanding and visibility of ENQ. Thank you both.

Thanks for that info Romaron, I'm not surprised Kamrat is there or there about. At the end of the day the oil price will be the oil price. It reminds me of the old question. ' How many oil price forecasters does it take to change a light bulb' . The answer is of course '7', plus or minus 10.

*but has based that on oil at $95 for the last 4 months of the year.

Sek, I think your y/e net debt figure is about right. I always use Kamrats s/s as the basis for any analysis and he has it at $512m but has based that on $95 for the 4 months of the year.

I think caution is required here.

Just over a year ago Hezbollah sent three drones out to the FPSO, The Israel Defence Force shot them down but Hezbollah claimed that they had gathered all the information that they needed and had fulfilled their mission. Difficult to say which way this could go. Some skirmishes between Hez and IDF on the border currently so hopefully they don't develop any further but this is the ME and escalation can happen very quickly.

Hi Kamrat, thanks again for the updates.

A quick question if I may. We are now using 'puts' rather than collars to fulfill the requirements of the RBL. This will of course mean we will (as long as oil price stays above 60$/bl mean we will receive the market rate rather than, as in the past, the 'ceiling' amount. This is of course a welcome change for ENQ and we should no longer see the hedging losses appear in the accounts. There is however a cost associated with the 'puts'. I don't know the cost of these 'puts' but I'd imagine it's between 2$-5$ per barrel for each put. My question is have you accounted for these put in your sheets ?

Thanks again and enjhoy the handball

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