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Being impacted by the amount of selling being done by Jupiter. I guess Jupiter needs to raise cash from somewhere. Down from about 25% to about 12.5%.

Thanks for the update Pape.

My view is that it was a decent update, no shocks or surpises to either the up or downside. It could be described as 'boring' or 'stable' depending on one's state of mind.

The positive for me going forward is the price of oil, which is currently now higher that for H1 and if this remains the case should help further deleveraging by end of 2023.

Hi BD, it has gone up quite far as you say. the director buys a few days ago is a really good sign. who are the competitors in this space?

Zippy, I'd also add to the renewable versus gas fired energy cost comparison equation that because renewables can't effevtively be stored that you also need to build alternatives (nuclear, gas, oil etc) which needs to be factored in so the renewable cist is actually massively more expensive because of the redundancy required.

I'd think that despite the low floor (from memory EU floor was $80+), this is both positive and timely for Enquest.

The RBL is due to be reviewed at the end of June and this announcement should provide an increase in funds available under the it which should give Enquest a bit more flexibility going forward.

Does this mean we aren't happy with Golden Eagle "EnQuest has continued to deliver strong operational performance across our operated portfolio during the early part of the year.

Good spot Romaron.

I'm wondering if this is setting up a scenario where ENQ takes a bigger stake and takes over operations. The deal would need to involve limited initial cash outlay but that's something ENQ is familiar with.

Well that post didn't age well...

Update went down like 99 lead balloons.

I am looking forward to some positive news tomorrow.

Looks like a bit of a small move this morning ?

Yes, he covered that..in summary, and not directly quoting him...an administrative oversight, they were all prepared and just not sent.

I agree with you AIM regarding the 'energy' from AB and his team this morning. It was like watching a post match interview on Match of the Day when their team have just lost a goal in injury time to draw the game.

Decent results as largely as anticipated. The takeaway for me from the verbage is ' watch this space we will be aquiring NS assets'

Nice bonus.

Thanks again Kamrat, and I agree we will need net debt circa 500k which I’m expecting us to hit at the end of March 2023 alongside the Final results. At year-end 2022 you have net debt at 637k, I’m hoping it will be lower and that bond buying on the open market is already underway.

When the EPL was announced my estimate was in the 10-20k zone (toward the lower end) and whilst I no longer have that '*** packet' I still believed that the EPL will be at the lower end of estimates posted on this board. Since the initial EPL announcement however, we have had EPL Version 35% which alters my thinking somewhat. My gut is based on nothing more than human nature and financial wizardry. I’d also add that if I was AB I would have Mr Swinney (ex Finance Director without portfolio) working on understanding the EPL and 'organising' the books to ensure we maximize relief and where opportunity allows pay more at 25% than at 35% from 01/01/23. If I'm correct this is could push the EPL for '22 higher but at the same time reduce it for ’23 as reliefs slip into ’23. As you say we will know soon enough though we may need to wait until the end of March for the EPL number.
On the EPL I'm a little bit unclear from your s/s how much you are forecasting for EPL in '22 as you have 56k for 2H and 12k for 1H 22 (1 month) but this 12k is 'scored through'. Are you forecasting FY 2022 EPL to be 56k or 68k ?

Thanks again

R, I am very happy with the creation of the post of 'Department for Energy Security and Net Zero, which will be responsible for long-term energy supply, bringing down bills and halving inflation.'

Whilst I'll reserve judgement on the Grant Shapps his remit appears quite clear...'Get a joined up plan that makes sure we a realistic road map to get to net zero, AND make sure we have appropriate investment in the NS to allow us to get there'. In my book he will not be able to do that without adult dialogue with NS producers to address stability, investment, and tax regime. It probably won't happen but he should form a cross party working group on this. The inclusion of the inflation target in the brief is useful and means production volumes and subsidies as well as the algo's used to calculate the price of retail energy will also come into focus.
Only surprise to me is that it's taken 'til now to get this in place.

I remain steadfast in my belief that 2022 was the year of 'heavy lifting' and 2023 will be year of 'reward'.

Amos Hochstein (Bidens go to man on O&G) on CNN.
https://twitter.com/SquawkCNBC/status/1618237659259748354?t=HZJ3CZL2ylGzWsqDpuRsyQ&s=19

Top Man, Kamrat thank you once again. I hope it wasn't ENQ or EPL that caused your medical issue ;-)

Smallish holding, but it's the thought that counts...

I see what's in it for Tailwind/Mercuria
I see what's in it for the Board
Too much risk for limited reward (if lucky) for investors.

Jan, I think you have hit the three biggest nails on the head, or as near enough to make no difference.

1. Net Debt
2. 0.5 Ratio
3. Buybacks

We are almost there...