Member Info for Voiceofreason1

So clearly it was for rest of year (buying 5% of your market cap back in 2 months was never happening). I do agree MLs have been painfully slow but should be noted its been super quiet although average volumes over entire year are still between 5-7m a day depending on whether you take primary or consolidated volumes - so 470k a day clearly still pretty do-able.

Not sure what enquest could really say to be honest - they’ve put the order out there - end of this month they can re-assess and clearly they will aim to complete if they can as its pretty small notional wise

Bressay and bentley are signed off by gov for enq correct?

Interesting that MLs only bought another 277k yesterday and not more given much larger volumes (suppose you could be positive on this as means it really was retail buying that pushed stock - assumption is ML want to avoid any claim of pushing price on day of agm - today will be interesting as its a big volume day in markets as is a rebalance of msci indices - ENQ not directly involved but volumes on close will still be much much higher than normal - how many MLs trade today will be insightful

Would love a rough estimate of overlift as well if question could be asked

Agree with steve that question on rockrose and plans there are key

On general point tho the pay off of the RBL for example amounts to 12.6m saved interest in 2024 which is decent. Be interested for update on what the positive cash balances are earning these days as well (ie the latest 66m for example)

This is the type of day where (hopefully) the buyback really tilts the market in an upward direction - in past days we are mopping up sells but this should accelerate buying pressure (again hopefully)

We’re only 800k from the 15m share buyback done as well - have noticed as percentage of volume we’ve been ticking up on that buyback as well so MLs are speeding up

So i would say slight disappoint on production as we tend to he higher in range this early but debt reduction more than makes up for that - historically we tend to see increase in debt in this update but 66m reduction is great news (although for balance - feb news was a disappointment) - should be noted this update is to end of april not march as normal but still a definite win

Typing - go to enquest homepage - click link to investors and you have a lot of data and dates to look at - other option is media for the press releases

Here’s my main issue with uk epl policy - the epl is basically a tax on british firms and job creators while ultimately being green negative. We are taxing smaller uk job creating firms while not taxing big US or even russian refined oil with the epl - its less green, doesnt help jobs here nor is it really ‘morally correct’

If you want to be green you tax oil to customer - which no politician is proposing seriously - if you eant to eradicate super profits then tax imports but in rwality none of this is happening

I know its politically sensible to not do the right thing but claim you are while bashing firms that are not really the correct target but hey ho i am an idealist i suppose

As to ENQ - and some negative comments - I really dont know what you expected them to do - they had to pay down debt - they are testing waters with this buyback with more to come and the ceo has bought tons of stock personally - i mean its a posterchild for good management

As to update and agm - any new good news will be awesome quite frankly but i am a dreamer

Would love to know opinion on what we will hear on update - what we hope for, what we dream of, and what we might get?

I’d love to see another chipping away at debt (would love to see another 80m off) - possibly an increase in buybacks for H2 - and maybe some clarity on plans on bressay/golden eagle

Pacman - first of all on the property being less stressful - i literally couldnt disagree more! I have property i rent ( short and long term) and also quite a few other asset classes - equities and ENQ clearly bring part of that! Unless you use an excellent agent property is much more stressful in my opinion - shares are easy as long as you have the patience and ability not to get too emotionally involved - no stress - you just have to judge what works and if it still works - property on the other hand you have to take care of at some points and get your hands dirty.

As to your later points on enquest and resetting - now that i am 100% in agreement with - my litmus test is ‘would i still buy stock now’ and to be honest i would. We’ve made amazing progress and inflection point is coming - we’ve had some horrendous gov headwinds but we’re getting there

Always interests me to read this board and see opinions and some well thought out points and also quite a few more emotive ones. I wil be in attendance next week but just to be open on my thoughts of obvious questions and equally obvious answers (or where there are no obvious answers)

1. Share buyback thoughts - i think this will be interesting - i know theres a lot of negativity about the pace and cant hurt to ask if pace will be speed up or additional buybacks will be added - BUT as i have said many times now - 10% volume participation is clearly positive and its not enquests fault markets are slow its just a singular lack of buyers in market outside of them (otherwise price would trend up). We are completely in line to complete the 15m nominal by year end (easily)

2. Thoughts on dividends? Again results dependant and i would personally love divis but at this point and valuation i agree with earlier posters that buybacks are clearly better value as such. Without the current buybacks we would be a lot lower than we are for example

3. Stock performance - i think the question ‘why are we not doing better’ is really quite simple - ‘less buyers than sellers’ and until the logic just gets so strong the market cant resist it thats just a reality we have to accept

4. Bressay plans/golden eagle etc - thats clearly going to be asked i assume and very interested in any details offered

Any others people can think of?

Nice little uplift there to end up on day when ftse and brent are in red - clearly an example of when the buyback is providing a little positive impulse into an otherwise rubbish day for old world stocks

Hey Profit, i agree its not a hard rule at 10% (and to be fair even thats just primary volume not even consolidated) but for them to change massively i just cant see it (but i’ve been wrong before!)

They are committed to buying back 15m dollars in 2024 - i think with rebals etc they’ll be closer than a lot of people here seem to think (we have over 7 months of year left)

It should be noted volumes are rubbish compared to even last quarter comparison (the last month is about half of traded volume compared to last 3 months)

10% (as i said before) is impactful - although they will definitely be disappointed in slow volumes in market compared to a quarter year ago

I would imagine this will be asked at agm - maybe they will raise participation but in my opinion its a bit punchy (i hope they up buyback value and also participation rate but i am just offering my opinion)

I think if anyone expects them to exceed 10% they’ll be disappointed. Msci rebal is friday - lets see how many they do then…. But my expectation is they’ll stick to 10% and just keep the pressure up and if trading volume picks up so will they

Kraken to be honest while its not leading to upward share price i dont have any doubt its helping share price not go lower than it would have. I trade every day in uk midcaps and 10% volume is impactful - there is zero doubt of that - we just have to watch it lap up the sellers and then hopefully see some positive days where it will accelerate the upward move

They were never going to change kraken - MLs would have suggested circa 10% and said ‘if we dont execute we’ll just roll over to next period’ and AB would have agreed. Fact is the volumes going theough on ENQ are rubbish so it constrains them

Should be pointed out that stocks went up from point of election rumour :)

Romaron - clearly isnt right as you say - assume they are extrapolating bp/shell /etc profits and just counting them all as north sea - lazy rubbish but politically it works

Frac - re buybacks and sellers - on motivation of sellers i dont know - you can have big buy plans like buybacks actually trigger sellers as they know there is a buyer out there but whatever the case the buy backs are working as we are buying circa 5% of the shares back (roughly 15 mil in 300m market cap) so its going to have a concussive effect eventually (we hope). Byt even at these low buy back rates we’d be worse off if we hadnt had them in place so all in all its a positive with more to come imo