Member Info for Walter479

Pelle, the economic transfer of the cash flows relating to GE has already happened as per the RNS so when you refer to current operations, I can not tell you what the FCF or net debt is with any degree of accuracy I am afraid. I am invested here and I think the rise in the POO is obviously welcome. That is reflected in the move up from the teens. However, certainty around the terms of the refinancing eg pricing of the RCF and a general strategy of how ENQ plans to replace its 2P over the medium term is probably needed for the consensus to ascribe materially more value to the company.

Krakenoil, certainty (allbeit with some standard caveats) over their capital structure (see release below). Thats what is going on.There have also been some massive inside buys from Samuel Dossou-Aworet. Certainty and 'a plan' justifies a move. ENQ has not delivered certainty or 'a plan'. Our time will come but PR is somewhat to be desired with ENQ.

"Tullow has been reviewing its business plan and operating strategy with its creditors and their advisers. The plan is expected to generate material cash flow and create a solid foundation to address near-term debt maturities. Tullow's low-cost asset base is leveraged to oil price upside. As part of the ongoing refinancing discussions, Tullow has now received approval for a new debt capacity amount under the Reserve Based Lending facility ("RBL") of $1.7 billion. With this new debt capacity agreed, Tullow has liquidity headroom and free cash of c.$0.9 billion. The combination of strong business delivery, increased liquidity, recent asset sales and higher commodity prices is providing a positive impetus to constructive discussions with creditors. The Group is confident that a mutually satisfactory agreement on debt refinancing can be reached in the first half of this year."

When are people expecting this refinancing/GE prospectus to come out? After year end results? The sooner the better for obvious reasons - creating certainty around capital structure and base platform.

Why have they done that? Producing UK field with rule of law at their backs and an upswing of an oil price cycle upon us. Then going into Egypt?! Wow, talk about impulse knee-jerk M&A

Grossed up, 2P for Kraken at 31 December 2020 is 77mmboe, with ENQ share at 54mmboe. Can the O&G engineers estimate a remaining reserve life at a current production rate of 32.5kbpd in 2021 as the mid point of guidance? 5/6 years? We need to be thinking fast how to replace this 2P simultaneously, while big gobs of debt are deleted. There is little, probably zero, terminal value being ascribed to ENQ market cap at the moment. Market needs to see acquisitions of end of life fields and shrewd structuring of 2P transactions with EOR capabilities being used.

the rns today is to state he received his bonus in shares? The nil cost share grants are on top of this

either way, i agree with you. This has angered many people i know. how can the remuneration committee approve this? The share price is at historic lows and they are paying out 0.5% of the share capital of the company to a CEO? Imagine if Apple did this. how is it any different? the market cap doesnt matter. I am not on ADVFN but if someone could ask for opinion there i would be grateful. I am outraged as its really not on given that amount - £2.2m!!

you havent read the announcement properly. The ceo was awarded 750,000 shares at nil cost which equates to £2.2m and dilutes you. The company incurred losses in 2020 and did not perform. I find it pretty excessive and disgusting

https://otp.tools.investis.com/clients/uk/hunting_plc/rns/regulatory-story.aspx?cid=501&newsid=1459192

Yes, £100m of debt, not equity. That kind of matters....

They wont do an RI for £100m. That would delver the company to practically zero net debt. The business can support a healthy level of leverage given the cash flow it generates, when the business can do business. At the moment it cant conduct business. Many posters seem to have talked themselves into this 'huge dilutive nasty rights issue. Through self-reinforcement it has made people nervous and they have sold into firm institutional hands, which is not a good idea. Take a breathe, relax and let the cards play out over the coming weeks. Ignore the volatility, set it and forget it and look at the share price in a few months.

The article felt like a plant. Very emotive language used - distress, circling, broken down. Company will communicate when its worth communicating.