Enquest Share Discussion Threads

[careful] 12/3/2019 09:04

260m market cap, supposed to have £760m net assets.

don't you just love modern balance sheets?

[colebrooke] 12/3/2019 09:03

If POO keeps on rising and Magnus overdelivers against expectations whilst Kraken is sorted out this will turnaround.I think the market has over reacted here somewhat.Short term pain here.

[svenice7] 12/3/2019 08:59

Hopefully its not as bad as it all seems and this is all priced in. Financial results will tell us the truth on the 21st March.Oil price is steadily rising too, so you could see us at 25p in a month...

[stupmy] 12/3/2019 08:48

Might be close runner, this might be capitulation, but I wouldn't rule out seeing 15-16p.

[runner2018] 12/3/2019 08:46

all stops taken out by now

[stansmith3] 12/3/2019 08:41

well i hope it works out for you and anyone buying herenot for me

[deanroberthunt] 12/3/2019 08:41

amazing how truth, evidence and facts aren't enough now.....well, for a long time, easier just to throw mud and persecute those that are merely right....usually because one has no defence or the facts don't align with ones confirmation bias....this is what the alt left liberals do

[jotoha2] 12/3/2019 08:36

Looking just great Stans , will take another 300k when it hits 15p

[stansmith3] 12/3/2019 08:18

im looking forward to hearing onedeuechbags explanationmaster kleenex probably sitting on the bog right nowjotoha2, hows following the money working out for you?and we still have the results to look forward to

[ammu12] 12/3/2019 08:12

Expecting this to go a bit lower

[sleveen] 12/3/2019 08:07

Clearly CNE and ENQ discussed this prior to announcement.

[stupmy] 12/3/2019 07:44

For the moment, it's the way the market sees things that matters. The market is likely to take a conservative view.

[steve73] 12/3/2019 07:36

That's an interesting divergence between Kraken partners.

Cairn claiming a 19% loss of reserves, ENQ believing no change. This does suggest that ENQ think the lower plateau rates will be maintained for longer, although a later production does impact the value, both lower NPV and increased Opex & Lease cost if we have to extend the operating life to recover all the reserves.

It also opens the possibility that Cairn may prefer to sell their share to us or perhaps another who might see things ENQ's way. Might be a bargain..if it's us that are seeing thing correctly..!!

[american idiot] 12/3/2019 07:30

Actually good news DRH as a lot of us thought there was a good chance of an impairment regarding Kraken however from the horses mouth :-

While the Group's audit of the 2018 financial results is not yet complete, the Group does not expect to recognise any impairment charge related to the Kraken asset.

The FPSO seems to be the problem rather than anything underground.

[deanroberthunt] 12/3/2019 07:26

just what it needed, more bad news

[american idiot] 12/3/2019 07:20

Enquest RNS response...

EnQuest PLC, 12 March 2019

Kraken 2P reserves



Earlier today, Cairn announced their full year results which included a 2P reserve downgrade and associated non-cash impairment charge at Kraken. As operator of Kraken, and following an independent third-party audit of the Group's reserves position at 31 December 2018, EnQuest can confirm its estimate of Kraken's 2P reserves, remain materially unchanged.

EnQuest and Cairn utilise different technical approaches to Kraken production forecasting in preparing their reserve profiles for their respective auditors, which has led to this difference in reserves estimates.

While the Group's audit of the 2018 financial results is not yet complete, the Group does not expect to recognise any impairment charge related to the Kraken asset. EnQuest will report its financial results for the year ended 31 December 2018 on 21 March 2019.

[chrismultisante] 12/3/2019 07:19

No change in reserves for Enquest.

[chrismultisante] 12/3/2019 07:18

EnQuest PLC Kraken 2P ReservesSource: UK Regulatory (RNS & others)TIDMENQRNS Number : 5673SEnQuest PLC12 March 2019EnQuest PLC, 12 March 2019Kraken 2P reservesEarlier today, Cairn announced their full year results which included a 2P reserve downgrade and associated non-cash impairment charge at Kraken. As operator of Kraken, and following an independent third-party audit of the Group's reserves position at 31 December 2018, EnQuest can confirm its estimate of Kraken's 2P reserves, remain materially unchanged.EnQuest and Cairn utilise different technical approaches to Kraken production forecasting in preparing their reserve profiles for their respective auditors, which has led to this difference in reserves estimates.While the Group's audit of the 2018 financial results is not yet complete, the Group does not expect to recognise any impairment charge related to the Kraken asset. EnQuest will report its financial results for the year ended 31 December 2018 on 21 March 2019.EndsFor further information please contact:EnQuest PLC Tel: [phone]Amjad Bseisu (Chief Executive)Jonathan Swinney (Chief Financial Officer)Ian Wood (Communications & Investor Relations)Tulchan Communications Tel: [phone]Martin RobinsonMartin PengelleyNotes to editorsENQUESTEnQuest is an independent production and development company with operations in the UK North Sea and Malaysia. The Group's strategic vision is to be the operator of choice for maturing and underdeveloped hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its UK operated assets include Thistle/Deveron, Heather/ Broom, the Dons area, Magnus, the Greater Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken; EnQuest also has an interest in the non-operated Alba producing oil field. At the end of December 2018, EnQuest had interests in 18 UK production licences and was the operator of 16 of these licences. EnQuest's interests in Malaysia include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract, both of which the Group operates.Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectation and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.ENDMSCEAXDAFEXNEEF(END) Dow Jones NewswiresMarch 12, 2019 03:11 ET (07:11 GMT)

[american idiot] 12/3/2019 07:14

From Cairn Energys results today.

Kraken

Gross production from Kraken (Cairn 29.5% WI) averaged 30,300 boepd in 2018, which was below expectations. Production levels were most significantly affected by production system outages on the FPSO, weather-related incidents and higher water-cut than originally expected. Cairn is working with the field operator and FPSO contractor to achieve improvements in the uptime of the FPSO and a planned shut-down is scheduled later in 2019. Reservoir performance has been evaluated and at year end, Cairn's estimation of Kraken 2P reserves has been reduced to reflect current performance. This has resulted in an impairment of US$166.3m in the carrying value of the Kraken asset. The JV is evaluating further investment opportunities in the Kraken area to provide new drilling opportunities in 2020.

The DC4 subsea infrastructure was successfully installed in H2 2018. The three-well DC4 drilling programme is ongoing and remains on schedule with production onstream from the first DC4 well.

Downward revision of 6.8 mmboe (19%) in the Kraken reserve estimates

[stansmith3] 11/3/2019 15:13

cielos is the newest member of master kleenex pee your pants brigade on a .3p rise i see

[cielos] 11/3/2019 13:30

Holding at lows of the day and on last Friday closing
Brent is spiking at the moment and trying to reach the intraday high of earlier and is well up on the day.
Needs to bounce from this point, a good platform on the 2 days chart shows that it wants too.