Enquest Share Discussion Threads

[gregpeck7] 21/3/2019 07:06

Taking a serious look here. Enq have been battered while other oilers have recovered. Could be some very quick gains to be had on the back of what looks a solid update. If they fix kraken then even better.

[leoneobull] 21/3/2019 07:05

2019 performance and additional outlook detailsAt Magnus, performance has remained strong through the first two months of the year. FPSO performance has continued to limit production performance at Kraken. All DC4 wells are now onstream and, as FPSO maintenance activities are completed, production is expected to significantly improve. We continue to expect to deliver gross production of between 30,000 and 35,000 Bopd from Kraken. Elsewhere across the portfolio, aggregate production has been broadly in line with the Group's expectations.2019 production is expected to grow by around 20% to between 63,000 and 70,000 Boepd, primarily driven by Magnus. Production from DC4 at Kraken, where all three wells are now onstream, and the anticipated improvement in performance at Scolty/Crathes following the installation of the replacement pipeline scheduled for the third quarter of 2019 are expected to offset natural declines elsewhere across the portfolio.The successful delivery of the capital programme, which includes drilling at Kraken, Magnus and PM8/Seligi combined with project-related expenditures at Scolty/Crathes and Thistle/Deveron and the Dons, will underpin production during 2019 and beyond.Debt repayment remains the priority for the Group, and will be enabled through its improved cash-generation capability combined with its focus on cost control and capital discipline. In March, the Group reduced its credit facility by $55.0 million to $730.0 million, ahead of the scheduled amortisation due in April, which now has a balance due of $50.0 million. At the end of 2019, the Group expects overall net debt to EBITDA to be approaching 2x, with the Group intending to operate between 1x and 2x in the future.

[leoneobull] 21/3/2019 07:02

TIDMENQRNS Number : 5123TEnQuest PLC21 March 2019Results for the year ended 31 December 2018 and 2019 outlook48% production growth and debt reduction delivered in 20182019 production growth and debt reduction driven by Magnus21 March 2019Unless otherwise stated, all figures are on a Business performance basis and are in US Dollars.2018 performance-- Acquisition of additional interests in Magnus and the Sullom Voe Oil Terminal completed in December-- Group production averaged 55,447 Boepd in 2018, up 48.2% on 2017-- Revenue of $1,201.0 million (2017: $635.2 million) and EBITDA of $716.3 million (2017: $303.6 million); higher volumes and realised prices, partially offset by the impact of commodity hedges-- Cash generated from operations of $788.6 million (2017: $327.0 million) reflecting higher EBITDA-- Cash capital expenditure of $220.2 million (2017: $367.6 million)-- Cash and available bank facilities amounted to $309.0 million at 31 December 2018, with net debt of$1,774.5 million (2017: $1,991.4 million)-- Net 2P reserves of 245 MMboe and net 2C resources of 198 MMboe at the end of 2018 (2017: 2P reserves of 210 MMboe; 2C resources of 164 MMboe); growth driven by acquisition of Magnus2019 performance and outlook-- Average Group production expected to grow by around 20% to between 63,000 to 70,000 Boepd; production has averaged 67,700 Boepd in the first two months of the year-- Operating expenditure expected to be approximately $600 million, including additional interest in Magnus-- Cash capital expenditures expected to be approximately $275 million; includes a combined total of approximately $100 million related to deferred payments from prior periods and phasing of spend from 2018, mainly DC4-- EnQuest has hedges in place for c.8.0 MMbbls of oil. Approximately 6.5 MMbbls are hedged at an average floor price of c.$66/bbl. In accordance with the Oz Management facility agreement, the Group has a further c.1.5 MMbbls hedged across 2019 with an average floor price of c.$56/bbl-- Group's credit facility reduced to $730.0 million following early repayment of $55.0 million-- End 2019 Net debt to EBITDA ratio expected to be approaching 2x; EnQuest's target is between 1x and 2xEnQuest Chief Executive, Amjad Bseisu, said:"In 2018, the Group met its financial and operational targets. Production increased by 48%, just above the midpoint of our guidance, which, along with strong cost control, drove a significant improvement in cash generation allowing the Group to reduce net debt."FPSO performance has been the main limiting factor in achieving Kraken's full production potential. As such, our clear operational priority is to improve Kraken's FPSO uptime and efficiency. We are working with the FPSO operator on a number of improvement initiatives."We are committed to further reducing our debt, and expect our net debt to EBITDA ratio to trend towards 2x this year and intend to operate within our 1-2x target in the future."The acquisition of Magnus has added material value to the business through significant production and reserve growth, and the application of our production enhancing capabilities are already improving performance above original expectations."In the near term, we remain focused on investing in short-cycle projects which maximise cash flow and allow us to deliver on our plans to reduce our debt. We have opportunities for low-cost material growth in near-field, short-cycle infill and tie-back investments, particularly at Magnus, PM8/Seligi and Kraken."Longer term, our capital allocation will balance investment to develop our asset base, returns to shareholders and the acquisition of suitable growth opportunities."

[gregpeck7] 21/3/2019 06:37

Oil heading for 70usd should be very positive for the likes of enq. They should hedge the lot if it gets over 80.

[leoneobull] 21/3/2019 05:21

I like onedb's posts. Positivity to balance out the perennially negative can be really halepfulmfor balance.GLA today

[leoneobull] 21/3/2019 05:19

68.89 USD I will take that Andy P

[andypop1] 20/3/2019 23:00

One (dB),
What do you make of the export numbers?
Close to 2.1m barrels a day of net exports, who would have thought that a couple of years ago?

Production back up, I do wish they didn't decide to start rounding to the nearest 100k.

Oil is less than a dollar up on that draw, as the US becomes a net exporter, which they will (not just for a couple of weeks), the inventory data's influence will be reduced.

I hope you breakeven soon, for my benefit, not yours.
Keep up the endless positivity, a few characters here love it!

[onedb1] 20/3/2019 22:30

Actually just checked some data it's still showing that there is a lot of refinery maintenance in the US so the draw is actually quite a significant stat to see in these circumstances Refineries have not yet charged up .I thought they had by now

[deanroberthunt] 20/3/2019 19:09

Far too many tick ups..we're not here to enjoy ourselves that's not the purpose...

[leoneobull] 20/3/2019 18:20

That should swing my 40p by summer hopeful aspirations Https://oilprice.com/Energy/Oil-Prices/Morgan-Stanley-Oil-To-Rise-To-75-This-Summer.html

[stansmith3] 20/3/2019 18:07

no more rate hikes and us crude exports were huge as posted for the last two days, poo on the upjust waiting onedeuchebag to turn up and try to claim credit as he did on pmo...

[stupmy] 20/3/2019 16:56

Well, I hate holding for planned news, but am quite excited to see what tomorrow brings. Judging from the buying today, there are many people believing that tomorrows announcement will at least relieve the pressure on the share price Good luck to everyone.

[chrismultisante] 20/3/2019 16:42

20+ tomorrow

[american idiot] 20/3/2019 16:36

Right on the highs of the day and buyers still trying to bid in the 2nd 5 minute closing auction.

[stansmith3] 20/3/2019 16:19

lolsorry, just noticed the usual conceited bit, about your positioning viewlmfao

[stansmith3] 20/3/2019 16:18

happy with being 25% downonly a fud like you could say that

[onedb1] 20/3/2019 16:11

Haha ;-) am pretty happy with this price action . Just want tomorrow to propel it above 18-19 then my positioning view will be proved right . Positioning for the village clown is not day trading !! The only 2 that I post about in oil ie PMo and Enq are doing pretty well by any standards !! Bet someone is livid lol . Wish I hadn't filtered my lovers lol lol lol . At any rate tomorrow I just hope we don't get kicked in the nuts .

[sleveen] 20/3/2019 16:09

Where's my barge pole?

[deanroberthunt] 20/3/2019 16:01

you can plough your profits back into VOG ;)

[holdbucket] 20/3/2019 16:00

Apologies, 10%.

[sleveen] 20/3/2019 15:58

Nice surprise to come home to, having topped up at 16p this am :-)

[holdbucket] 20/3/2019 15:57

This has just taken off!!
A leak ahead of positive news. Up 11% at 15:55.