Enquest Share Discussion Threads

[bomfin] 16/6/2021 10:06

Re likely placing and possible placing price.

I think there will be a placing. Not more than $50 million. No advantage to the CEO in making the price cheap. He already holds 10%. A cheap price will mean a higher uptake meaning less extra shares for him to buy up. He will already know Enquest are cheap at current share price. More in it for him to get the price going upwards as he already holds 10% imho.

[bricklayer] 16/6/2021 08:20

If deal completes end 3rd quarter price will be a third lower due to extra production and higher oil price and be recouped within 12 months from then. Like buying a new house off plan and house prices boom in the mean time.

[bomfin] 16/6/2021 07:50

I would also suggest that possibly Cnooc made this information known ahead of Enquest releasing their prospectus. If not they may have said nothing. So prospectus soon ?

[bomfin] 16/6/2021 07:24

Heialex1, Ammu12 posted news from Cnooc which they released yesterday. My comment about 3 wells being in production at higher than expected rates is from the March 25th results presentation. Cnooc confirmed yesterday that all 4 wells were on production with better than expected results with Cnooc`s wording suggesting possible reserves additions. imho

[ammu12] 16/6/2021 06:45

Brent 74.5.....

[heialex1] 16/6/2021 00:32

Is this from March? Thanks for posting. Had totally missed this and imagine a lot of the market has as well. Bodes well for the GE acquisition going down as a really well timed purchase.Overall I think the rotation into oil companies has much, much further to go as they are still vastly under owned. As institutional money starts to flow ENQ, TLW, And others like them will move upwards. Even HBR might finally break out.

[bomfin] 15/6/2021 21:20

Makes you wonder. When they contracted the Noble Sam Harley jack up rig to do this infill campaign Oil was probably about $40/barrel. If they got the wells on at 5,000 bopd which may be a Conservative guesstimate then at $73 oil they probably pay out in 50 days. If they havn`t got the field up to near capacity (76,000 bopd)gross. Then why not keep drilling. If this well just finished early June it was finished a month later than the last prediction. I wonder if they did some workovers also ? maybe a drilling problem ? or a massive horizontal well ?

[bomfin] 15/6/2021 20:36

Thanks a lot for this Ammu12.

[ammu12] 15/6/2021 19:55

A drilling campaign has boosted production at CNOOC International's Golden Eagle field in the UK North Sea.Chinese operator CNOOC said four infill wells were drilled using the Noble Sam Hartley heavy duty jack-up drilling rig.The campaign began in August 2020 and the fourth well came on stream earlier this month.CNOOC said it delivered the project early, under budget and with no reportable HSE incidents.The four wells, which are located in the central area of the field, exceeded subsurface expectations and have added significant, immediate production, it said.Craig Paveley, vice president, developments, at CNOOC International, said: "We are delighted with the Golden Eagle infill campaign which was completed safely, ahead of schedule and under budget."This is testament to the expertise and efforts of everyone involved, offshore and onshore, who have delivered excellent results throughout the challenging conditions of the COVID-19 pandemic."The Golden Eagle area, located about 70 miles north-east of Aberdeen, produced first oil in October 2014.London-listed EnQuest is buying Canadian firm Suncor's 26.69% stake in the area.EnQuest said the purchase would give it additional production of 10,000 barrels of oil equivalent per day and reserves of 18 million barrels.

[ammu12] 15/6/2021 19:23

Brent smashed 74 wow

[bomfin] 15/6/2021 17:18

More from the 25th March presentation. (We know that Magnus averaged 14250bopd for first 4 months) At that stage we only knew it had done slightly less than that for the first 2 months. When the CEO was asked about that he said he saw Magnus producing at 17,000 to 18,000 bopd going forward. With a higher oil price they aren`t drilling new wells this year but they will be doing well interventions so I expect them to nudge Magnus production upwards from the first 4 months figures .New wells in 2022. On Kraken when asked about the Cairn sell he quite clearly says that Kraken is a young asset quite different from how Cairn presented their reason for sale. I can only agree with him as the projected life of Kraken is 20 years. From the PBB thread you can see that Kraken seems to ship a cargo nearly every 15 days. You could almost set your watch by it.

[ammu12] 15/6/2021 14:50

Brent almost 74!!!

[ammu12] 15/6/2021 13:28

Yes excellent news!!

[bomfin] 15/6/2021 13:10

Ok. I'd missed that on 25th March 3 of the new GEAD wells were already on stream at higher than expected rates

[ammu12] 15/6/2021 11:47

Yes agreed trend is up

[bomfin] 15/6/2021 11:32

It will be like this for a while but the overall path shall be upwards imho. Listened to the results presentation from 25th March 2021. A few nice snippets in there I missed first time round. Keeping to myself for now. Lol.

[steelwatch] 15/6/2021 11:09

Petronordic hooked up to the FPSO earlier this morning and is expected STS1 Scapa Flow c.23:00 tomorrow night. Allowing c.24 hours for loading, cargo dispatch tomorrow morning means 15 days since the previous cargo was dispatched, (STC). Looks like this will be the daughter vessel already waiting at STS1:

[ammu12] 15/6/2021 10:56

Strange drop...What's happening Stan ?

[stansmith3] 14/6/2021 22:06

ammu12what you up to on the genl board, they dont know you like we do ;)

[ammu12] 14/6/2021 18:17

Yeah let's see.Either way this is undervalued

[bomfin] 14/6/2021 17:38

True Ammu, See what I did there ? The placing was mentioned over 4 months ago as part of the way to pay for the acquistion of 26.69% of GEAD. It was mentioned along with the revenues from the 26.69% interest back to the 1st January 2021. I suggest those revenues are already $25 million stronger than anticipated a the time of the deal and potentially $50 million stronger at the time of completion. Enquest have refinanced successfully. We can speculate that the placing is part of that deal. We don`t know that though. The placing is likely but not definite and no longer needed imho.

[ammu12] 14/6/2021 13:47

It's not a rumour. Read the rns ffs

[berber1] 14/6/2021 12:26

What makes you think that there will be placing. Currently finances are well managed and there is any be any need for that. The same rumor was started when TLW refinanced and that never materialized. I am sure ENQ will go the same way.