Enquest Share Discussion Threads

[steelwatch] 08/10/2021 08:45

Broker upgrade:

[ammu12] 08/10/2021 07:36

STOCKHOLM (Nyhetsbyrån Direkt) Jefferies International raises its recommendation for Enquest to buy from hold. The target price is raised to 0:30 from 0:24 pounds.

[gozzy88] 06/10/2021 12:09

Some chunky buys coming through now

[grahamg8] 06/10/2021 07:43

Hadn't spotted that the RNS was after 16.30 and so would have no effect on the share price yesterday. The deferred tax asset figure from 2020 results is on page 140 of the annual report note 7c $497.5m. New figure from H1 Results issued 2/9/21 roughly 1/3 down in Financial Revue $653.4. So the change is certainly positive, and could be said to be old news. But this would depend on just how closely you read the detail at the time. More worrying perhaps is that the Enquest finances are so convoluted even their own accountants can't keep accurate track.

The message, that can easily get lost in the detail, is that Enquest won't be paying Corporation Tax for many years even at current oil prices because of accumulated tax losses. And also, as in Golden Eagle, the price Enquest can pay for new acquisitions is higher than the competition because they can utilise the 'deferred tax asset' as part payment (non cash).

[bomfin] 05/10/2021 20:22

Thanks to both.

[1347] 05/10/2021 20:15

It was all explained in the HY report:

"Subsequent to the publication of the Group’s 2020 consolidated financial statements and as part of the preparation of this interim report, the Group has determined there was an inconsistency in the calculation of the deferred tax asset recognised on the balance sheet associated with Magnus contingent consideration and the relevant estimated future cash flows used in the calculation of future taxable profits to support the recognition of this deferred tax asset and the deferred tax asset associated with other available tax losses. This inconsistency resulted in excess deferred tax being derecognised within Remeasurements and exceptional items of $146.6 million with respect to the period ended 30 June 2020 and $155.9 million as at and for the year ended 31 December 2020. There are no changes to the underlying amounts recognised in relation to contingent consideration or to amounts recognised in respect of deferred tax in earlier periods. The tables below reflect the corrections to the comparative periods which are disclosed in this interim report."

Short answer is that non current assets increased by $155.857 million.

[lonrho] 05/10/2021 20:12

The 155.9 dollar write off mentioned in the RNS was to correct the dec 20 accounts re deferred tax and was shown in the June 21 half year accounts as included in exceptional items. It looks like the GE acquisition is now going to be completed early November due to a delay in the hive down of the asset into the company which Enquest is going to acquire. Reference LSE enquest bulletin board posting at 17.51.

[bomfin] 05/10/2021 18:06

Wow Grahamg8. Thanks for that. Guess we`ll know more in time.

[grahamg8] 05/10/2021 17:28

bomfin, the all important question is whether the discrepancy is positive or negative. I'm inclined to believe it must be positive otherwise the share price would have collapsed. It means the book value of the company as a whole has been wrong by a huge amount.

[bomfin] 05/10/2021 17:18

Anyone able to explain the rns that just went through.

[richardbroughton] 05/10/2021 12:52

It's gone up 150% in 12 months!

[ammu12] 05/10/2021 12:29

Should be 30++ now

[chrisa1] 05/10/2021 12:20

Brent over 82 again...25p seems close despite no news

[stansmith3] 04/10/2021 18:44

enq 24unreal

[ammu12] 04/10/2021 14:57

Brent 82 ++

[steelwatch] 03/10/2021 11:27

Dispatch yesterday, ATD: 2021-10-02 10:15 LT.
Arrived Scapa Flow ATA: 2021-10-02 23:19 LT.

Previous dispatch was 16 September, so that's 16 days.

[harry rags] 01/10/2021 13:48

Significant business development-- Agreed to acquire Suncor Energy UK Limited's 26.69% non-operated interest in the producing Golden Eagle area for an initial consideration of $325.0 million with completion expected around the end of SeptemberNow into October

[steelwatch] 28/9/2021 13:56

Brent Oil Soars Above $80 as Global Energy Crunch Shakes Markets

[steelwatch] 27/9/2021 22:06

Cheers laser. Only checked this morning.

[laserdisc] 27/9/2021 18:12

Steel NANSEN SPIRIT on its way to Kracken now left rotterdam

[stansmith3] 24/9/2021 16:03

whatever happened to all we need is 60 dollar brentis 90 the new 60?

[stansmith3] 22/9/2021 19:15

has the gap between enq share price and brent ever been wider?come on onedb explain this in a way only you can

[stansmith3] 22/9/2021 19:14

brent is 76exactly what ducks remain to be lined up here?2016 brent 55, enq 50pseriously