Enquest Share Discussion Threads

[onedb1] 26/10/2022 08:46

Great news re the bonds restructure . Substantially lowered debt levels and much lower bond issuance . Not sure why price lingers given this important stability Enquest has achieved

[blackhorse23] 26/10/2022 07:50

Should be no debt or financing at this oil price?? why 750m debt? Why require financing? Management should explain why always require financing?

[heialex1] 26/10/2022 07:40

Net debt down to USD 750mThat's an EV of GBP 1.35mThat seems extremely cheap to me...

[steelwatch] 25/10/2022 15:14

ATD: 2022-10-25 13:36 - Destination Rotterdam confirmed:

[steelwatch] 25/10/2022 14:12

Finally! No way of knowing why, but cargo dispatched c.13:30 making it 22 days since previous. Off the pace somewhat. Waiting for site to update, but present course indicates Rotterdam.

[steelwatch] 25/10/2022 13:00

55 hrs and counting! Trouble at t'mill?

[steelwatch] 25/10/2022 00:29

42 hrs and counting!

[steelwatch] 24/10/2022 11:14

Bressay survey vessel headed back to Aberdeen.

[steelwatch] 23/10/2022 11:58

ATA: 2022-10-23 06:06, so, assuming c.30 hours for loading, dispatch tomorrow would be 20 days since previous shipment dispatched on 4 Oct, stc.

[steelwatch] 20/10/2022 21:49

Next Kraken cargo booked. ETA: 2022-10-22 14:00

[steelwatch] 19/10/2022 16:44

Just found some background on the high coupon for the Senior Notes:

[ditchsid] 19/10/2022 15:22

It is the thread for 9% bond. I've got some. Epic =ENQ2

[farrugia] 19/10/2022 13:53

no that's the old bond note - the one that pays 9%. I'm looking for the new one.

[steelwatch] 19/10/2022 13:41

Apparently they are:

[farrugia] 19/10/2022 13:36

are the new bond notes open to the public?

[steelwatch] 19/10/2022 11:16

The area of Bressay currently being surveyed by the survey vessel, Fugro Venturer, is c.6 nautical miles NE of the Kraken FPSO. No big deal to tie back, if and when developed:

[onedb1] 19/10/2022 09:08

Strange that at 28.5p Brent was 92 now at 26.75 it's 90 . If people think that these 2 dollars equate to such a reduction in market cap they need to get help . In the scheme of things daily profit is barely impacted and indeed I'd be happy with 90 all year and next . Inventories keep showing draws despite the strategic petroleum release which with about 7m a week effectively in inflates figures artificially . Once that ends draws become huge .

[steve73] 16/10/2022 09:55

So the new note offer 11 5/8% interest at an issue price of 98.611% par.

So the REAL interest rate will be 11.625/0.98611 or 11.78875%..

Somewhat significantly high than the recent Retail notes (9%) ...and I expect they're more Senior.

Retail investor get's screwed again...?

[onedb1] 15/10/2022 12:01

Firm has cancelled the RBL reduced debt by 65m a month since last update and if fully subscribed will have sorted out a much smaller bond emission for the next 5 years . Given all this debt free in max 10 months now should be achievable . 750/65 is 11.5 months but with no RBL to pay back and lower bond emission to pay out. The Group repaid the outstanding RBL facility cash balance of $90.0 million, in September• As of 30th September 2022, EnQuest Net Debt stands at $750mm was 880 in June So given no more RBL odds on no debt h1 23 should be high . Why are we at 28/29p is now beyond me . Clear cash generation here .

[blackhorse23] 13/10/2022 07:58

Don't understand why always require financing ? Where all revenues goes ? Burning somewhere??

[catsick] 13/10/2022 07:55

High interest but less than half the size now so there will be a savings on interest as the debt mountain gets leveled

[american idiot] 13/10/2022 07:46

11% !

Christ, is there anything actually left for Enquest after interest + windfall tax !

EnQuest PLC EnQuest PLC, 12 October 2022

Pricing of new bond issue EnQuest PLC ("EnQuest" or the "Company") is pleased to announce it has agreed a successful refinancing of its existing $792.3 million senior notes due 2023, which will position it well to continue to deliver its strategy.

Specifically, EnQuest has:

Priced the offering of new $305.0 million 11⅝% senior notes due 2027 (the "New Notes") due for settlement on 25 October 2022, at an issue price of 98.611%; and
Agreed an amended and restated reserve-based lending ("RBL") facility at $500.0 million with a $300.0 million accordion and a final maturity in April 2027, upon settlement of

[grahamg8] 13/10/2022 07:30

High cost bad, certainty good

[steelwatch] 13/10/2022 07:11

News today may cause a pleasant stir.