Cheers laser: |
Steelwatch Altera Wave heading out of Rotterdam this morning for Kraken on Wednesday 5/3.
Draft now 8.9m from the 11.3m just unloaded a part load at europort terminal from Lancaster |
Thanks Steelwatch. Malaysia next year it would seem. |
Sapura Energy secures $722m worth of drilling contracts
Sapura Energy’s drilling unit, Sapura Drilling, secured contracts from PTTEP Energy Development, Cabinda Gulf Oil Company, ExxonMobil and EnQuest.
February 27, 2025 |
Yes Steelwatch. I'm thinking for Waldorf to pay part of that penalty they must have been desperate. Chance of proving up more reserves. Their latest update suggests they are limping on. They could get a few £million selling their share of Crathes and Scolty to Enquest. My reading of it is they are owe Enquest a deal. |
Perhaps we'll get a clearer picture in the AR and usually associated presentation and webcast due in a month's time. |
Interested to hear from others what they think might be going on at Kraken? Here's a dichotomy. Potential extra 30 to 60 million barrels recoverable according to ENQ but couldn't get it together to drill this year at significant penalty cost. Not really seen anything comparable in a bit over 20 years of observing the sector. |
You wish. Results next month. |
Dropping below 10p |
So. Talking up reserves at Kraken is an unusual thing to do when your partner is a distressed partner. They either aren't interested in buying Waldorf share or the deal has already been done. In my opinion. Or! They are in trouble? |
Operating costs reduce at Kraken by about £45 million a year in about 6 weeks time. |
Thanks 1347. I suggest the value is still in Kraken. Masses of debt already paid off which you detail well and I believe that will continue. |
I don't have to remember it because it's in the Annual Report. Net Debt was $1,807.894 million ($1.8 billion). The rational for investing was because they had just got Kraken in operation and they said they were a company that were going to take over old assets, operate & decommission them more cheaply and grow the business that way, plus develop those prospects they had. With the transition to net zero that seemed a good business model.
However since Magnus the only UK deal on extant assets they've done is Golden Eagle, which they're not even operating and is declining fast. Yes they've paid down some debt and had to navigate COVID19 and the most moronic UK Government in history but at the end of the day production is down from 68k in 2019 to just over 40k in 2024. Meanwhile the share price is down from over 30 p in 2018 to 12 p now. So where is the shareholder value here? |
1347. Can you remember what Enquest's debt was in 2018? What was your rational to invest way back then? |
The board of directors must’ve had a good idea that the $15 million of share buy-backs would be stymied by market regulations. If they are serious about shareholder returns than a dividend payment plan, however, modest, needs to be announced. |
“remains at the heart” it’s just fancy rhetoric while the BOD make themselves rich. They have returned nothing, zip, zero, zilch. |
Weren’t half the buybacks held for employee incentive schemes. |
Has this been picked up from the OU?
"Building shareholder value remains at the heart of our capital allocation decisions and we will provide an update on the Group's shareholder return plans when we announce our final audited results in March."
Probably more buybacks, but we'll know once the AR is out. |
I've held shares in Enquest ever since they bought out Stratic Energy who were on the verge of going bust! For that I was thankful, though performance in the market is woeful, to say the least. That doesn't mean this woefulness will last forever. I live in enduring hope! |
I've held shares in EnQuest since 2018 clown, that's why I know the company well. |
A bit wasted though If you're not interested in investing. Smirk. |
Realism, just realism. |
I do love your negativity, Plenty chances for me to add at these prices. |
Golden Eagle resulted in more debt and more shareholder dilution and has under performed ever since. The business model of Enquest was supposed to be obtaining assets towards the end of their life at a good price and then operating and decommissioning them at lower cost than the previous operator. The GE deal wasn't in-line with that as Enquest wasn't, and still isn't, the operator. At best all it did was partially offset them P&A ing several other fields. 70k down to 40k in 5 years, I ask again, where's the growth? Where's the shareholder value? |
Re Golden Eagle. Golden Eagle paid out in 14 months. |
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