Enquest Share Discussion Threads

[aeros] 13/6/2024 22:05

You have to hand it to idiots ..they manage to infest every board with their incoherent drivel, poor grammar and bad spelling. Worse of all these political illerates have the vote.

[aspect100] 13/6/2024 18:50

Sold mine yesterday - awful big drop today.

[1347] 13/6/2024 18:49

Labour party manifesto, obviously written by Milliband the Moron. Some things never change.

[heialex1] 13/6/2024 17:23

What happened to london oilers today?Why did enq get crushed

[sharekitchen1974] 13/6/2024 16:48

I hope so, good money to be made if it does

[wolfofhounslow] 13/6/2024 16:42

Definitely going sub 10p

[1knocker] 13/6/2024 16:00

Oil and gas production in UK waters is an asymetric bet to the downside. Invest in exploration and if you find nothing, the investment is just a loss. find something, and it needs to be bloody good to be economic. If it is bloody good and thus economic, the profit will nearly all go to the state in tax. Oil and gas are cyclical: you need to build up the balance sheet in good years to ride out the bad. If you are going to be hit by a windfall tax in any good year (which will probably continue during bad yers) you are on a hiding to nothing. Add to that that if you are driven into bankruptcy the government will be delighted because UK produced oil and gas counts against the UK carbon count whereas imported oil and gas does not, and you have to be mad to be in the UK oil and gas production business at all.

[sharekitchen1974] 13/6/2024 15:37

Hopefully they increase the buybacks today, bargain prices

[steelwatch] 13/6/2024 15:35

Can't see why the instant panic. Total payments to governments 2023 $48m LESS than the year before.

2022



2023

[wolfofhounslow] 13/6/2024 14:45

Overvalued by 13p

[ashkv] 13/6/2024 14:37

Market seems to have totally omitted ENQ's UK US$2.0Bn of Tax Assets which will still result in material FCF even with the 3% up in Tax Rate to 78% and lowering of investment allowances.

Meanwhile less traded Ithaca has hardly moved!!! Oh dear!!!

(Pg 4)
Stronger Balance Sheet provides ongoing capital allocation optionality
Low cost, quick payback opportunity set remains within core assets
Conditions are set for the Group to pursue value-led growth:
c.$500 million of liquidity at the end of 2023; c.$2.0 billion UK tax asset
Farm-down of Bressay and EnQuest Producer FPSO positive driver for project

(Pg 10)
Enquest Historic Tax Asset (Pg 10)

- $2.0 billion as at 31 December 2023

2023 Full Year Results Presentation ->

enquest.com/fileadmin/content/Presentations/2023_Full_Year_Results_-_vF.pdf

[ashkv] 13/6/2024 14:21

Enquest will soon have zero enterprise value at this rate!!!

Market disregarding ENQ's tax shelter!!!

SP-> 13.53
ENQ Current Share Price vs 52 Week low of 11.38p on 13 Feb 24-> 18.89%
ENQ Current Share Price vs 52 Week High of 18.57p on 10 Aug 23-> -27.14%
Brent-> $82.75
Shares Outstanding->
GBPUSD-> 1.2775
Production To 30 April 2024-> 43,595
Production Mid-Guidance 2024 (Guidance 41,000 to 45,000)-> 43,000
Production Actual 2023 Production (Guidance 42,000 to 46,000)-> 43,812
Production Average (Actual) FY 2022-> 47,259
Net Debt (USD) as of 30 April 24-> $344,000,000
Market Cap (GBP)-> £258,448,722
Market Cap (USD)-> $330,168,242
ENTERPRISE VALUE (EV=Market Cap + Debt - Cash)(USD)-> $674,168,242
EV/Barrel(USD) Production To 30 April 2024-> $15,464
EV/Barrel(USD) 2024 Mid-Guidance Production 43,000 Boe/d-> $15,678
EV/Barrel(USD) Actual 2023 Production (Mid-Point)-> $15,388
EV/Barrel(USD) Average Production FY 2022-> $14,265
Decommissioning Provision (FY 2023)-> $755,762,000
EV+Tax Deductible Decommissioning Provision-> $1,429,930,242
EV/Barrel(USD) including Decommissioning Provision-> $32,638
2P Reserves BoE (Year End 2023)-> 175,000,000
EV/2P-> $3.85
EV (Including Decommissioning Costs)/2P-> $8.17

[seagreen] 03/6/2024 12:23

Excelent update note for the patient...its free to subscibe just give your e mail.

Looks like one for the patient to hold and cherish read the note and make your own minds up

[cat33] 30/5/2024 14:17

Nice short summary of the ENQ updatehttps://oilman.beehiiv.com/p/oilman-jims-letter-30-may-2024Sums it up well

[blackhorse23] 30/5/2024 10:27

All oil companies make money apart from ENQ , always some excuse lol

[ashkv] 30/5/2024 08:19

Windfall Tax payment due in H2 2024 - so will require solid prices to get into a net cash position!!!

However, overall tax burden for ENQ remains in the lowest quartile of UK producers given ENQ's vast billion plus UK Tax Losses!!!

ENQ is now trading as per my figures at the lowest EV/2P and EV/Flowing Barrel for 4 years given the share price movement versus vastly lower Net Debt!!!

30 May 24 RNS ->

SP-> 15.25
ENQ Current Share Price vs 52 Week low of 11.38p on 13 Feb 24-> 34.01%
ENQ Current Share Price vs 52 Week High of 18.57p on 10 Aug 23-> -17.88%
Brent-> $83.50
Shares Outstanding-> 1,915,924,339
GBPUSD-> 1.27
Production To 30 April 2024-> 43,595
Production Mid-Guidance 2024 (Guidance 41,000 to 45,000)-> 43,000
Production Actual 2023 Production (Guidance 42,000 to 46,000)-> 43,812
Production Average (Actual) FY 2022-> 47,259
Net Debt (USD) as of 30 April 24-> $344,000,000
Market Cap (GBP)-> £292,178,462
Market Cap (USD)-> $371,066,646
ENTERPRISE VALUE (EV=Market Cap + Debt - Cash)(USD)-> $715,066,646
EV/Barrel(USD) Production To 30 April 2024-> $16,402
EV/Barrel(USD) 2024 Mid-Guidance Production 43,000 Boe/d-> $16,629
EV/Barrel(USD) Actual 2023 Production (Mid-Point)-> $16,321
EV/Barrel(USD) Average Production FY 2022-> $15,131
Decommissioning Provision (FY 2023)-> $755,762,000
EV+Tax Deductible Decommissioning Provision-> $1,470,828,646
EV/Barrel(USD) including Decommissioning Provision-> $33,571
2P Reserves BoE (Year End 2023)-> 175,000,000
EV/2P-> $4.09
EV (Including Decommissioning Costs)/2P-> $8.40

[seagreen] 30/5/2024 07:40

Rather encouraging. Imho.
No wonder they are buying shares back as it looks a tad undervalued to put it politely.

[bomfin] 30/5/2024 07:23

From operations update. £50 million debt paid down in March and April combined. If put to buy back would buy back nearly 1/5th of the company in 2 months. Of course there are other factors like EPT levy, and Bonds but my feeling is it's on a fulcrum where relatively quickly things can swing to the good in a clear and visible manner which the market will not be able to ignore. May cash flow not in the figures.

[sharekitchen1974] 30/5/2024 07:21

Debt down significantly again, could be debt free by end of year at this rate

[bomfin] 29/5/2024 15:12

Correction. Market cap currently £265 million. Less than a years cash flow.

[bomfin] 29/5/2024 15:10

At that rate. They could buy the whole company back for £300 million. Can anyone remind me how much outstanding tax credits they have?