Proselenes
- 22 Oct 2009 11:14
.
required field
- 11 Mar 2011 14:05
- 1339 of 3002
At this price, this is worth buying like a first time round.....could go up to 500p on a reserves update !....
cynic
- 11 Mar 2011 14:16
- 1340 of 3002
it's certainly been a pretty scary stock of late, and i can't remember when it last had a blue day, but it feels like last year!
required field
- 11 Mar 2011 14:25
- 1341 of 3002
I've been buying as it drops.....sooner or later there will be a big turnaround.
Time Traveller
- 11 Mar 2011 14:43
- 1342 of 3002
We all hope so!
I have not added to my holding as yet. Waiting for RKh to pull back ground and then I'll add more. Just a waiting game and I just hope that it all comes together in the right order. RKH first and the XEL
cynic
- 11 Mar 2011 14:47
- 1343 of 3002
at least XEL seems disinclined to drop down through 300 mark
Balerboy
- 11 Mar 2011 15:53
- 1344 of 3002
Bought few more much against my better judgement, have far to many for me.,.
cynic
- 11 Mar 2011 16:21
- 1345 of 3002
nearly allowed myself to be panicked out of at least some of these, but thank goodness did not ..... what a turn-around ...... ditto England / Bangla cricket; cracking game developed in last 30 minutes
required field
- 11 Mar 2011 18:12
- 1346 of 3002
Nice to see some blue....
Balerboy
- 14 Mar 2011 08:41
- 1347 of 3002
Looks promising this morning, nicely blue and my 311p buy going well.,.
gibby
- 20 Mar 2011 14:28
- 1350 of 3002
for an easy eaner i left it late
iam in target 400p and out
and gla
http://www.youtube.com/watch?v=L5YUCygMBiE
gibby
- 20 Mar 2011 14:37
- 1351 of 3002
http://www.bbc.co.uk/news/
gibby
- 20 Mar 2011 14:39
- 1352 of 3002
http://www.bbc.co.uk/news/
Balerboy
- 22 Mar 2011 08:28
- 1353 of 3002
creeping up towards 4 in readyness for news SOON!!
WEAZEL
- 23 Mar 2011 16:04
- 1354 of 3002
Ouch
Numis: Oil & Gas; North Sea Supplementary charge hike impacts
The government has just announced that the supplementary charge on North Sea production will rise from 20% to 32%. If oil prices drop below 75$/bbl for a sustained period then supplementary charge will fall back towards 20% (no detail on the exact mechanism).
We estimate the NAV impact on the UK producers we cover below.
EnQuest: EnQuest remains exposed to the rate hike once existing tax losses have been utilised. It is one of the most exposed companies in our coverage given its 100% UK North Sea asset base. As a result of the tax change we estimate that our NAV will drop from 178p/share to 160p/share (-10%).
Premier Oil: Approximately 31% of 2011 forecast production and 40% of NAV is supported by North Sea assets. As a result of the tax change we estimate that our NAV will drop from 2339p/share to 2280p/share (-2.5%). A material remaining UK North Sea tax loss position acquired with Oilexco helps minimise the impact.
Nautical Petroleum. Our first take on the impact of the tax increase is a reduction in our Nautical NAV from 707p to 610p (a 14% downgrade). The key impact is on our valuation of the Kraken field (270p down to 212p), which is eligible for the UK's 800m heavy oil tax allowance. In our view, Kraken will now exhaust this allowance much faster, and incur the higher tax charge sooner than expected. The estimated impact on the Catcher development is more muted (down from 175p to 147p).
Xcite Energy. Xcite's 100% exposure to the Bentley asset amplifies the impact of the tax increase - at first glance our Xcite NAV reduces from 630p to 370p (a c.40% downgrade). The scale of the Bentley development means the field's production (and earnings) are expected to increase gradually over 5-6 years as additional production wells are drilled. While the UK's heavy oil tax allowance had previously insulated Xcite against the supplementary charge while the field was at its most productive, under the new 32% rate Xcite will exhaust this allowance quickly and hence face a significantly higher tax burden sooner in our NAV.
Numis Comment: Today's tax hike was unexpected and has a significant negative impact on company valuations. Today's announcement suggests that the government may put in place a more comprehensive sliding scale mechanism that limits returns for UK North Sea producers when oil prices rise. Recent fiscal changes (introduced in 2009) to incentivise the development of stranded assets and unconventional resource have been partially negated by today's announcement. We believe this may have a negative impact on the life of the North Sea and the associated service market.
cynic
- 23 Mar 2011 17:53
- 1355 of 3002
that's very dull .... no wonder sp took a bashing, but can't see the logic for why this big increase ..... i would have thought the gov't would have wanted to encourage the maximum extraction from what remains of our north sea assets rather than truncate them
Balerboy
- 23 Mar 2011 19:11
- 1356 of 3002
All to pay for the petrol in your tank for visits to brad on Avon cyners.,.
cynic
- 23 Mar 2011 19:48
- 1357 of 3002
thank goodness i walk to the office!
cynic
- 24 Mar 2011 07:32
- 1358 of 3002
i wonder how the market will treat XEL this morning ..... further, i wonder if this now makes XEL more or less of a t/o target .... my guess is the former