EnQuest Background
EnQuest PLC (www.enquest.com) is an independent oil and gas production and development company focused on the UK Continental Shelf . Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. Gaffney, Cline & Associates (GCA) certified that as at 1 January 2010, EnQuests assets had total net proved plus probably oil and NGL reserves of 80.5MMBbl. As at 1 January 2010, GCA has also net certified oil and gas best estimate (2C) contingent resources for individual assets. The aggregate of the oil 2C contingent resources on an unrisked basis is 67.5MMBbl, and of the gas contingent resources is 30.6Bcf .

On 6 April 2010, EnQuest was formed from the demerged UK North Sea assets of Petrofac Limited and Lundin Petroleum AB. EnQuest was admitted to trading on both the London Stock Exchange and the NASDAQ OMX Stockholm. On listing, EnQuest PLC went into the FTSE 250 index and OMX Nordix Index. Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. It has interests in 16 production licences covering 26 blocks or part blocks in the UKCS, of which 15 licenses are operated by EnQuest.

EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low-risk region, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low-risk near field opportunities, rather than exploitation of high-risk exploration opportunities.

EnQuest intends to deliver sustainable growth in shareholder value by focusing on exploiting its existing reserves, commercialising and developing discoveries, converting its significant contingent resources into reserves and pursuing selective acquisitions. EnQuest is focused on increasing production from its existing assets in its core hub areas. It believes that it has excellent operational, execution, subsurface and integration skills and it seeks to become the development partner of choice in the UKCS.

EnQuest believes that it has the technical skills, the operational scale and the financial strength to achieve its objectives and to take advantage of the production and development opportunities in the UKCS.

http://www.nasdaqomxnordic.com/aktier/shareinformation?Instrument=SSE75073

Interim Management Statement http://www.moneyam.com/action/news/showArticle?id=4706628

Montanaro Asset Management Limited sell a few: http://www.moneyam.com/action/news/showArticle?id=4866323

Half Year Report: http://www.moneyam.com/action/news/showArticle?id=4867499

Be very sceptical of anything EnQuest advise. A PFC style move is highly likely IMO

Not to be trusted eh B/A? Thanks for the heads up.

http://www.moneyam.com/action/news/showArticle?id=4930535

Anyone shorting this must have made a few bucks.

Sounds reassuring on the face of this: http://www.moneyam.com/action/news/showArticle?id=4963866

Up 30% and a well run company.

Part of the Merrill Lynch note today:
"We believe 2015 will show resurgence in M&A, driven by distressed sales, both asset and corporate: the buyers’ market becoming even more attractive. Whilst wellfunded firms will likely be able to defer divestment programmes until sentiment improves, those with stretched balance sheets may be left with little choice. Within our coverage, we believe EnQuest, Premier Oil and Tullow Oil are companies most likely to seek asset sales in order to strengthen leveraged balance sheets.
According to our analysis, the European E&P space prices in an implied long term price of US$66/boe, ranging from US$49/boe (DNO) to US$86/boe (RKH). However should the current c. US$50/boe oil price environment persist longer term (esp. as 2015 oil price hedges roll off), we believe a number of the E&Ps would have material downside risk: Africa Oil, EnQuest, Premier Oil, Rockhopper and Tullow."

Where are the results? Thought they were today? Hmm.

They are BA but not on Stockwatch for some reason http://www.enquest.com/media-centre/press-releases/2015/19-03-2015.aspx

Well received as well, up 19%.

Found them later that day on the Enquest website, Stan. Cheers.

Well received indeed, but tailed off a bit. Obviously with the hedging position they've put off what might have been judgement day, but they really need to increase production. Alma/Galia must perform, but that remains to be seen this summer. ;)

Hi Al - are these worth a punt?

20 Mar 15 Westhouse Securities Buy 39.63 75.00 75.00 Reiterates

20 Mar 15 JP Morgan Cazenove Neutral 39.63 54.00 62.00 Reiterates

Deutsche Bank AG go below 6% http://www.moneyam.com/action/news/showArticle?id=5002321

skinny - sorry, just got back to this. Let me first say I know many people working for the company, but will limit my comments to what has been released to the market for obvious reasons.

Personally I would not touch them until we know about Alma. Despite numerous promises, the Enquest Producer remains on the Tyne. My understanding is there are still serious problems and even when it sails this will solely be to produce "good news". There is still a lot of work to do before it is capable of producing the field. Maybe not a bad thing in a year of lower prices, but this company desperately, desperately needs cashflow. Promises on this vessel have come and gone with every announcement.

I've been looking over the results and previous releases. In January they had hedged at $80 - extremely prudent. Yet not long after that they've realised "a gain of $100 million" to rehedge at $65. Why do that unless your desperate for cash?

The debt is huge and as I said previously the only reason they've not gone down the "Afren route" was that the covenants were relaxed. Without that they were potentially bust.

Why on earth would anyone invest in any company that even mentions having to negotiate covenants? Nuts. Coupled with the aforementioned ongoing troubles, excessive cost overruns and you have a company in really dire straits. The end game has only just been delayed until things fundamentally change.

Thanks for the reply Al - I hope things are well with you.

Not too bad at all, thanks. Still pottering away at the markets, but on a much longer timeframe. Not day traded anything for a number of years. Can't complain about the returns though. Retirement not too far away. ;)

Hope you're making a buck here and there!! :)

Similar here Al - not too bad and still managing to eke out a living - although a bit more conservative these days, with 90-95% 'invested' as opposed to traded.

19th August is a key date.

We expect to hear about Alma production (promised for "mid year", but nothing yet). Don't bet on it. ;)