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

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. ;)

Expect to hear that the Gadwall well has come in at very good rates indeed. Good news.

News from Alma may not be that good. Still nothing is the word on the street and that word is they are throwing everything at it so as not to disappoint the market yet again on this flagship development. Even if first oil is announced, do not expect things to continue, or at a great rate. The Enquest Producer is currently far from capable of driving all wells that have been ready to go for some time. Not good news.

Interesting week ahead.

Just to confirm I have no position either way at present.

Schroders plc go below 5%

KEEP an EYE
@ 28.75p ( 28.50 / 29p )

Oil prices spiking up and most shares prices has gone up by 3% to 7%, but this one is only 2%. Directors comment " EnQuest has responded well to the lower oil price environment, delivering a strong performance driven by production gains and cost reductions, both core areas of expertise, and by a well executed hedging programme. EnQuest now anticipates that 2016 full year unit opex will be in the low $30s/bbl."
Positive news today....EnQuest has confirmed first oil from the Alma/Galia development in blocks 30/24c and 30/25c respectively, 310km south-east of Aberdeen, in the Central North Sea. Production is via the EnQuest producer floating production, storage and offloading vessel ('FPSO').

An old article and never materialise on the up to ...42.50p or more

By Trends and Targets | Mon, 20th July 2015 - 22:13

ENQUEST (LSE:ENQ), is our next 'punt' share. As the chart shows, it's got a BLUE line and the price is threatening it. In the event of closure now above 42.5p, we're looking for movement to an initial 51.5p with secondary a longer term (presumably) 59p. While both numbers are fairly handy, the share risks a longer term issue as it really cannot be taken seriously until the price closes above the 'high' before the trend break.

The implication from this is it needs close above 61p before true recovery to a long term 77p becomes extremely probable. If we'd to guess, while our 59p thing makes sense, the share will probably stutter for a while just below the 61p level until either the market as a whole improves or the company issue positive news.

Of course, there's always a risk of it all going wrong as we can never be confident until a share actually closes above its downtrend. And even then, we're still wimps. In the next few days, we'd tend regard any spike upward at the open with extreme caution as invariably this is a harbinger of coming doom. For instance, we the market to spike it in the opening seconds to around 44p, this would easily give sufficient force for reversal to 36p initially with secondary 24p. Worse, until such time it actually closes above BLUE, it's trading in a zone with ultimate bottom of 9p. But if it starts trading intraday above 42.5p, we'd be inclined to take it pretty seriously.

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Has started well this morning and better yet this afternoon after the Oil price is spike up again this afternoon.