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

Forgot to say, I'm still trying to figure out whether it's good or bad the CEO has such a large stake. Does it colour your judgement? It's a conundrum.

A big holding by one person I usually think is bad B/A but it's arguably the PFC connection that underpins it.. in theory.

These did interest me when they were listed but that's in the past now and I don't hold.

Indecently Swedbank Robur Fonder AB go below 5% today http://www.moneyam.com/action/news/showArticle?id=5205499

Layoffs announced last week, Alma still struggling to give meaningful payback. The bad news is endless and likely to be for a very, very long time.

Not a place for anyone's money methinks.

Acquisition of additional interest in Kraken http://www.moneyam.com/action/news/showArticle?id=5217237

This is a very interesting one, Stan.

First Oil went into administration. It seems they couldn't find a buyer for assets including Kraken so Enquest and Cairn had to somehow stump up the cash to take their pro-rata split of First Oil's share. They had no option, clearly. However, it is known that not so long ago Enquest were trying to offload part of their share in Kraken. This is a complete u-turn. I guess if they had not then Kraken would have been in a bad place? Naturally, this has been funded by further debt.

When you read the Fisrt Oil statement after heading into administration, it was the bankers that pulled the plug. I'd expect this kind of thing to continue.

How many other banks will pull the plug on oil & gas companies, including Enquest? Still wouldn't touch this company.

Very intriguing to put it mildly as you say Big Al, and avoiding these does seem to be the best policy.

I also note they failed to give any update in January, as is their normal practice. I guess we will wait until next month for the final results for more news. It will be interesting to see what spin is taken on them. I do know things continue to be bad, particularly with Alma where they are still struggling to get all wells online. Progress is being made, however. At well over 2 years overdue, this rates as an unmitigated disaster for the company.

All a bit odd isn't it, I have always thought that the PFC connection has had some sort of underpinning with this lot but could be wrong.

Preliminary results, EnQuest's earning fall http://www.moneyam.com/action/news/showArticle?id=5241782

Schroders plc go above 5% http://www.moneyam.com/action/news/showArticle?id=5289045

back in good luck

Shroders go below 5% http://www.moneyam.com/action/news/showArticle?id=5299051

CREDIT SUISSE GROUP AG goes above 3% http://www.moneyam.com/action/news/showArticle?id=5310184

Amazing, could have nearly trebled your money in 4 months! The trouble is that many of these pumpers are presumably going to produce poor figures for the last financial year.

So, do we believe the Telegraph or yesterday's rebuttal? :)

Statement in response to media comment
EnQuest notes The Telegraph article at the weekend about the UK Oil and Gas Authority's possible North Sea contingency plans. EnQuest routinely engages with the OGA and with the UK and Scottish Governments on industry matters, but is not involved in any company-specific discussions such as were implied by the article.

http://www.telegraph.co.uk/business/2016/06/18/uk-government-is-preparing-contingency-plans-for-north-sea-bankr/

That's the Telegraph article. I'm surprised ENQ felt the need to issue that statement. No smoke without fire springs to mind.

Interims this month? Normally, so let's see what the debt pile is now. Some weird and wonderful deals happening around this company to keep it afloat.

KEEP an EYE

25.375p ( 25.25/25.50p)

Ready to move forward as the oil price is spiking up again. There is a seller on the order book @ 25.50p but once is gone should be motoring.