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

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.

Ready to move forward again now 26p offer, only a few 436 shares left

47K at bid 25.75p
DEPTH 48 v 36

After the usual very slow start and marked down ( not helping this morning as oil prices are lower ) , is now moving forward once again and just now has gone to yesterday's close price

Someone paid over the offer price 26p but naturally was a large size buy 200K
looking good
MM at 26p has now gone, but is an order book stock so there is some stock left at 26p offer

10:06:57
26.1095p
200,000

Another large trade paying premium

10:36:51
26.0065p
133,885

29p +1p

ORDER BOOK Strong again
stronger on the bid side as oil price is bouncing again and Brent at $49.20
a move UP after being hold lower since yesterday mosts oils are still down for the day

DEPTH was earlier 54 v 41 now 62 v 42

top up at 28.50p a few minutes ago

31p +1p

31.25p as opener UT

A higher breakout on the UPtrend as the order book opened with a 31.25p UT

19-Aug-16
08:00:13
31.25p
92,072K UT

Telegraph - Tara Cunningham, business reporter - 20 AUGUST 2016

From bear to bull market in 16 days: Oil hits highest level since Brexit vote

Brent crude has surged to its highest level since before the Brexit vote,a day after it charged into bull market territory. It jumped by as much as 0.65pc to $51.22 in intraday trade amid an unexpected fall in US crude stock piles and as the world’s biggest oil producers prepared to discuss a possible output freeze at next month’s Opec meeting in an attempt to curb the global supply glut.

Since hitting a nadir of $41.80 on August 2, oil has rallied by almost 22pc. The latest leg up in the black stuff is pinned on the hopes that Opec’s meeting in Algeria on September 26 to 28, which takes place on the sidelines of the International Energy Forum, will revive talks on freezing production levels to help bolster prices. It was also lifted by the weak dollar which makes commodities cheaper for other currency holders.

However, the oil price bounce comes less than three weeks after it fell into bear market territory, having fallen by more than 20pc between June 8 to August 2 amid oversupply concerns and pressures about slowing economic growth.

In afternoon trade, Brent crude eased back as the dollar nudged up, before 6pm it was trading down 0.43pc on the day at $50.67 - but remained in bull market territory.

Iraq Will Boost Oil Exports After Agreement on Kirkuk Fields - August 21, 2016

Iraq, OPEC’s second-biggest producer, will increase crude exports by about 5 percent in the next few days after an agreement to resume shipments from three oil fields in Kirkuk.

Shipments will increase by about 150,000 barrels a day as exports resume from the Baba Gorgor, Jambour and Khabbaz fields, Fouad Hussein, a member of the oil and energy committee of the Kirkuk provincial council, said by phone Sunday. The three oil fields are operated by the state-run Northern Oil Co. but their export pipeline is controlled by the semi-autonomous Kurdistan Regional Government.

The NOC halted exports from those fields in March due to a payment dispute with the KRG. Iraq’s new oil minister Jabbar al-Luaibi, on his first day in the job, said last week he saw ways to resolve the dispute with the self-governed Kurds, and Prime Minister Haidar Al-Abadi ordered the oil ministry to resume oil pumping into the pipeline.
Iraq has struggled to boost oil exports this year, with shipments from the northern part of the country hampered by the dispute with the KRG. Iraq’s exports were 3.71 million barrels a day in July, according to the International Energy Agency, including oil sold by the KRG. Calls to the KRG for comment weren’t answered and text messages weren’t immediately returned.

Pumping Operations
“Pumping operations started with test pumping at 70,000 barrels a day last Thursday and the Northern Oil Co. aims to boost it to its normal rate at 150,000 barrels a day this week,” Hussein said. “This is a good step and significant initiative to strengthen relations between KRG and the federal government.”

The Kurds generated $800 million a month from oil sales after deciding in June 2015 to export oil independently of the central government but revenue dropped later to about $400 million a month, due partly to lower crude prices. Benchmark Brent crude dropped 35 percent last year.

The Kirkuk-Ceyhan pipeline was exporting about 600,000 barrels a day of crude before the payment dispute, including 150,000 barrels from the NOC’s fields. It carried 457,000 barrels a day in July from KRG-operated fields, according to information on the KRG website. Exports in February and March were lower due to damage to a section of the pipeline in Turkey.

Kurds Control
Control of Kirkuk’s oil is split between the central government and the KRG. The Kurds control two oil fields in the province, Bai Hassan and Avana, which export about 150,000 barrels a day.
Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, holds the world’s fifth-largest oil reserves. The drop in crude prices over the past two years has squeezed state revenue at the same time when the government waged a costly campaign against Islamic State militants, who have seized parts of northern Iraq. The country was producing 4.78 million barrels a day in July compared with 4.44 million at the end of last year, according to data compiled by Bloomberg and Iraq’s oil ministry.

http://www.bloomberg.com/news/articles/2016-08-21/iraq-will-boost-oil-exports-this-week-after-agreement-on-kirkuk

Brent price 1 month chart

North Sea FPSO Operations On Track - Published at 10:21AM - 29/08/16

North Sea FPSO (floating production storage and offloading) unit Armada Kraken is now on track to be delivered to Bumi Armada before it starts operating in the North Sea, Keppel Shipyard announced.

Keppel Offshore & Marine’s subsidiary Keppel Shipyard disclosed on Sunday the completion of the harsh-environment unit designed to operate in the North Sea for 25 years without dry-docking.

“We are happy to be entrusted by our long-standing client Bumi Armada, to deliver its first FPSO unit to operate in the North Sea. The Armada Kraken project has further strengthened our track record in converting sophisticated FPSOs that are designed to operate under harsh-environment conditions,” Keppel Offshore & Marine’s Managing Director Michael Chia, said.

North Sea FPSO Operations On Track
Keppel Shipyard’s work scope for the Armada Kraken project includes refurbishment and life extension works, the upgrade of the living quarters to accommodate 90 personnel, the installation of an internal turret mooring system and the installation and integration of topside process modules.

Kraken is one of the biggest heavy oil projects in the UK sector of the North Sea, operated by EnQuest.

“Armada Kraken marks Bumi Armada’s entry into the North Sea and it underscores our commitment to deliver a high quality bespoke FPSO, that is designed to meet the challenges posed by the North Sea’s harsh environment using proven technology, and incorporates a number of unique features to ensure a safe, reliable and economical operation,” Bumi Armada Chief Executive Offshore, Leon Harland, said.

FPSO Armada Kraken Starts Production in Q4-2016
Earlier this year, Bumi Armada said the FPSO should leave the Singapore yard during the third quarter and initial production at the Kraken field was estimated to begin in November 2016.

The Armada Kraken FPSO is able to handle a peak fluid rate of 460,000 barrels per day (bpd) and 80,000 barrels of oil per day (bopd), 275,000 bpd of water injection, 20 million cubic feet of gas handling and has a storage capacity of 600,000 barrels.

“The FPSO is built in compliance with the strict regulatory guidelines as defined by the UK Health and Safety Executive and Department of Energy & Climate Change regulations and is classed by DNV GL,” he added.

Bumi to pay $65m to EnQuest for Kraken delay - 16 September 2016 22:30

Malaysian floater contractor Bumi Armada has agreed to pay a $65 million refund to EnQuest after the delivery of a floating production, storage and offloading unit for the Kraken field off the UK was delayed.

Bumi to pay $65m to EnQuest for Kraken delay - 16 September 2016 22:30

Malaysian floater contractor Bumi Armada has agreed to pay a $65 million refund to EnQuest after the delivery of a floating production, storage and offloading unit for the Kraken field off the UK was delayed.
--------------------
Bumi Armada Bhd is still in negotiations with UK client EnQuest plc on a US$65 million (RM267.57 million) refund and liquidation damages claim by the latter due to a delay in Armada Kraken, one of the former’s biggest projects to date, according to sources.

Bumi Armada argued the delay was due to the client’s requests for additional equipment, according to a source with knowledge of the matter.

“EnQuest's announcement during the briefing was a surprise,” said the source. Progress on Armada Kraken had been seemingly on schedule during the first-half of the year.

The dispute is bringing to light a growing fear that more claims by clients and financiers could be seen at Malaysia’s oil and gas (O&G) contractors, some already buckling under the pressures of the weak energy price environment, the source said.............

http://themalaysianreserve.com/new/story/bumi-armada-still-talks-enquest-refund-fpso-delay