ENQ

Hi everyone,
Long time no see.
I am currently long in ENQ. They are pinned down by debt but have substantial production.
The problem was the latest market reaction to short term maintenance issues after the RNS was issued.
With Brent above 80 they have a chance of reducing debt.
They probably earn $2.5m a day gross profit, more than enough to service debt and reduce debt.
Imagine if the Oil price stays above $70? A company worth £300m becomes a £3BN company if debt is reduced to less than £100m.
Looking at a short term trade here there was minor resistance just below 20p. This looks to have a gap to fill which should make a very nice short term trade.
With their level of debt is definitely one to keep a very close eye on.

No problem Paitech. It seems likely the issues are sorted, but it also seems that ENQ could have some difficulty servicing it's debt in 2023. After the RNS, there would seem to be enough negativity to mean that the gap at least to 17p area will still likely fill. I closed all leveraged positions (at a loss) prior to the RNS, due to the bd from the TL support. Glad I did. I hold shares and have to say it's been a big winner for me over time. I will not add, until the gap to 17 has been filled. I'd prefer to see the gap to 14 filled if I were honest.

THanks for that heads up buddy.... phewwwwww
its down to 19ssss

Maybe worth keeping an eye on what is happening with Kraken. Some talk of production being down 40-50% due to technical issues. It's been going for a few days now and some believe it will have a material affect on ENQ's year end debt targets. Worth taking note of 2 gaps to the downside to 17p and 14p. With price having dropped below that TL and the market worrying about Kraken production, closure of those gaps becomes more likely in my view.

This has fallen after my last visit...

Currently under the long term up trendline...

With oil looking going higer, maybe worth the punt , before it breaks above the trendline...

ta
G

I think its a super broken out of triangle in weekly and daily

I had these ones from 16p, and holding it when it went to 26, then it started falling down , and sold it at 22p...

Now I feel, I should have hold it , hindsight....

But I think its still a good buy at 25p?

TF comments please... charts attached, weekly and daily
This has broken out of triangle nicely? what you guys think?
ta
G