Company
EnQuest
LON:ENQ
EnQuest PLC, a powerful new oil & gas production and development company with a geographic focus on the United Kingdom Continental Shelf. The company has been formed from the demerged North Sea interests of Lundin Petroleum and Petrofac. EnQuest’s assets have been contributed by Petrofac and Lundin on a debt free basis.
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EnQuest carbon storage licence step towards ‘less capital-intensive’ transition
EnQuest should be among firms to benefit from licenses to inject carbon into depleted North Sea oil fields, SP Angel analysts say
EnQuest concludes refinancing of its debt facilities
EnQuest has reduced its gross debt compared to 30 June, while extending its debt maturity profile
EnQuest on track to deliver as oil and gas prices boost cashflow
"We have a significant work programme to deliver in the second half of the year," said chief executive Amjad Bseisu
EnQuest mulls new North Sea investments
"EnQuest has a long track record of investment in the North Sea," said Amjad Bseisu.
Enquest downgraded by Barclays over energy windfall tax
Enquest shares were up around 80% since the start of the year until chancellor Rishi Sunak confirmed the windfall tax last month
EnQuest acquires former Xcite Energy flagship Bentley field for minimal outlay
EnQuest acquires the undeveloped field which neighbours its part-owned Kraken field.
EnQuest shares drop as it confirms 2020 revenue and earnings hit
"The proposed acquisition of the low-cost Golden Eagle area will strengthen our business," said Amjad Bseisu.
Proactive Oil & Gas weekly highlights: EnQuest, United Oil & Gas, Mosman, i3, 88 Energy
It was an eventful week in the small-cap oil and gas sector.
EnQuest divests majority of Eagle discovery in return for ‘free carry’
It will retain a non-operated 15% interest in the North Sea asset.
EnQuest to buy stakes in three producing North Sea fields for US$325mln
The deal to acquire 10,000 barrels per day production plus development upside is classed as a reverse takeover.
EnQuest says 2020 production will land in bottom half of guidance
The company produced an average of 60,777 barrels oil equivalent per day.
Cairn Energy confirms first half production at top end of guidance
Cairn said it is well-positioned with a strong net cash position at the end of the first half.
Enquest says Kraken production was strong, stays cautious over guidance
"The group continues to perform well in challenging conditions, including COVID-19 and the early shutdown of a number of our assets,” said Amjad Bseisu.
EnQuest buys stake in Equinor’s UK offshore Bressay field
The firm will pay £2.2mln payable as a carry against 50% of Equinor's net share of costs
EnQuest output at top end of previously downgraded guidance
Operationally, EnQuest remains materially unaffected by the ongoing COVID-19 pandemic.
EnQuest production presently “not materially affected” by coronavirus
Amid weaker oil prices EnQuest has cut further costs and it today detailed over US$700mln of impairments.
EnQuest downgrades production guidance as it decides to leave Heather and Thistle fields offline
“Given the prevailing low oil price environment, we are taking decisive action to reduce operating and capital expenditure in 2020 and beyond," said chief executive Amjad Bseisu.
EnQuest boasts strong performance amid 24% rise in production
Chief executive Amjad Bseisu described the Kraken field's performance as "excellent".
EnQuest lands new exploration project offshore Malaysia
“The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development."
EnQuest highlights strong Kraken performance as production rises
EnQuest maintains its full year guidance for between 63,000 and 70,000 boepd.
If the North Sea is revitalised, what are the best options for investors?
A flurry of asset acquisitions, investments and new field start-ups are all signs that the North Sea "continues to be revitalised”.
EnQuest confident as Magnus and Kraken fields perform well
Amjad Bseisu, EnQuest's chief executive said: “Production is towards the top end of our full year guidance range, our capital programme is on track"
Investments and investor services
Stilo putting on the agony after a profit warning
A look at the day's major movers, including Aura Energy, Hydrogen, AJ Bell, Mitchells & Butlers, Mucklow, Georgia Mining and Enquest
EnQuest shares rally as financial results confirm confidence in Kraken
EnQuest told investors that it continues to expect Kraken will achieve gross production of 30,000 to 35,000 barrels of oil per day this year
Archive
FTSE 100 closes higher at traders focus on Federal Reserve's dovish tone
The FTSE 250 though, seen as a better indicator of the state of UK companies, closed down around 41 points at 19,347.
Archive
Clothes retailers Next and Ted Baker in the spotlight on Thursday
Not much excitement is expected from the Bank of England, so investor attention will instead be on two of the UK’s troubled clothes retailers: Ted Baker and Next
Independent and small-cap oilers drive growth in the UK North Sea
The rise of these independent firms comes as the region has been progressively weaned off its dependency on multinational majors like BP and Shell
Archive
Retail results to vie with 'Meaningful' Brexit vote, UK, US rate decisions, and key data
DIY stores owner Kingfisher, clothing retailer Next, plus troubled fashion firm Ted Baker will report full-year results, with trading updates due from internet grocer Ocado and online fashion group ASOS
Row breaks out between North Sea partners as Cairn downgrades Enquest's Kraken field
In barrel terms, Cairn cut off around 6.8mln from the field’s crude endowment
‘Alternative facts’ see EnQuest shares slump as Cairn downgrades Kraken field
EnQuest shares dropped almost 10% after Kraken field partner Cairn downgraded reserves and made a US$166mln impairment on the heavy oil field's book value - but, EnQuest sees things differently.
EnQuest to be comfortably within debt covenants with production set to soar
Average gross production in 2018 at the Kraken field was 30,310 barrels of oil per day, which was below expectations. Production was limited by a number of weather-related and production system outages
RBC takes back EnQuest debt warning but keeps heavy downgrade
Lower oil prices and downgraded performance sets EnQuest up for challenging period, according to RBC.
EnQuest sees 20% production growth in 2019 due to Magnus acquisition
"We have continued to deliver in line with our 2018 production targets,” said Amjad Bseisu, EnQuest chief executive
North Sea oil and gas spend could top £300bn over next 30 years, study shows
Professors at Aberdeen University found that the Oil and Gas Authority’s hopes that a further 14.9bn barrels could be recovered from the UKCS by 2025 were realistic
North Sea revival continues as BP and Shell's Shetland venture gets green light
BP and Shell received approval for their JV to drill at the Alligin field - part of the Greater Schiehallion area - off the west of Shetland
EnQuest set for $20mln cash boost as it confirms exercise of Magnus option with BP
The transaction to acquire all of Magnus, Thistle and Deveron will lift reserves and production volumes
West of Shetland discoveries point to new growth for offshore UK
The narrative around the North Sea’s demise is both exaggerated and premature, but, the 'blue sky' very much remains in the West of Shetland region
EnQuest downgraded by Barclays amid concerns over complexity
Barclays set a new price target of 45p, down from 60p, which compares to a market price of 36.85p
FTSE 100 closes higher as traders come back to equities
It was around that level most of the day and closed at 7,304 - that's up around 0.37% on the week
Archive
UK jobs and wages in focus given upcoming Bank of England policy meeting
Aside from the latest UK labour market data, Tuesday will also bring corporate updates from the likes of Ashtead Group, JD Sports Fashion, and Cairn Energy
Archive
Airlines under pressure after IAG's British Airways unit hit by data theft
A look at some of the biggest risers and fallers in the London market on Friday
EnQuest buys rest of Magnus fields from BP, production up in first half
Taking all of the Magnus assets gives EnQuest 60mln barrels of reserves and will add significant additional production volumes
EnQuest Energy and Tullow Oil in favour as Barclays upgrades oil sector
Barclays now increases its sector view to ‘positive’ from ‘neutral’, meanwhile, analyst James Hosie highlighted the upside for EnQuest and Tullow Oil
EnQuest boasts of strong start to 2018 production
"Production performance in January and February was strong and the Group expects a material increase in production in 2018"
Investments and investor services
FTSE 100 closes higher as traders await US interest rate decision
The Footsie has been in consolidation mode for most of the day
Archive
UK inflation data could provide signpost to upcoming Bank of England rate hikes
Day ahead includes February UK inflation numbers, plus results from housebuilder Bellway PLC, online grocer Ocado PLC, and oil services firm John Wood Group PLC
Archive
Markets await interest rate decisions from Bank of England and Federal Reserve
The week ahead includes policy announcements from the Bank of England and Federal Reserve along with corporate earnings from Bellway, Next, Ted Baker, Kingfisher and Wood Group
Investments and investor services
Kin slumps as share suspension looms, elsewhere another ‘shell’ soars after getting deals done
A look at some of today's top risers and fallers in London
Investments and investor services
FTSE 100 ends in red after lacklustre session
The FTSE 100 extended the morning's losses toe end the day 47 points lower at 7,247
EnQuest strikes decommissioning deal with BP for North Sea fields
“The transaction aligns the interests of the parties involved in the production and decommissioning phases, reflecting the industrial logic for the operator to undertake the decommissioning of these assets"
FTSE 100 edges higher as "Spreadsheet Phil" sings 'This old house'
Lloyds's shares were changing hands at a rate of knots, while the house-builders saw some of their recent handsome gains creamed off
Proactive oil & gas highlights: Tullow Oil, EnQuest, Victoria Oil & Gas, Angus Energy, 88 Energy, Rose Petroleum
Well results, funding deals and the start of new campaigns were the source of much of this week's oil and gas highlights.
EnQuest reveals deals to unlock more than US$100mln of liquidity
An US$80mln crude pre-sale arrangement and a US$37.25mln refinancing are part of "a programme of prudent measures" being undertaken by EnQuest
EnQuest expects first Kraken crude cargo in coming days
EnQuest’s group production averaged 37,015 barrels oil equivalent per day in the six months ended June 30
Archive
Biffa, Bovis and Go-Ahead results all due, but ECB policy decision to take centre stage
Some big names are due to publish results on Thursday, but the European Centeal Bank’s decision on interest rates is what most traders will be waiting on
Archive
Barrage of builders to update in week ahead with Brexit concerns remaining key
Week ahead includes updates from a raft of housebuilders, including Barratt Developments, Berkeley Group and Bovis Homes, plus trading news from Halfords Group, and the latest European Central Bank Council meeting
Tullow Oil weak as Jefferies downgrades its rating in review of the exploration & production sector
The US broker cut its stance for Tullow to 'hold' from 'buy' and reduced its target price to 155p, from 250p previously, pointing out that a refinancing in 2017 “remains a risk”
EnQuest has delivered Kraken heavy oil field ‘considerably under budget’
The North Sea oil firm has delivered the Kraken oil field, a US$2.5bn project that’s expected to produce up to 50,000 barrels of oil per day and some 1,000 oil jobs.
Royal Dutch Shell, BP downgraded as leading broker turns bearish on the oil price
Aussie broker Macquarie sees Brent averaging just over US$54 in the second-half, then US$49.33 and US$52.75 a barrel for 2018 and ’19 respectively
OPEC should make the headlines, but Petrofac and other oilfield services firms provide a big, black cloud
Petrofac was the London market’s biggest faller, with its share price plunging by nearly 30% to reach its lowest level since the first half of 2009, wiping around £630mln off its total market value
Mid-cap oiler EnQuest preparing to release the Kraken
The Kraken in this case is not some giant, mythical, squid-like beast, but a rather large North Sea
EnQuest looking forward to cash generation and deleveraging as Kraken start-up nears
EnQuest expects to grow production to 45,000 to 51,000 boepd in 2017, depending on the timing of Kraken.
Archive
Make mine a double as Fevertree reports
More good news is expected from star mixer group Fevertree
Archive
Next firmly on the back foot as shoppers batten down hatches
Week ahead: Next, Kingfisher, Smiths Group ,Satellite Solutions ...
EnQuest 'Kraken on' as production vessel arrives on site
One of the largest current developments in the North Sea, Kraken will ramp up to a plateau rate of 50,000 barrels of oil equivalent per day.
Hurricane Energy one of the few ‘buys’ left in oil sector - Macquarie
“Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view.
EnQuest deals into BP’s Magnus field in North Sea
"This transaction capitalises on EnQuest's strengths in realising value from the management of maturing oil fields," says EnQuest boss Amjad Bseisu.
Archive
Proactive Oil & Gas Highlights: Gulf Keystone, Shell, Cairn Energy, Premier Oil, Hurricane Energy, Jersey Oil & Gas, LGO Energy
The first week back brought little in the way of news but there was plenty of analyst coverage across the sector.
Archive
Proactive news round-up: Futura Medical , Gfinity, Sound Energy ...
A glance at some of the stories on the Proactive newswire today
Hurricane Energy and EnQuest are London’s standout E&Ps - Macquarie
Hurricane is coming off a very successful 2016, but hopes are high for 2017 as well.
EnQuest achieves ‘first oil’ at Scolty-Crathes, but warns of Brent pipeline delays
The Scolty and Crathes wells are now online, and Kraken is due to start-up in the first half of 2017, but delays to planned third-party maintenance on the Brent Pipeline System means EnQuest will miss production guidance for this year.
EnQuest’s Kraken set for first half start-up, FPSO to sail soon
The Kraken oil field is due for start up in the first half of 2017.
Proactive news summary - Sound Energy, Aureus Mining, Mosman Oil and Gas Limited and more
A look at some of the significant compnay news stories today, including from the small cap sector
Oil, gas and mining stocks outshine housebuilders after 'Brexit' - broker
Oil & gas and mining stocks have survived the 'Brexit' fallout largely unscathed
Archive
Brokers: Upgrades all round for housebuilders
UK housebuilders were in favour with the brokers after a survey showed sentiment is strong in the housing industry
Hurricane Energy oil strike fuels hope of North Sea renaissance
Hurricane find highlights potential for smaller North Sea oilers
Archive
Proactive weekly oil highlights: 88 Energy, Aminex, Hurricane Energy and more...
Weekly round up of news headlines from the world of oil...
Archive
Brokers: Randgold Resources upgraded as UBS sees dividend potential
Also, Sports Direct, Enquest, Pearson, Hurricane Energy
Preview: High street in focus as Dixons Carphone updates market
Electrical retailer set to report higher sales despite EU referendum uncertainty
PREVIEW: Will Dechra Pharmaceuticals live up to heightened expectations?
Dechra Pharmaceuticals, housebuilders Berkeley and Barratt, Halfords, Dixons Carphone, and JD Whetherspoon are on the agenda.