EnQuest boasts strong performance amid 24% rise in production
Chief executive Amjad Bseisu described the Kraken field's performance as "excellent".
Company
Enquest PLC
LON:ENQ
EnQuest is an independent oil and gas development and production company. On formation its activities were focused on the UK Continental Shelf (UKCS), with its assets comprising of interests in the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields.
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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.
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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"
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In barrel terms, Cairn cut off around 6.8mln from the field’s crude endowment
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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
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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
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The transaction to acquire all of Magnus, Thistle and Deveron will lift reserves and production volumes