Company
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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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
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”
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.
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
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
The Kraken in this case is not some giant, mythical, squid-like beast, but a rather large North Sea
EnQuest expects to grow production to 45,000 to 51,000 boepd in 2017, depending on the timing of Kraken.
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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 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.
"This transaction capitalises on EnQuest's strengths in realising value from the management of maturing oil fields," says EnQuest boss Amjad Bseisu.
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The first week back brought little in the way of news but there was plenty of analyst coverage across the sector.
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A glance at some of the stories on the Proactive newswire today
Hurricane is coming off a very successful 2016, but hopes are high for 2017 as well.
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.
The Kraken oil field is due for start up in the first half of 2017.
A look at some of the significant compnay news stories today, including from the small cap sector
