Enquest PLC (AIM:ENQ) told investors its production performance for the early part of 2024 has been at the upper end of guidance.
The oil and gas producer, in a statement ahead of its AGM today, said production to 30 April, averaged 43,595 barrels of oil equivalent per day (boepd), compared to guidance of 41,000 to 45,000 boepd.
"EnQuest has continued to deliver strong operational performance across our operated portfolio during the early part of the year, with production to the end of April averaging 43.6 Kboed (above the mid-point of guidance)," chief executive Amjad Bseisu said in a statement.
EnQuest's net debt stood at $344 million, reduced by $137 million since the start of the year.
Its liquidity position, meanwhile, amounted to $534 million.
Cash capital expenditure is projected at approximately $200 million, operating expenditure at $415 million, and decommissioning expenditure at $70 million.
"We are also making good progress in respect of the major right-sizing projects which are underway at the Sullom Voe Terminal, with the new stabilisation facilities expected to be online early next year,” Bseisu said.
"During this period of political and fiscal uncertainty, we remain actively engaged in efforts to advocate on behalf of the sector and the 200,000 jobs which it supports to create an environment which supports investment in the UK's delivery of energy security, decarbonisation and a just energy transition.”
EnQuest shares started Thursday’s trading 3.2% higher, trading at 15.2p each.