EnQuest shares rally after rebuttal to press reports

EnQuest did, however, acknowledge that it “routinely engages” with the UK’s Oil & Gas Authority.

offshore oil platform
The North Sea oiler has US$1.63bn of debt.

EnQuest Plc (LON:ENQ) shares shot up around 13% in Monday’s early deals as it denied it was in talks with the UK’s Oil & Gas Authority (OGA) regarding contingencies should it become bankrupt.

It is issued a stock market statement as a rebuttal to a write up in the Telegraph which cited the company as an example in an article about the OGA’s contingency planning for North Sea bankruptcies.

EnQuest acknowledged that it “routinely engages” with the UK’s oil regulator, as well as both the Scottish and UK governments, but was “not involved in any company-specific discussions such as were implied by the article.”

The oil firm, which currently produces 45,000 barrels of oil per day, recently confirmed its net debt amounted to US$1.63bn.

It is currently advancing the development of the Kraken field, which will be a major North Sea project and is on course to cost just under US$3bn.

EnQuest shares rose 2.75p, 9.57%, to trade at 31.5p each.

Quick facts: EnQuest

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Market: NASDAQ
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