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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

Enquest oil worker
EnQuest had revenue of US$294.8mln in the first half

EnQuest Plc (LON:ENQ) told investors that it expects the first cargo of oil to be lifted from the Kraken floating production and storage vessel in the next few days.

The oil company, in its half yearly results statement, told investors that it expects Kraken, in the UK North Sea, to achieve plateau of around 50,000 barrels of oil per day gross in the first half of 2018.

Presently, the stabilised rate from EnQuest’s 70% owned oil field amounts to around 30,000 bopd.

EnQuest’s group production averaged 37,015 barrels oil equivalent per day in the six months ended June 30 - Kraken came online in June.

Kraken’s start-up has taken longer than initially expected, and consequently EnQuest has guided that production for the full year is expected to be 10% either side of the 37,015 boepd rate seen in the first half.

EnQuest had revenue of US$294.8mln and earnings were reported at US$151mln. Net debt stood at US$1.92bn at the end of June. Reduced oil price assumptions resulted in non-cash impairments of US$79.6mln.

Chief executive Amjad Bseisu said: "EnQuest was pleased to bring the Kraken field onstream on 23 June 2017, with substantially reduced capex, assisted by the excellent delivery of the drilling and subsea programmes; we expect the first cargo load of oil to be lifted from the Kraken FPSO in the next few days. 

“Kraken remains on course to achieve plateau production of approximately 50,000 Boepd gross in H1 2018, driving a material increase in EnQuest's production in 2018 and beyond. 

He added: “EnQuest expects to deliver the targeted reductions in capital expenditure post Kraken start up and to complete the Magnus/SVT acquisition before the year end. Deleveraging the balance sheet remains a key post Kraken start up objective."

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NASDAQ:ENQ.L
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