EnQuest PLC (LON:ENQ) told investors that full-year production will be slightly below the mid-point of its guidance range, after an unplanned outage for one producing asset.
The oiler reported that group production averaged 60,777 barrels oil equivalent per day in the ten months to the end of October.
"The group has delivered production in line with guidance year to date, with Kraken continuing to perform well,” said Amjad Bseisu, chief executive.
Guidance for the full year is pitched at 57,000 to 63,000 boepd.
EnQuest’s flagship Kraken field is said to have performed strongly, yielding 37,783 bopd gross, slight ahead of its guidance of 30,000 to 35,000 bopd.
Elsewhere, however, the PM8/Seligi operation suffered an unscheduled outage and underwent a phase of maintenance.
EnQuest highlighted positive free cash generation, at US$95mln for the first ten months of the year.
At the end of October, the company had US$268mln of cash and available bank facilities, whilst net debt stood at US$1.38bn. The company noted that its senior credit facility reduced to US$385mln following voluntary US$40mln early repayment in November.
“We remain focused on cost control and capital discipline to maintain free cash flow breakeven at around US$33 per barrel oil equivalent in 2020," Bseisu added.