September 5, 2019 / 6:18 AM / 3 months ago

Oil firm EnQuest chips away at debt, plans drilling

ABERDEEN, Scotland, Sept 5 (Reuters) - North Sea focused oil firm EnQuest is chipping away at its debt pile, which was at around $1.6 billion at the end of June, it said on Thursday, reiterating its output guidance of between 63,000 and 70,000 barrels per day this year.

EnQuest’s net debt stood at around $1.77 billion at the end of last year.

The group, which had a market cap of around $380 million on Wednesday, is planning to drill two wells in the Worcester part of its Western Flank area, where it sees a reservoir of around 100 million barrels.

Reporting by Shadia Nasralla; editing by Jason Neely

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