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United Kingdom

EnQuest PLC (ENQ.L)

ENQ.L on London Stock Exchange

21.50GBp
14 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Enquest Says Subscribers Procured For 22.8 Mln New Shares At Price Of 28 Pence/Shr
Monday, 22 Oct 2018 

Oct 22 (Reuters) - EnQuest PLC ::J.P. MORGAN, MERRILL LYNCH PROCURED SUBSCRIBERS FOR 22.8 MILLION NEW SHARES NOT VALIDLY TAKEN UP IN RIGHTS ISSUE AT A PRICE OF 28 PENCE.  Full Article

EnQuest says Magnus And Thistle Options Exercised
Thursday, 4 Oct 2018 

Oct 4 (Reuters) - EnQuest PLC ::MAGNUS AND THISTLE OPTIONS EXERCISED.ENQUEST PLC SAYS MAGNUS ACQUISITION, WHICH IS TARGETED FOR COMPLETION BY YEAR-END 2018, SUBJECT TO REQUISITE REGULATORY AND THIRD PARTY CONSENTS, IS EXPECTED TO ADD APPROXIMATELY $500 MILLION OF NET PRESENT VALUE TO GROUP.ENQUEST PLC SAYS EXERCISING THISTLE OPTION RESULTS IN ENQUEST RECEIVING $20 MILLION IN CASH IN EXCHANGE FOR INCREASING ITS TOTAL PAYMENT OBLIGATION OF BP'S DECOMMISSIONING COSTS OF THISTLE AND DEVERON FIELDS TO 7.5%.ENQUEST PLC SAYS CAP ON ENQUESTS TOTAL PAYMENT OBLIGATION ALSO INCREASES BY £42 MILLION TO £99 MILLION.  Full Article

EnQuest Buys Magnus, Announces 107 Mln Pounds Rights Issue
Friday, 7 Sep 2018 

Sept 7 (Reuters) - EnQuest Plc ::MAGNUS ACQUISITION AND RIGHTS ISSUE.PROPOSED ACQUISITION OF MAGNUS AND DRILLING OF TWO MAGNUS WELLS FUNDED BY A 107 MLN POUNDS RIGHTS ISSUE AND PROPOSED EXERCISE OF THISTLE OPTION.ITS PROPOSAL TO EXERCISE CERTAIN OPTIONS RELATING TO MAGNUS FIELD, AND THISTLE AND DEVERON FIELDS.MAGNUS TRANSACTION AND DRILLING OF TWO INFILL DEVELOPMENT WELLS IN MAGNUS FIELD WILL BE FUNDED THROUGH RIGHTS ISSUE, RAISING 107 MILLION POUNDS.EXPECTS MAGNUS INFILL WELLS TO HAVE A PAYBACK PERIOD WITHIN TWO YEARS, WITH INTERNAL RATES OF RETURN IN EXCESS OF 100 PCT.CONSIDERATION FOR EXERCISE OF MAGNUS OPTION IS $300 MILLION (PLUS OR MINUS CUSTOMARY ADJUSTMENTS) BASE CONSIDERATION.  Full Article

EnQuest HY Production Up 45.9 Pct, Affirms 2018 Outlook
Friday, 7 Sep 2018 

Sept 7 (Reuters) - EnQuest PLC ::ALL 2018 GUIDANCE REAFFIRMED.GROUP NET PRODUCTION UP 45.9%, AVERAGING 53,990 BOEPD IN SIX MONTHS TO END JUNE 2018.PROPOSING TO UNDERTAKE A RIGHTS ISSUE FOR $138 MILLION.HY REVENUE OF $548.3 MILLION (2017: $294.8 MILLION).HY EBITDA OF $311.9 MILLION (2017: $151.0 MILLION).GROSS COSTS AT SVT ON TRACK TO REDUCE FROM C.£200 MILLION IN 2017 TO C.£150M IN 2018.AT 30 JUNE 2018, NET DEBT HAD REDUCED TO $1,973.4 MILLION.HY PROFIT BEFORE TAX & NET FINANCE COSTS 105.2 MILLION STG VERSUS 33.6 MILLION STG.ON TRACK TO REDUCE OPERATING COSTS AT SULLOM VOE TERMINAL BY AROUND 25%, TO AROUND £150 MILLION IN 2018.  Full Article

Enquest Says Production For Four Months To April In Line With Expectations
Thursday, 24 May 2018 

May 24 (Reuters) - EnQuest PLC ::ENQUEST PLC SAYS GROUP PRODUCTION IN LINE WITH EXPECTATIONS, AVERAGING 56,077 BOEPD IN FOUR MONTHS TO END APRIL 2018, UP 48.1% ON SAME PERIOD IN 2017.ENQUEST PLC SAYS 2018 GUIDANCE REAFFIRMED.ENQUEST - AVERAGE PRODUCTION IN MALAYSIA IN FOUR MONTHS TO END APRIL 2018 OF 8,751 BOEPD WAS 2.9 PERCENT LOWER THAN 2017, REFLECTING NATURAL DECLINE AT TANJONG BARAM.  Full Article

EnQuest Says Neil McCulloch To Step Down As Chief Operating Officer
Monday, 11 Dec 2017 

Dec 11 (Reuters) - Enquest Plc ::‍DIRECTORATE CHANGE​.NEIL MCCULLOCH IS STEPPING DOWN TODAY AS CHIEF OPERATING OFFICER AND EXECUTIVE DIRECTOR OF ENQUEST PLC BY MUTUAL AGREEMENT​.  Full Article

Enquest Says Completed Acquisition Of Initial 25 pct stake In Magnus Oilfield
Friday, 1 Dec 2017 

Dec 1 (Reuters) - Enquest Plc ::COMPLETION OF ACQUISITION.‍COMPLETED ACQUISITION OF INITIAL 25% INTEREST IN MAGNUS OIL FIELD, 3.0% INTEREST IN SULLOM VOE OIL TERMINAL, SUPPLY FACILITY.  Full Article

Enquest says FY ‍2017 Opex and Capex guidance remain unchanged​
Thursday, 30 Nov 2017 

Nov 30 (Reuters) - ENQUEST PLC ::‍KRAKEN PRODUCTION RATE ON PLAN​.‍KRAKEN IS ACHIEVING MONTH ON MONTH INCREASES IN PRODUCTION AND BY EARLY NOVEMBER AVERAGE PRODUCTION RATES WERE AROUND 23,000 BOPD GROSS​.‍ENQUEST CONTINUES TO EXPECT PRODUCTION AT KRAKEN TO REACH 50,000 BOPD GROSS DURING H1 2018​.‍GROUP PRODUCTION AVERAGED 35,410 BOEPD IN TEN MONTHS TO END OCTOBER 2017​.‍ENQUEST CONFIRMS 2017 FULL YEAR AVERAGE PRODUCTION GUIDANCE RANGE REMAINS UNCHANGED​.‍FULL CYCLE GROSS KRAKEN PROJECT CAPEX IS ESTIMATED TO BE C.$2.4 BILLION, 25% DOWN ON ORIGINAL SANCTIONED COST OF $3.2 BILLION​.‍2017 FULL YEAR OPEX AND CAPEX GUIDANCE ALSO REMAIN UNCHANGED​.  Full Article

EnQuest says two transactions boost its liquidity by over $100 mln
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - ENQUEST PLC ::LIQUIDITY ENHANCED BY OVER $100 MILLION.‍EXECUTION OF AN $80 MILLION CRUDE OIL PREPAYMENT TRANSACTION AND A $37.25 MILLION REFINANCING FOR ITS TANJONG BARAM PROJECT IN MALAYSIA​.‍TRANSACTIONS DIRECTLY PROVIDE ENQUEST WITH OVER $100 MILLION OF ADDITIONAL FINANCIAL RESOURCES​.  Full Article

Enquest maintains 2017 production guidance
Thursday, 25 May 2017 

May 25 (Reuters) - Enquest Plc ::Operational update.Kraken on track and 2017 production guidance confirmed.Kraken development on track to deliver first oil before end of june 2017, with further excellent progress on drilling.Reaffirms its guidance for full year 2017 of average production between 45,000 boepd and 51,000 boepd.Production averaged 37,856 boepd for four months to end of april 2017, down on 42,752 boepd in same period in 2016.Magnus/SVT transition and acquisition programme on course for transaction completion around end of 2017, with no cash outlay for enquest.As at 30 April 2017, net debt was approximately $1,912m.Cash and undrawn facilities totalled $244m at April 30.On track to achieve first oil from Kraken before end of June and to deliver on production, unit opex and capex targets for 2017.  Full Article

EnQuest sees 20 percent higher oil production in 2019

EnQuest expects to produce about 20 percent more oil next year as the indebted British North Sea producer strives to recover from a series of minor setbacks at its flagship field.