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United Kingdom

EnQuest PLC (ENQ.L)

ENQ.L on London Stock Exchange

22.34GBp
18 Jul 2019
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Latest Key Developments (Source: Significant Developments)

Enquest says Kraken output year-to-date less than 30,000-35,000 bpd
Thursday, 21 Mar 2019 

March 21 (Reuters) - EnQuest PLC ::ENQUEST CFO SAYS OIL PRICE RISE FROM $60/BBL TO $70/BBL WOULD MEAN $150 MILLION INCREASE IN EBITDA THIS YEAR.ENQUEST CEO SAYS PLANS TO START WORK ON KRAKEN FIELD WESTERN FLANK IN 2020.ENQUEST CEO SAYS KRAKEN FIELD WATER CUT TO IMPROVE AFTER INITIALLY HIGHER-THAN-EXPECTED LEVEL.ENQUEST CEO SAYS PRODUCING LESS THAN 30,000-35,000 BPD FROM KRAKEN FIELD YEAR-TO-DATE.  Full Article

Enquest Says Estimate Of Kraken's 2P Reserves Materially Unchanged
Tuesday, 12 Mar 2019 

March 12 (Reuters) - EnQuest PLC ::ENQUEST PLC - CAN CONFIRM ITS ESTIMATE OF KRAKEN'S 2P RESERVES, REMAIN MATERIALLY UNCHANGED.ENQUEST PLC - GROUP DOES NOT EXPECT TO RECOGNISE ANY IMPAIRMENT CHARGE RELATED TO KRAKEN ASSET.  Full Article

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 to cut jobs at Sullom Voe Terminal in North Sea

British oil producer EnQuest on Wednesday said it will cut 80 jobs at its Sullom Voe Terminal in the Shetland region of the North Sea.