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United Kingdom

EnQuest PLC (ENQ.L)

ENQ.L on London Stock Exchange

33.90GBp
22 Jun 2018
Change (% chg)

2.20 (+6.94%)
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31.70
Open
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Volume
8,825,396
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Latest Key Developments (Source: Significant Developments)

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 says raised about 82 mln stg via placing and open offer
Thursday, 13 Oct 2016 

Enquest Plc : Completion of bookbuild for placing and open offer . 314.2 million shares have been conditionally placed with institutional investors for a price of 23 pence per new ordinary share .Prior to any clawback, double a's total commitment in placing and open offer will be approximately £28 million (approximately $34 million).  Full Article

Enquest proposes about 82 mln stg placing as part of restructuring efforts
Thursday, 13 Oct 2016 

Enquest Plc : Launch of a proposed issuance of equity, by way of a placing and open offer of 356.7 mln new shares at 23 pence per share . Expected to raise proceeds of approximately 82.0 mln stg(approximately 78.1 mln stg net of estimated expenses) . Bookbuild will open with immediate effect . Restructuring will provide group with a stable and sustainable capital structure, reduced cash debt service obligations and greater liquidity . Proceeds of placing and open offer will be used to continue development of company's Kraken asset with aim of achieving first oil in first half of 2017 .Company does not intend to use any proceeds from placing and open offer to repay bank debt.  Full Article

Enquest proposes about 82 mln stg placing as part of restructuring efforts
Thursday, 13 Oct 2016 

Enquest Plc : Proposed c. £82 million placing and open offer and financial restructuring . Launch of a proposed issuance of equity, by way of a placing and open offer of, in aggregate, 356,738,114 new ordinary shares . Issue at an issue price of 23 pence per new ordinary share expected to raise proceeds of approximately £82.0 million . Placing and open offer is part of a proposed financial restructuring of group . Irrevocable undertakings to take up entitlements under open offer have been received for 42,505,990 new ordinary shares . Bookbuild will open with immediate effect . Timing of closing of bookbuild is at discretion of J.P. Morgan Cazenove and BofA Merrill Lynch, following consultation with co .Board remains confident in long term potential of Enquest business plan.  Full Article

Enquest in talks over potential farm out deal for Kraken development
Monday, 18 Jul 2016 

Enquest Plc : Holding discussions with Delek Group Ltd for sale by enquest to one of delek's subsidiaries of an interest in kraken development . Enquest to farm out to delek a 20% working interest in Kraken . At completion, delek will advance usd20 million to seller for a period of up to 5 years at an annual interest of 3% . Potential farm out of 20% of Kraken to delek . Continues to closely monitor and manage its funding and liquidity position in light of current market environment . Delek would bear its share in project capex from january 1, 2016 .Engaging as appropriate with its credit facility providers (including banks and bondholders) in this regard.  Full Article

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Phoenix from the ashes: Investors pile into smaller European oil groups

LONDON Investors have sent shares in European oil exploration and production (E&P) focussed companies like Premier , Tullow , EnQuest and Faroe , soaring, and some fund managers say they have not peaked yet.