ENQUEST PLC, 11 December 2017.
EnQuest PLC ('EnQuest') announces that Neil McCulloch is stepping down today as Chief Operating Officer and Executive Director of EnQuest PLC by mutual agreement.
EnQuest has appointed Faysal Hamza as Interim Head of North Sea and Bob Davenport as Managing Director, North Sea, reporting to Faysal. Prior to joining EnQuest, Bob successfully led Apache's North Sea operations. Faysal and Bob previously worked together to build EnQuest's successful business in Malaysia. John Penrose will replace Bob as Managing Director, Malaysia.
Jock Lennox, Chairman of EnQuest:
"The Board would like to thank Neil for his unstinting contribution to EnQuest during a challenging period for both the company and industry. We wish him well for the future."
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Stefan Ricketts (Company Secretary)
Ian Wood (Communications & Investor Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Notes to editors
EnQuest is one of the largest UK independent producers in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. At the end of November 2017, its operated assets included Thistle/Deveron, Heather/ Broom, the Dons area, the Greater Kittiwake Area, Scolty/Crathes Alma/Galia, Kraken, Magnus and the Sullom Voe Oil Terminal; EnQuest also has an interest in the non-operated Alba producing oil field. At the end of June 2017, EnQuest had interests in 24 UK production licences and was the operator of 22 of these licences.
EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.
EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea. In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract.
Forward looking statements: This announcement may contain certain forward looking statements with respect to EnQuest's expectation and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.
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