EnQuest PLC, 18 May 2012. Interim Management Statement

PRODUCTION CONTINUES TO DRIVE EARNINGS AND CASH FLOW

PRODUCTION SUMMARY

Production from 1 January to 30 April 2012 averaged 20,976 Boepd, in line with expectations. EnQuest confirms guidance of an average of between 20,000 Boepd and 24,000 Boepd for the full year. As previously announced, EnQuest anticipates average production of between 25,000 Boepd and 30,000 Boepd in 2013.

Amjad Bseisu, Chief Executive, said

“We have had a busy 2012 to date, with three transactions giving us a 60% working interest in the exciting Kraken development as well as the purchase of an additional 18.5% of West Don. Our production for 2012 is going according to plan and the Alma/Galia development is on schedule. Today, we are announcing further additions to our growing pipeline of potential developments, with an increase in our position in the Kildrummy discovery from 40% to 60% and in the Cairngorm discovery from 50% to 100%.

Our production continues to drive our earnings and cash flow, putting us in a good position to take advantage of further business development opportunities as they arise.”

INTERIM MANAGEMENT STATEMENT HIGHLIGHTS

  • Alma/Galia
    • The Department of Energy and Climate Change (‘DECC’) has approved the Field Development Plan (‘FDP’) for the Alma field and the Galia FDP approval is anticipated in the near future

  • Kildrummy
    • EnQuest has completed the acquisition of its 40% interest in the Kildrummy discovery, the details of which were announced 29 November 2011
    • EnQuest also announces today an agreement to acquire an additional 20% interest in the Kildrummy discovery, being acquired from Eni for a deferred contingent $3m cash consideration

Please see attached PDF for full release.

For further information please contact:

EnQuest PLC                                                                                  Tel: +44 (0)20 7925 4900

Michael Waring (Head of Communications & Investor Relations)                                            

RLM Finsbury                                                                                 Tel: +44 (0)20 7251 3801

James Murgatroyd

Conor McClafferty

Dorothy Burwell

Notes to editors

EnQuest is the largest UK independent producer in the UK North Sea.  EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.  It is a constituent of the FTSE 250 index.  Its assets include the Thistle, Deveron, Heather, Broom, West Don, Don Southwest and Conrie producing fields and the Alma and Galia development.  At the end of  2011, EnQuest had interests in 22 production licences covering 27 blocks or part blocks in the UKCS, of which 19 licences were operated by EnQuest. 

EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low-risk region, 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.

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, 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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