ENQUEST PLC, 19 August 2015.  Results for the 6 months ended 30 June 2015*

Strong production growth of 17%, to 29,665 Boepd

Highlights

• Production averaged 29,665 Boepd, up 17.3%, on H1 2014, reflecting a strong operational performance and continued high levels of production efficiency. EnQuest’s Malaysian assets contributed 7,777 Boepd.
  
  
• 2015 full year guidance is maintained at an average of between 33,000 Boepd and 36,000 Boepd, including first production from Alma/Galia.
  
  
• Revenue of $444.0 million and EBITDA** of $226.7 million reflected the decline in the oil price, partially offset by the positive impact of the hedging programme.
  
  
• Alma/Galia: Commissioning of subsea and topside systems is largely complete, with first oil expected within a few weeks.
  
  
• Kraken: The project continues to be on budget and on schedule for first oil in 2017. Batch drilling of the top-holes at the first drill centre has been completed. The Floating Production, Storage and Offloading vessel (‘FPSO’) continues to be on track for delivery in 2016.
  
  
• The programme of cost reduction initiatives continues and is on track for unit opex of an average of c.$38/bbl in 2015, and average unit opex in the low $30s/bbl is now anticipated in 2016.
  
  

* Unless otherwise stated, all figures are before exceptional items and depletion of fair value uplift and are in US dollars.

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