EnQuest Production Rises on Ramped Up New Assets


Nov 12 (Reuters) – Britain's EnQuest Plc reported a 19.2 percent rise in oil production in the first 10 months of the year, helped by new assets in Malaysia and Tunisia – its first producing oil fields outside the North Sea.

Shares in the company rose as much as 7.7 percent to 75.30 pence in early trade on the London Stock Exchange.

Production during January-October rose to 27,567 barrels of oil equivalent per day (boepd).

EnQuest, which specialises in maximizing oil output from old fields, kept its production target for the year at between 25,000-30,000 boepd.

The company said it expected capital expenditure in the UK of $700 million to $800 million for 2015, weighted towards the second half of the year.

EnQuest shares were up 1.5 percent at 71 pence at 0916 GMT.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)



Copyright 2016 Thomson Reuters. Click for Restrictions.


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