EnQuest Reports 'Strong Operational Performance'

UK and Malaysia-focused independent producer EnQuest reported what it described as a "strong operational performance" for the four months to the end of April. Hydrocarbon production was up 20.2 percent over the same period of 2014, averaging 30,768 barrels of oil equivalent per day.

EnQuest reiterated its production guidance for the whole of 2015, stating that it was expecting between 33,000 boepd and 36,000 boepd. This would represent a 24-percent annual increase at the mid-point of the range.

The firm said the FPSO (floating production, storage and offloading) vessel for the Alma/Galia development in the UK North Sea has been securely moored on location in the field. The project remains on track for first oil in mid-2015. Meanwhile, EnQuest added that its Kraken development continues to be on budget and on schedule for first oil in 2017.

EnQuest CEO Amjad Bseisu commented in a company statement:

"Production of 30,768 boepd to the end of April is a good start to the year and was achieved as a result of ongoing strong operational performance across EnQuest's assets and the inclusion of Malaysia, in line with our expectations. The strong performance in our newly-acquired Malaysia assets, where we took over operations late last year, is testament to our ability to quickly impact production in late life assets.
"EnQuest's two major development projects continue to progress well. Across the business, we continue to implement our program of cost reduction, improved efficiency and capital expenditure rationalisation. The extensive 2015/2016 oil price-hedging program remains in place and we have taken a further precautionary measure in resetting the covenants on the retail bond. EnQuest is positioned to achieve substantial increases in production from both Alma/Galia and Kraken over the next two years, delivering material increases in cash flow."


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