Enquest continues to deliver 'good production performance'

(Sharecast News) - Exploration and production company Enquest said on Tuesday that it has continued to deliver a "good production performance" from its operated assets. Enquest said it now expects full-year production to be "around the mid-point" of its guidance range of 42,000-46,000 barrels of oil equivalent per day after average net group production in the ten months ended 31 October hit 43,872 boepd, in line with guidance.

The London-listed group highlighted that following the reinstatement of full production during August, its flagship Kraken asset had delivered 100% production efficiency in September and October and also noted that extensive planned maintenance shutdowns at its Magnus and GKA sites were completed ahead of schedule, with all key scopes executed.

Operating expenditure for the year was expected to be roughly $400.0m, which was $25.0m lower than original guidance, due primarily to lower-than-budgeted diesel and chemical costs.

Cash capital and decommissioning expenditures were both expected to be in line with original guidance at approximately $160.0m and $60.0m, respectively.

Enquest also said that it has entered into a rig contract to return to drilling at Kraken in 2025, with the group procuring a mobile offshore drilling unit for the proposed drilling of two wells.

As of 0930 GMT, Enquest shares were up 1.13% at 14.11p.

Reporting by Iain Gilbert at Sharecast.com