Edition:
United States

EnQuest PLC (ENQ.L)

ENQ.L on London Stock Exchange

30.92GBp
3:55am EDT
Change (% chg)

-0.83 (-2.61%)
Prev Close
31.75
Open
31.50
Day's High
31.50
Day's Low
30.50
Volume
1,207,261
Avg. Vol
5,228,683
52-wk High
56.00
52-wk Low
20.13

Latest Key Developments (Source: Significant Developments)

Enquest confirms 2017 average production guidance range of 45,000 boepd to 51,000 boepd
Tuesday, 21 Mar 2017 03:12am EDT 

Enquest Plc : FY revenue $849.6 million versus $906.6 million year ago . FY production averaged 39,751 boepd in 2016, up 8.7% on 2015 . 2016 unit operating costs of $24.6/bbl compared to $29.7/bbl in 2015 . 2016 cash capex of $609.2 million compared to $751.1 million in 2015 . FY revenue of $849.6 million and EBITDA of $477.1 million . FY cash generated from operations of $408.3 million, up from $221.7 million in 2015 . Kraken development continues under budget and on track for first oil in Q2 2017 . FY net 2P reserves of 215 mmboe at end of 2016, 5.9% up on 203 mmboe at end of 2015 . Kraken development continues under budget and on track for first oil in Q2 2017 . Confirms 2017 average production guidance, in range of 45,000 boepd to 51,000 boepd for full year . Remains on course to reduce average unit opex further in 2017 to be within range of $21/bbl to 25/bbl including kraken production . Confirms 2017 average production guidance, in range of 45,000 boepd to 51,000 boepd for full year . Cash capex is set to be in range $375 million to $425 million in 2017 . Hedging of c.6 million barrels for 2017, at an average of c.$51/bbl . Total debt facilities of c.$2.1 billion remain in place . On course to reduce average unit opex further in 2017 to range of $21/bbl to 25/bbl including kraken production.  Full Article

Enquest: Kraken FPSO in field and hooked up
Friday, 17 Feb 2017 02:00am EST 

Enquest Plc : Says Kraken Floating Production Storage and Offloading (FPSO) vessel arrived at field Feb. 13 .Delivery of first oil in Q2 2017 is on track.  Full Article

EnQuest names new Chief Operating Officer
Thursday, 15 Dec 2016 02:37am EST 

EnQuest Plc :Neil McCulloch is being appointed as chief operating officer and is to join board as an executive director at next AGM..  Full Article

Enquest says financial restructuring has now become effective
Monday, 21 Nov 2016 04:08am EST 

Enquest Plc : Financial restructuring of group announced on 13 October 2016 has now become effective .Announcement concludes restructuring and constitutes final stage in process..  Full Article

Enquest sees 2016 daily output slightly below prior guidance
Monday, 21 Nov 2016 02:05am EST 

Enquest Plc : Kraken development project remains on course to deliver first oil in h1 2017. . 2016 production to be broadly around average daily production level delivered to end of october of 40,857 boepd, and below its prior guidance of between 42,000 and 44,000 boepd. .Lower guidance takes into account impact of extended third party shutdown of brent pipeline system,.  Full Article

EnQuest says raised about 82 mln stg via placing and open offer
Thursday, 13 Oct 2016 12:01pm EDT 

Enquest Plc : Completion of bookbuild for placing and open offer . 314.2 million shares have been conditionally placed with institutional investors for a price of 23 pence per new ordinary share .Prior to any clawback, double a's total commitment in placing and open offer will be approximately £28 million (approximately $34 million).  Full Article

Enquest proposes about 82 mln stg placing as part of restructuring efforts
Thursday, 13 Oct 2016 02:00am EDT 

Enquest Plc : Launch of a proposed issuance of equity, by way of a placing and open offer of 356.7 mln new shares at 23 pence per share . Expected to raise proceeds of approximately 82.0 mln stg(approximately 78.1 mln stg net of estimated expenses) . Bookbuild will open with immediate effect . Restructuring will provide group with a stable and sustainable capital structure, reduced cash debt service obligations and greater liquidity . Proceeds of placing and open offer will be used to continue development of company's Kraken asset with aim of achieving first oil in first half of 2017 .Company does not intend to use any proceeds from placing and open offer to repay bank debt.  Full Article

Enquest proposes about 82 mln stg placing as part of restructuring efforts
Thursday, 13 Oct 2016 02:00am EDT 

Enquest Plc : Proposed c. £82 million placing and open offer and financial restructuring . Launch of a proposed issuance of equity, by way of a placing and open offer of, in aggregate, 356,738,114 new ordinary shares . Issue at an issue price of 23 pence per new ordinary share expected to raise proceeds of approximately £82.0 million . Placing and open offer is part of a proposed financial restructuring of group . Irrevocable undertakings to take up entitlements under open offer have been received for 42,505,990 new ordinary shares . Bookbuild will open with immediate effect . Timing of closing of bookbuild is at discretion of J.P. Morgan Cazenove and BofA Merrill Lynch, following consultation with co .Board remains confident in long term potential of Enquest business plan.  Full Article

Enquest in talks over potential farm out deal for Kraken development
Monday, 18 Jul 2016 02:50am EDT 

Enquest Plc : Holding discussions with Delek Group Ltd for sale by enquest to one of delek's subsidiaries of an interest in kraken development . Enquest to farm out to delek a 20% working interest in Kraken . At completion, delek will advance usd20 million to seller for a period of up to 5 years at an annual interest of 3% . Potential farm out of 20% of Kraken to delek . Continues to closely monitor and manage its funding and liquidity position in light of current market environment . Delek would bear its share in project capex from january 1, 2016 .Engaging as appropriate with its credit facility providers (including banks and bondholders) in this regard.  Full Article

EnQuest makes small reserves upgrade to Crathes reservoir in North Sea
Friday, 1 Jul 2016 02:00am EDT 

EnQuest Plc :Crathes reservoir exceeded expectations, with a small reserves upgrade.  Full Article

More From Around the Web

EnQuest oil production falls but company sticks to annual target

LONDON, May 25 North Sea-focused oil producer EnQuest said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it maintained its annual output target.