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Enquest maintains expectations after output meets top end of guidance

By BFN News | 07:52 AM | Thursday 21 May, 2020


Oil exploration and development company Enquest said it remained on track to meet its annual production and cashflow guidance after output met the top end of its expectations. Group production averaged 65,938 barrels of oil equivalent per day (boepd) in the four months to end April, above the top end of the group's full year 2020 production guidance, which remained unchanged at between 57,000 boepd to 63,000 boepd, the company said. Implementation of 2020 cost savings was on track, and forecast free cash flow breakeven remained unchanged at about $33 per boe for 2020, which equated to about $25 per boe for the remainder of the year. The company said it would continue to target free cash flow breakeven of about $27 per boe for 2021. 'Our continued focus on operational excellence has ensured our operations remain materially unaffected by the ongoing Covid-19 pandemic. Performance at Kraken and Scolty/Crathes has been ahead of expectations, while production at Magnus and PM8/Seligi has also been good, with the two new wells drilled on Magnus coming onstream in March, it added. 'The planned maintenance shutdown at Kraken is now expected to take place over the summer, while drilling at Worcester is progressing in line with expectations, with completion expected around the middle of the year.' Story provided by StockMarketWire.com

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