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Enquest maintains production guidance even as output jumps

By BFN News | 09:06 AM | Thursday 21 November, 2019

Enquest said production rose by more than quarter in the ten months through October thanks to improved output at its Kraken operations and acquisition of Magnus. Group production for the ten months to the end of October rose 26% to 68,501 barrels of oil equivalent per day (boepd), as Kraken averaged gross production of 34,286 bopd. The net debt over earnings (EBITDA) ratio of 1.7x, was 'significantly' ahead of target to be below 2x by the end of 2019, the company said. Production guidance for the full year, however, was left unchanged in a range of 63,000 boepd to 70,000 boepd. 'Performance at Kraken and Scolty/Crathes is expected to largely offset the loss of production following the Thistle and Heather platform safety-related shutdowns,' Enquest said. 'As such, the group continues to expect 2019 production to grow by around 20%,' 'Drilling has now started at Magnus and we have recently placed the drilling contract for the 2020 programme for the Worcester wells in Kraken's Western Flank,' it added. At 9:06am: (LON:ENQ) EnQuest Plc share price was +0.23p at 18.73p Story provided by

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