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EnQuest profit more than doubles; appoints Martin Houston as chairman

By BFN News | 08:58 AM | Thursday 05 September, 2019

EnQuest appointed Martin Houston as chairman with effect from 1 Oct 2019, replacing Jock Lennox who would step down at the end of the month. The appointment arrived as the company saw half-yearly profit more than double as oil production met the top end of full-year guidance range. For the six months ended 30 June 2019, pre-tax profit rose to $38.7m from $19.1m a year earlier as revenue jumped to $858.2m from $548.3m a year earlier. Earnings (EBITDA) rose to $525.9m from $311.9m a year earlier, driven by higher production volumes and realised prices, including the impact of the group's hedge programme, the company said. Group net production was up 27.0%, averaging 68,548 barrels of oil equivalent a day (boepd), within the top end of full year 2019 guidance of 63,000 boepd to 70,000 boepd. 'We remain confident in achieving our 2019 production guidance of 63,000 to 70,000 Boepd. Our two pipeline projects have been completed ahead of schedule and budget and our annual maintenance programme is expected to be concluded around the end of the third quarter. Drilling is underway in Malaysia with our two-well campaign and drilling at Magnus is due to start in the fourth quarter,' said EnQuest Chief Executive, Amjad Bseisu. 'The Worcester development at Kraken, planned for 2020, will utilise our existing infrastructure and is the first step in developing the material resource present in the Western Flank. We continue to assess options to develop the significant potential within our reserves and resources across our portfolio, particularly at Kraken, Magnus and PM8/Seligi.' At 8:58am: (LON:ENQ) EnQuest Plc share price was +1.14p at 19.65p Story provided by

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