Wednesday 27 November 2019

EnQuest PLC, 21 November 2019

Operations update

Production up c.26% year on year, driven by Magnus acquisition and improved Kraken uptime

- Group production averaged 68,501 Boepd in the ten months to end October 2019; full year 2019 guidance of 63,000 Boepd to 70,000 Boepd remains unchanged

- Improved production efficiency at Kraken resulted in average gross production of 34,286 Bopd

Net debt further reduced during the period

- At 31 October 2019, net debt was reduced to $1,561 million (30 June 2019: $1,638 million) with cash and available bank facilities amounting to $213 million (30 June 2019: $249 million)

- Net debt:EBITDA¹ ratio of 1.7x, significantly ahead of target to be below 2x by the end of 2019

- The Group's senior credit facility has reduced to $535 million following the voluntary early repayment of $45 million in October

- Net debt is expected to be below $1.5 billion at the end of 2019

2019 cash flow underpinned by oil price hedges

- By the end of October, c.13.4 MMbbls of oil hedges had been settled, with c.12.1 MMbbls achieving an average floor price of c.$66/bbl. For the remaining two months of 2019, c.2.4 MMbbls of oil hedges are in place, with c.2.2 MMbbls hedged at an average floor price of c.$64/bbl

More

Related Oil & Gas Projects

• Heather