EnQuest on track for FY oil production

EnQuest, the FTSE 250 exploration firm, said oil production was up 20% in the first half of the year and it was on track to hit full year estimates.

Production to the end of October averaged 23,944 barrels of oil equivalent per day (boepd), up 20% on the 19,876 boepd for the equivalent 2010 period.

This put it on track to deliver the latest guidance for full year average 2011 production of between 23,000 boepd and 24,500 boepd, the firm said.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

EnQuest was now concluding its active ten well drilling programme for 2011, with five new North Sea production wells having been brought onstream during the year.

However, it said an exploration well drilled on its Ivy prospect had been unsuccessful.

"In 2011, EnQuest has further consolidated its positions, with increased interests in the Broom field and the Crawford block helping to drive strong growth in our net reserves," said chief executive Amjad Bseisu.

"EnQuest continues to be active in assessing potential business development opportunities."