EnQuest confirms growth is on course for the year

Resources company EnQuest has said its growth remains on course for the year, and has confirmed production guidance of between 22,000 and 27,000 barrels of oil equivalent per day (boepd).

During the four months to the end of April production averaged 20,494 boepd compared to 20,976 in the same period in 2012, reflecting the third party shutdowns of the Brent pipeline in the first quarter of the year.

Amjad Bseisu, Chief Executive, said: "EnQuest's growth and execution remain on course. We are on track to submit the field development plan (FDP) for Kraken by mid-year and to sanction the project later in 2013. The well results in north Kraken are in line with expectations and give further confidence in the field development.

"We completed our acquisition of 8.0% of the Alba field in the first quarter of 2013, which has similar characteristics to Kraken. Alba adds four non-operated wells to the twelve wells that EnQuest had originally planned for 2013.

"The Alma/Galia project remains on track for first production in the fourth quarter of 2013 and dry dock work on the vessel is now complete. With the increase in scope for a potential second phase, our schedule is challenging but achievable. Since the publication of our 2012 results, production continues to be in line with our guidance, driving strong cash flow generation.

"We continue to look at opportunities to acquire assets in the UK, as well as other regions, such as in the Norwegian North Sea, South East Asia and North Africa, where our expertise and capabilities can be applied to maturing assets and development opportunities."

The share price dipped 0.6% to 132.20p by 09:05 Wednesday.

NR