EnQuest on track for 2012

Enquest, the FTSE 250 oil and gas company, said average 2012 production would be around the middle of previous full year guidance.

The firm also said that its co-founder and chief operating officer, Nigel Hares, was stepping down from the board.

However, he will remain at the firm four days a week, advising on future strategy and development.

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Enquest said production from 1st January to 31st October averaged 21,569 barrels of oil per day, in line with its expectations and reflecting the second half weighted phasing of its 2012 drilling programme.

The company added it was moving outside of the UK North Sea, having established a presence in two new oil basins in Norway and Malaysia.

Amjad Bseisu, Chief Executive, said financial performance, production and cash generation were on track for another strong year.

MM