24th Nov 2022 10:29
(Alliance News) - EnQuest PLC on Thursday said it is on track to deliver on its 2022 targets, following an "excellent" operational performance in the first half of the year.
The London-based oil and gas production company, which has operations in both the UK and Malaysia, reported a 5.2% rise in production in the 10 months to October. Average net group production was 46,593 barrels of oil equivalent per day, up from 44,306 the year before.
The average production in Malaysia was 6,425 boepd for the 10-month period, rising 27% from last year. The increase was driven by EnQuest's four-well workover campaign and the delivery of the group's first horizontal well at the PM8/Seligi oil field being brought on stream, both of which were completed in July.
Looking ahead, EnQuest said its average net production for 2022 is expected to be around the mid-point of the existing guidance range of 44,000 boepd to 51,000 boepd.
Kraken net production is expected to be around the upper-end of 15,500 boepd to 18,500 boepd guidance.
EnQuest said operating expenditure, cash capital and decommissioning expenditures are all expected to be lower than originally guided at USD400 million, USD120 million and USD60 million, respectively.
These reductions are driven by a combination of "favourable" foreign exchange rates, changes in work programmes, and cash phasing of expenditures.
EnQuest shares were down 0.7% to 24.22 on Thursday morning in London.
By Jaskeet Briah; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Enquest