16th May 2014 08:18
LONDON (Alliance News) - EnQuest PLC Friday reiterated its production guidance for 2014, as it saw average production of barrels of oil equivalent per day rise in the 4 months to end-April.
The oil and gas development company expects to see an average production between 25,000 to 30,000 barrels of oil equivalent per day for the full year.
During the period to the end of April, EnQuest saw average production of 25,597 barrels of oil equivalent per day, driven by a strong performance across all of its hubs. Its Thistle/Deveron field in the North Sea was boosted by a new production well that came on stream in the second half of 2013, and by Enquest's investment in the field's power supply.
In the North Sea, Enquest is expecting the first oil from its Alma field in the second half. Additionally, its drilling of the Avalon field has confirmed a 85-foot vertical column of reasonable quality mobile oil. It is continuing to evaluate the discovery.
Progress on EnQuest's North Sea project Kraken continued during the period, as its Kraken vessel arrived in Singapore on schedule. It is continuing preparatory work ahead of planned appraisal drilling that is due to begin in the third quarter of 2014.
In Malaysia the company secured a small field development with national oil company Petroliam Nasional Bhd to develop and produce petroleum from the Tanjong Baram field. It expects the project to recover around 5 million barrels of oil equivalent in gross. The project is expected to begin in late 2015 and early 2016.
Shares in EnQuest were trading up 0.9% at 139.70 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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