19th Jan 2015 11:08
LONDON (Alliance News) - Enquest PLC is understood to be planning to unveil a big cost-cutting plan this week in order to avoid breaking the terms of its bank loans, The Sunday Times reported.
Shares in the oil and gas explorer and producer have dropped recently due to the company's high cost base and heavy debt load, resulting in it falling out of the FTSE 250 in the last quarterly review.
But it is believed Chief Executive Amjad Bseisu will this month outline aggressive cost-cutting plans designed to address those concerns.
Enquest shares were up 18% to 29.58 pence on Monday, the best performer in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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