23rd May 2019 09:53
LONDON (Alliance News) - EnQuest PLC on Thursday reported a "good" start to 2019, with the Magnus field continuing to outperform.
Total production for the period for the first four months of 2019 was 69,973 barrels of oil equivalent per day, 25% higher year-on-year.
The Northern North Sea area production nearly doubled to 34,766 barrels a day, driven by the contribution from Magnus.
Elsewhere, Kraken also "significantly" improved performance, delivering 19,772 barrels of oil equivalent per day, though slightly down from 21,431 barrels year-on-year. Central North Sea output rose to 6,742 boepd from 6,044 a year before.
Performance in Malaysia has also been strong, EnQuest said, with production broadly flat at 8,693 barrels of oil equivalent per day.
Chief Executive Amjad Bseisu said: "The group has made a good start to 2019. Production is towards the top end of our full year guidance range, our capital programme is on track and we have continued to generate strong cash flows and reduce our debt.
"Floating production, storage, and offloading vessel performance at Kraken has improved significantly with two trains online and we continue to drive further improvements with the FPSO operator. Production from DC4 at Kraken has been better than expected and both Magnus and PM8/Seligi have performed strongly," he continued.
"Good progress is being made on our pipeline projects and preparations for drilling at Magnus and PM8/Seligi, along with our annual maintenance programmes, are underway. As such, we remain confident of achieving our group's 2019 production guidance of 63,000 to 70,000 barrels of oil equivalent per day."
Production in 2018 averaged 55,447 barrels of oil equivalent per day.
EnQuest shares were 8.7% lower on Thursday at a price of 20.92 pence a share.
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