Updates

Enquest

July 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Enquest has announced that in the first four months to 30 April production was in line with expectations. Guidance for the full year is still expected to be 20-24,000 barrels oil per day (bopd) rising to 25,000-30,000 bopd next year. Enquest has also signed a significant â€œfarm-outâ€ transaction in which Kuwait Foreign Petroleum Exploration company (KUFPEC) is taking a 35% stake in its Alma & Galia development, its planned fourth hub and a large project, which is expected to yield over 20,000 bopd in 2014. KUFPEC is paying US$500m cash (Â£310m) comprised of up to US$182m in future contributions for past costs as well as a development carry for Enquest. Enquest estimates that the overall cost of developing Alma / Galia ...

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