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Enquest

May 2020

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 rushed out an operations update, following a review of its assets and related spending plans in light of lower oil prices. Production in the current year to 17 March has averaged c.65,500 barrels oil equivalent per day (boepd), with Kraken performing ahead of expectations at c.39,000 boepd. However, it has decided not to re-start production from the higher cost fields of Heather and Thistle / Deveron (presumably they will lose money at current prices), shutting down c. 6,000 boepd. As a result, full year guidance is now 57-63,000 boepd. For 2020 it’s targeting savings of c. US$150m, which would lower operating costs by c. 30% to c.US$375m and in 2021 it’s targeting a cost per barrel of c.US$1 ...

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Enquest

May 2020

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