Updates

Enquest - 43% growth in production

November 2016

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.

The rally in oil above US$50 / barrel comes at a good time for Enquest, which released encouraging interims. Aided by oil price hedging, EBITDA increased 7% to almost US$243m on sales that fell 12% to US$391m. A 35% reduction in cash capital expenditure meant net debt increased only from US$1.55bn to US$1.68bn. Importantly, of the original 10m barrels forward sold at US$68 / barrel it has not yet utilised 5.5m, therefore securing valuable future cash flow.Production grew 43% to 42,520 barrels oil equivalent per day (boepd) thanks to the new Alma / Galia North Sea development coming on stream. It was slightly delayed, meaning that guidance for the full year will be 42-44k boepd, down from 44-48k boepd. Encouragingly, FY guidance for ...

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