Updates

Enquest

October 2011

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.

North Sea oil producer Enquest revealed strong H1 results, with revenues doubling to US$511m while pretax profit before finance costs rose 145% to US$215m. During H1 average production rose 35% to 25,210 barrels oil per day (bopd), while realised prices increased from US$78 to almost US$107 / barrel. Helped by its increased interests in certain fields proven and probable reserves rose 11.5m barrels to over 95m barrels. Aided by its strong balance sheet (borrowing facilities are US$280m) Enquest intends to drill four exploration wells and also sanction two new developments at the Alma and Crawford fields in H2. Since the results, Enquest suffered its first setback with two of its wells at Don South West, brought on stream in ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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