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EnQuest - Pipeline shut-down a small blip

October 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.

North Sea oil & gas producer EnQuest's first half results were impacted by the shut-down of a third party pipeline system with production averaging 20,250 barrels oil per day (bopd) versus Numis' forecasts of 22,000 bopd. Nevertheless, a 5% increase in average realised prices to nearly US$112 / barrel meant pretax profit fell just 10% to US$193m, while EBITDA also held up well at US$287m (2011 H1: US$327m). Net cash was US$92m while Enquest has total available bank facilities of US$900m.Importantly, EnQuest's major development projects (Alma / Galia and Kraken) remain on track and analysts expect production to increase to 34,000 bopd by 2014. Numis now forecasts pretax profit of US$330m this year (eps: 15.6 cents), risi ...

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EnQuest - Pipeline shut-down a small blip

October 2012

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