EnQuest Background
EnQuest PLC (www.enquest.com) is an independent oil and gas production and development company focused on the UK Continental Shelf . Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. Gaffney, Cline & Associates (GCA) certified that as at 1 January 2010, EnQuests assets had total net proved plus probably oil and NGL reserves of 80.5MMBbl. As at 1 January 2010, GCA has also net certified oil and gas best estimate (2C) contingent resources for individual assets. The aggregate of the oil 2C contingent resources on an unrisked basis is 67.5MMBbl, and of the gas contingent resources is 30.6Bcf .

On 6 April 2010, EnQuest was formed from the demerged UK North Sea assets of Petrofac Limited and Lundin Petroleum AB. EnQuest was admitted to trading on both the London Stock Exchange and the NASDAQ OMX Stockholm. On listing, EnQuest PLC went into the FTSE 250 index and OMX Nordix Index. Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. It has interests in 16 production licences covering 26 blocks or part blocks in the UKCS, of which 15 licenses are operated by EnQuest.

EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low-risk region, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low-risk near field opportunities, rather than exploitation of high-risk exploration opportunities.

EnQuest intends to deliver sustainable growth in shareholder value by focusing on exploiting its existing reserves, commercialising and developing discoveries, converting its significant contingent resources into reserves and pursuing selective acquisitions. EnQuest is focused on increasing production from its existing assets in its core hub areas. It believes that it has excellent operational, execution, subsurface and integration skills and it seeks to become the development partner of choice in the UKCS.

EnQuest believes that it has the technical skills, the operational scale and the financial strength to achieve its objectives and to take advantage of the production and development opportunities in the UKCS.

http://www.nasdaqomxnordic.com/aktier/shareinformation?Instrument=SSE75073

Taken some @ 32.75p

Wanted to get in from early this morning at a better price but has been moving higher all the time.

All looks set for better things from this point

1 - The lows of last week at around 30p were just like the oil price holding at lows for some time.
2 - Kraken production is approaching and could begin within days
3 - Oil price rising today
4 - Order book very strong all morning

Brent Oil price on the rise again for the last 30 minutes and moving over $49

Order book getting ready to move forward
DEPTH 55 v 45

Intraday Oil price futures -- BRENT crude ---

Down, down, down. :)

EnQuest confirms first oil from Kraken

EnQuest has confirmed that first oil from the Kraken development was delivered on 23 June.

It said that during the initial ramp-up period, the 13 wells that had been drilled and completed to date - 7 producers and 6 injectors - were being brought online in a phased manner, to maximise long term productivity and value.

Story provided by StockMarketWire.com

They've used this template before, managing to get the good news out just in the nick of time. You can't help wondering what the true story is. There's still a long way to go with Kraken. At least it can't be any worse than Alma/Galia I would hope. :)

Comment on the Telegraph - 26 JUNE 2017 • 12:31PM......

North Sea’s largest new oil project in a decade begins flowing

The £4bn Kraken field was the largest industrial investment in 2013 and could produce as much as 50,000 barrels of oil a day at its peak

The North Sea’s largest new oil project in a decade has begun oil flows in a major milestone for the embattled oil basin in the wake of a brutal industry downturn.

Oil producer Enquest said the two out of three drilling centres began producing oil for the first time last Friday.

The £4bn Kraken field was the largest industrial investment in the UK in 2013 and could produce as much as 50,000 barrels of oil a day at its peak.

Andy Samuel, chief executive of the Oil and Gas Authority, said the Kraken start-up was positive news for the whole basin.

“It has the potential to open up additional heavy oil opportunities in the Northern North Sea, with other developments in the pipeline,” he said

For the small-cap oil explorer, Kraken is expected to increase its production capacity by almost 50pc and deliver revenues that are key to chipping away at its enormous debt pile.

EnQuest boss Amjad Bseisu said more Kraken wells were expected to come on stream next year to lock in further production growth into 2018.

Enquest shares bounced almost 10pc higher to 32.25p, but equity analysts have tempered the heady gains with a caution that the debt-wracked oil explorer is not out of the woods yet.

The £364m company ran up £1.8bn of debt by the end of last year by continuing to spend heavily through a downturn in the oil price to develop Kraken. The eye-watering debt burden required a complete financial restructuring last year to stop the group from burning through its £2.1bn lending facility.

The project is estimated to generate free cash flow of $700m a year for EnQuest, according to analyst forecasts based on oil prices of $55 a barrel.

But oil prices are currently around $46 a barrel, raising concerns that Enquest may face a much longer battle to erode its debt.

James Hosie, an analyst with Barclays Capital, cautioned that the group’s half year results in August could provide a clearer picture of the project’s performance.

“Past experience tells us development risks remain through the production ramp-up phase,” he said.

Nonetheless the OGA, formed in 2015 to help boost the long-term health of the North Sea, said it was pleasing to see a project delivered under budget.

Enquest was able to drive down Kraken’s costs by almost half, in part due to the collapse of the oil market in recent years. Keeping costs low is particularly important in the North Sea, which is more expensive than emerging oil basins off the coast of Africa and Asia.

Richard Hall, EnQuest’s head of major projects, said “rigorous planning, simplification of specifications and clarity in execution” helped the group to deliver “the highly complex project”.

Deirdre Michie, chief executive of trade body Oil and Gas UK, added that its effective partnership working with the supply chain had also played an important part.

“First oil from Kraken is good for EnQuest and good for our industry. It demonstrates once again what the North Sea can still deliver with the right approach and investment,” she said.

Interims can't be far off

Interim RNS today ......

27.875p +2.75p

from being down at the start after the news, is now well up
There is signs of forming an INVERTED HEAD & SHOULDERS on the chart

EnQuest PLC, 3 December 2018

Completion of Magnus Transaction


EnQuest PLC ('EnQuest'), an independent oil and gas production and development company listed on the London and Stockholm stock exchanges (ENQ.L and ENQ.ST), is pleased to announce that it has completed the acquisition of the remaining 75% interest in the Magnus oil field ('Magnus'), an additional 9.0% interest in the Sullom Voe Oil terminal and supply facility ('SVT') and additional interests in associated infrastructure from BP as planned.

Major transaction https://www.moneyam.com/action/news/showArticle?id=6286973

Good to see this lot down where they deserve to be. Really poor business plan essentially with a CEO who apparently runs the company like his own personal fiefdom. Not a great combo!!