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

28.50p 1p (+3.64%)

EnQuest announces production and development update
MONDAY, NOVEMBER 21, 2016

EnQuest's Kraken FPSO vessel sail away

EnQuest PLC is pleased to announce that following good progress on commissioning the water systems, the Floating, Production, Storage and Offloading ('FPSO') vessel, Armada Kraken for the Kraken field development, is expected to sail away in the coming days, from deep water anchorage off the coast of Singapore, for the North Sea. The journey should complete around mid-January 2017. The Kraken development project remains on course to deliver first oil in H1 2017. Meanwhile drilling is progressing to plan at Drill Centre Two following completion of Drill Centre One.

Scolty/Crathes First Oil

Following the successful drilling of the Scolty and Crathes wells in Q2 2016 and subsequent full completion of subsea and topsides scopes, including commissioning of the integrated system the Scolty/Crathes development is proceeding ahead of the schedule previously indicated, the first production wing valve is now open and the first well is flowing.

EnQuest therefore confirms the delivery of first oil from the Scolty/Crathes development ahead of schedule and under budget, approximately a year after the Field Development Plan ('FDP') was approved and the project was sanctioned. This was the only offshore pure oil FDP approval in the UK North Sea in 2015. Unit operating costs are expected to be under $15/bbl in the initial peak volume years and production is anticipated to continue until 2025.

2016 Production

EnQuest has been informed that the third party maintenance shutdown of the Brent Pipeline System ('BPS') may commence this week, for approximately three weeks, which would be a longer shutdown and later start date than previously anticipated. The Thistle and Dons fields would therefore also be fully shutdown for the entire BPS maintenance period as well as an additional short period either side, for ramp-down and ramp-up.

Average production for the ten months to the end of October was 40,857 Boepd, up 25% on the same period in 2015. This production reflects the successful planned maintenance shutdowns on Kittiwake and on PM8/Seligi in H2 2016, which are both now complete. Production at the end of the year is expected to benefit from the Scolty/Crathes development coming on stream and from the new production well K7 coming on line at Alma/Galia.

Taking into account the impact of the extended third party shutdown of the Brent Pipeline System, EnQuest would anticipate average daily full year 2016 production to be broadly around the average daily production level delivered to the end of October of 40,857 Boepd, and below its prior guidance of between 42,000 and 44,000 Boepd. Such an extended maintenance shutdown would not be expected to have an impact on the recovery of reserves as the reduced December 2016 production would be moved to later periods. Accordingly there would be no significant impact expected on the Company's assets and liabilities, financial position, profits and losses, or prospects.

Placing and Open Offer Admission

Further to the announcement made by EnQuest on 17 November 2016 in respect of the Placing and Open Offer, it is expected that LSE Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. today and Stockholm Admission will become effective on or around 21 November 2016 and that dealings (for normal settlement) in the New Ordinary Shares will commence on the same day.

28.25p - 0.50p

Finally The tanker ARMADA KRAKEN is on the move From Singapore harbour

current speed and direction as of 09:42 Speed/Course: 5.2kn / 286°

Http://www.marinetraffic.com/en/ais/details/ships/shipid:754152/mmsi:566489000/imo:9320726/vessel:ARMADA_KRAKEN

28.25p offer will not last now
Today 11:33
There was a 284,966 Buy at full offer 28.25p just now so the double number 33K on the order book offer will not last long
--------------
Today 12:00
another 100K buy at full offer and the offer price has not move up yet- strange
----------------
12:26
single figures (3K ) left at offer price 28.25p

So much playing around, so some more ........


Russia reiterates willingness to freeze its oil output ahead of technical meeting

(ShareCast News) - Russia reiterated that it was willing to freeze its oil production in 2017, but cast a degree of doubt on its willingness to actually cut output ahead of a technical meeting between OPEC and non-member countries to try and reach an agreement.

According to Russia's Energy Minister, Alexander Novak, a freeze would mean that the country would in fact be pumping between 200,000 to 300,000 barrels less than it had originally planned to do so in 2017.

In parallel, Azerbaijan's Energy Minister Natig Aliyev reportedly told a newspaper that the oil cartel had asked non-members to slash their production by up to 880,000 barrels a day.

For their part, OPEC countries themselves were expected to try and reach a deal to reduce their own combined output to between 32.5m to 33.0m b/d from its current level in a meeting scheduled for 30 November in Vienna.

In October, the cartel's average production stood at 33.64m b/d, according to secondary sources cited by OPEC.

Two days before the meeting in the Austrian capital, several non-OPEC countries, including Russia, Azerbaijan and Mexico were due to meet with experts from the cartel to try and reach a deal on production cuts.

As of 1130 GMT, front month Brent crude futures were edging higher by 0.18% to $49.04 per barrel on the ICE.

Crude up 4%.

BREAKOUT

35.50p +5.75 (+19.33%)

Since late yesterday on moving above 29.50p, no wonder of the large rise today with a big volume also 18M supporting the rise

37.375p +1.875p

Another good rise as the breakout goes on

Macquarie today reaffirms its outperform investment rating on EnQuest Plc (LON:ENQ) and cut its price target to 79p (from 80p).
"EnQuest is our pick for further oil price leverage combined with low risk project progression (Kraken first oil expected 1H17). Although the rest of the sector now reflects a much higher discounted oil price than it did four months ago, EnQuest is still discounting US$63/bbl, the same number it was back in August 2016. We believe the valuation gap will be narrowed in the coming months once the market starts to believe in Kraken delivery."

Macquarie today downgrades its investment rating on EnQuest Plc (LON:ENQ) to underperform (from outperform) and cut its price target to 30p (from 79p).

Bought some at below 42.75p

KEEP an EYE

ENQ 42.625p ( 42.50/42.75p )

The retracement done with a marked down after the start on reaching the lower Bollinger Band at 41.75/42p. Order book getting stronger on the bid side, after a very weak start of the day as the oil price was lower overnight but now also recovering.

Armada Kraken ( ship ) leaving Rotterdam tomorrow for the kraken field.
Some large buying trades on the last 30 minutes

--

46.50 v 47p +2p

she is certainly going places as the order book got very strong on the bid side
just now a 200K buy will make a difference on the order book soon

DEPTH 85 v 39

13:34:57
46.9999p
200,000K

Someone's calculation if ENQ, on IAE offer price

IAE offer to value ENQ:

IAE's production forecast 19k boped to 22k boped with Stella start up. The offer was £1.20/share, thus Mcap is £497m + debt £478m = £975m total value, divide this by production (low end) 19k = ratio of 51.3

Applying that ratio for ENQ production to determine its relative share price: 2017 production forecast is 51k x 51.3 = 2,616m, minus debt £1,441m =1,175m, thus share price is 1,175/1,159 = £1.01, discount by say 10% (for Delek offer) gives 91p.
On 2018 production 80k boped gives a sp target of over £2, at the lower PB ratio (IAE 22k boped gives a PB of 44.3) it's a sp target of about £1.80.

North Sea set to roll out the barrels again as UK oil industry is thrown an unlikely lifeline
TELEGRAPH - 11 FEBRUARY 2017 • 1:17PM
In the North Sea, there are fears that the oil basin might not survive a late-life market shock

After a vicious two-year oil collapse that brought the Granite City to its knees, Britain’s oil and gas industry is daring to hope again.

“In Aberdeen people are being embarrassingly nice to me,” says Philip Kirk, weeks after steering oil minnow Chrysoar through an audacious multi-billion pound deal to become one of the largest independent operators in the North Sea at a stroke.

“We’ve had a massively positive reaction to the deal. People want to hear someone talk up what might be achievable. What we need now as an industry is to show what the future could look like and give people something to focus on and look forward to – some sense of optimism after a particularly difficult year for the workforce,” he says.

Global oil prices have dragged through a price rout longer and deeper than the North Sea workforce can remember.

Since the historic lows early last year, the oil and gas industry has lost a quarter of its staff and its capital city of Aberdeen has shrunk by almost a fifth, leaving a trail of insolvencies and mortgage arrears in its wake.

Major oil-producing regions across the globe have been battered as project plans were were left in tatters and booming profits turned to loss.

In the North Sea, fears that the oil basin might not survive a late-life market shock have added extra weight to the gloom.

These fears have been grossly overplayed, says Kirk.

The $100-a-barrel boom years may have left producers bloated with unnecessary costs and rising debt, but the need for leaner operations in the “super-mature” North Sea was becoming clear even before the market crash.

Oil production costs have slipped from $35 a barrel to the low $20s and are expected to fall further still. Government has slashed taxes and smoothed the tax rules for dismantling projects in the coming years. A new regulator is stepping in to streamline a new vision for the industry.

It has been an unprecedented collaboration that has protected the North Sea from collapse and lay the foundation for a new chapter.

http://www.telegraph.co.uk/business/2017/02/11/north-sea-set-roll-barrels-region-thrown-unlikely-lifeline/

50 v 50.50p +1.50 (+3.08%)

The strength of the order book has been reflected on the spike not long go, and managing to keep most of the gains so far.

DEPTH
62 v 43

volume at spread price 33K v 83K

Kraken FPSO Arrives At Hook-Up Location
Published in Oil Industry News on Monday, 13 February 2017

EnQuest’s Kraken development off the UK remains on track as the Armada Kraken arrives on-site at it's hook up location, keeping the project on track for first oil in the coming weeks.

The FPSO which set sail from Singapore towards the end of last year is designed to handle 460,000 barrels per day of fluids with 275,000 barrels per day of water-injection capacity, and storage capacity of 600,000 barrels.

EnQuest has forecast 2017 output to range between 45,000 and 51,000 boepd, with the final figure being dependant on the time of the Kraken start-up.

EnQuest chief executive Amjad Bseisu said: "EnQuest is delivering reductions in operating and capital expenditure and we continue to streamline our operations,”

“Our low cost operating structure and our low cost approach to operatorship are integral parts of our way of doing business ­ whilst always retaining safe operations as our number one priority.”

Https://www.oilandgaspeople.com/news/13399/kraken-fpso-arrives-at-hook-up-location/

49.25p +1.25p

The much awaited already known news on the BB's are finally released....

ENQUEST PLC, 17 February 2017
Development update: Kraken FPSO in the field and hooked up

The Kraken development

The Kraken Floating Production Storage and Offloading ('FPSO') vessel arrived at the field on Monday 13 February, anticipating good weather conditions. The hook up of the Submerged Turret Production ('STP') buoy mooring system, to the FPSO was completed on 15th February and a full rotation test performed so that the vessel is now on station and securely moored. Commissioning work will continue on the topsides. Reconstruction of the turret area pipework and connection of the risers and umbilicals to the swivel stack is being undertaken followed by commissioning of the subsea infrastructure. Delivery of first oil in Q2 2017 is on track.

The Oil Man: Jersey Oil & Gas, EnQuest, Ithaca, Bowleven -Malcolm Graham-Wood | Fri, 17th February 2017 - 12:37

EnQuest

Good news from EnQuest (ENQ) this morning as news from Kraken is that the FPSO has arrived and has been hooked up successfully. With delivery of first oil on track for Q2 this year things are beginning to look up for ENQ and it probably deserves a better reception than that given by the market this morning.

Good article in The Times yesterday.
Author thinks Ithaca has been undervalued with recent bid. Stating Enquests field a long with Ithacas are amongst the largest in the north sea to have passed significant milestones. The tone suggests further rises to come with noting negative stated

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The Times - February 18 2017, 12:01am,

First oil from Stella field lifts Ithaca
Greig Cameron, Scottish Business Editor

The Stella field is forecast to more than double Ithaca’s daily production to between 19,000 and 22,000 barrels this year

ITHACA ENERGY
Two of the largest North Sea fields have passed significant milestones with Ithaca Energy’s Stella site producing its first oil while a floating production vessel has been moored on Enquest’s Kraken acreage off Shetland.

Stella has had a troubled gestation with the date for first oil originally pencilled in for the end of 2014.

The timetable was pushed back several times, mainly because work to build a floating production facility at a shipyard in Poland fell behind schedule. Since the vessel arrived in November last year, the weather has caused further delays.

Yesterday Ithaca, which is subject to a £517 million takeover proposal by Delek, the Israeli group, said: “Production has been started from the field and oil export to the adjacent shuttle tanker has…........

Http://www.thetimes.co.uk/edition/business/first-oil-from-stella-field-lifts-ithaca-fq8cwd5rf

50.25p +0.75p (+1.52%)

What a change today from opening lower ( all depends of orders being place on the order book ) and there were not many and more on the offer side, to slowly the bid side getting some orders and almost being equal.

But now the amount are well reverse and the DEPTH has gone to 77 v 38