EnQuest PLC on Tuesday hailed a ‘good start to the year’, as it maintained its annual net production guidance.
EnQuest shares were up 4.8% at 29.04 pence each on Tuesday afternoon in London.
For the six months that ended on June 30, the oil and gas production in UK North Sea and Malaysia posted average net group production of 49,726 barrels of oil equivalent per day, up 8.0% over the same period last year, driven by ‘strong production efficiency across the portfolio’, it explained.
It said guidance for net production of between 44,000 and 51,000 boepd for 2022 is unchanged.
Chief Executive Amjad Bseisu said: ‘We have made a good start to the year, delivering production of 49,726 boepd and generating $332 million in free cash flows that have enabled us to significantly reduce net debt to about $880 million at the end of June.’
Additionally, EnQuest said infill drilling campaigns have started at Magnus in the north east of Shetland, and PM8/Seligi in Malaysia to deliver production in the second half of the year.
Looking ahead, EnQuest said it remains on track to achieve its production guidance, with well work and drilling campaign underway across the portfolio. It said it remains focused on cost discipline to mitigate the impacts of cost inflation within the current year.
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