Business
EnQuest November Operations Update
EnQuest November Operations Update.
About this update from Enquest Plc
[{"type":"text","content":"\n\nEnQuest PLC, 28 November 2023\nOperations update\nEnQuest Chief Executive, Amjad Bseisu, said:\n\"The Group has continued to deliver good production performance from its operated assets and we expect full year production around the mid-point of our guidance range. This is under-pinned by the strong production uptime across the portfolio, including at Kraken following transformer upgrades, where we have seen 100% production efficiency since the reinstatement of full production during August.\n\"Our 2023 drilling programme continues to progress well and remains on track to bring additional wells online at Magnus and at Golden Eagle before the end of the year. In addition, we have entered into a rig contract to return to drilling at Kraken in 2025, with EnQuest holding the option to extend the contract to accommodate additional work scopes. Further, we continue to execute safe and efficient decommissioning projects at Thistle and Heather and expect to deliver another record year for northern North Sea multi-asset well abandonments by completing 25 wells this year, while we remain on schedule for platform removals.\n\"Building on this excellent operational performance and by remaining disciplined in our investment decisions, we are on track to deliver on our 2023 targets. We are encouraged by government announcements relating to the fiscal regime governing the UK's oil and gas sector as we remain engaged in efforts to encourage legislation which supports investment in the UK's delivery of energy security, decarbonisation and energy transition. \n\"Looking ahead towards 2024, we remain focused on utilisation of our differentiated tax advantage as we look to unlock organic and inorganic opportunities to grow the business and create a pathway to deliver returns to shareholders.\"\n \nOperating performance\n§ Average net Group production in the ten months to end October 2023 was 43,872 Boepd, in line with guidance\n§ Following reinstatement of full production during August, Kraken delivered 100% production efficiency in September and October\n§ The extensive planned maintenance shutdowns at Magnus and GKA were completed ahead of schedule, with all key scopes executed\n§ Magnus and PM8/Seligi are ahead of 2023 production targets with strong production uptime\nLiquidity and net debt\n§ As at 31 October 2023, the Group...