Business
Half Yearly Report
Half Yearly Report.
About this update from Enquest Plc
[{"type":"text","content":"\n \nRNS Number : 9668O EnQuest PLC 13 August 2014 \n \n\nENQUEST PLC, 13 August 2014. Results for the 6 months to 30 June 2014 \n \nSTRONG 18% PRODUCTION GROWTH Vs H1 2013\n \nUnless otherwise stated, all figures are before exceptional items and depletion of fair value uplift and are in US dollars. \n \nHighlights \n \n§ Production in H1 2014 was 25,292 Boepd, up 17.9% on H1 2013, as a result of strong reservoir performance and high\n production efficiency, which are expected to continue in H2 2014.\n\n§ 2014 full year average production guidance is maintained at between 25,000 Boepd and 30,000 Boepd. This reflects the\n ongoing strong performance from EnQuest's existing hubs in 2014, a reduction from Alma/Galia and the first contribution\n from PM8/Seligi.\n\n§ Revenue was $503.8 million, with EBITDA of $284.0 million and cash flow of $318.2 million generated from operations.\n\n§ The acquisition of 'PM8/Seligi' in Malaysia completed as planned at the end of June 2014, building on EnQuest's core skill\n of extracting value from maturing fields; this acquisition immediately adds to production and reserves and the transition of\n the operatorship from ExxonMobil to EnQuest is underway.\n \n§ Significant progress has been made on the FPSO* for the Alma/Galia development, however sailaway is now weather\n dependent. Taking into account the winter weather, sailaway is planned for spring 2015, with first oil in the middle of the\n year. The FPSO is substantially complete and commissioning has started. Three wells have been completed and a fourth\n is in the process of being completed for production. \n \n§ Kraken is proceeding on time and on budget and progress is continuing on the host vessel. The Kraken West appraisal\n well 'Tyrone' will be drilled in H2 2014.\n\n§ Business development: In addition to the PM8/Seligi acquisition, in H1 2014, EnQuest completed the acquisition of the\n Greater Kittiwake area hub ('GKA') and was awarded the Tanjong Baram field development in Malaysia. EnQuest was also\n awarded, out of round, the Don North East licence, following which a Field Development Plan for 'Ythan' has recently been\n submitted. Successful exploratio...