Business
Kraken 2P Reserves
Kraken 2P Reserves.
About this update from Enquest Plc
[{"type":"text","content":"\n \nRNS Number : 5673S EnQuest PLC 12 March 2019 \n\n \nEnQuest PLC, 12 March 2019\nKraken 2P reserves\n \nEarlier today, Cairn announced their full year results which included a 2P reserve downgrade and associated non-cash impairment charge at Kraken. As operator of Kraken, and following an independent third-party audit of the Group's reserves position at 31 December 2018, EnQuest can confirm its estimate of Kraken's 2P reserves, remain materially unchanged. \nEnQuest and Cairn utilise different technical approaches to Kraken production forecasting in preparing their reserve profiles for their respective auditors, which has led to this difference in reserves estimates. \nWhile the Group's audit of the 2018 financial results is not yet complete, the Group does not expect to recognise any impairment charge related to the Kraken asset. EnQuest will report its financial results for the year ended 31 December 2018 on 21 March 2019.\nEnds\nFor further information please contact:\n \nEnQuest PLC Tel: +44 (0)20 7925 4900\nAmjad Bseisu (Chief Executive) \nJonathan Swinney (Chief Financial Officer) \nIan Wood (Communications & Investor Relations)\n \nTulchan Communications &nb...