Business
Results for the year ended 31 December 2024
Results for the year ended 31 December 2024.
About this update from Enquest Plc
[{"type":"text","content":"\n\nEnQuest PLC, 27 March 2025\nResults for the year ended 31 December 2024 and 2025 outlook\nDelivering operational excellence and diversified growth\nUnless otherwise stated, all figures are in US Dollars.\nComparative figures for the Income Statement relate to the year ended 31 December 2023 and the Balance Sheet as at 31 December 2023.\nAlternative performance measures are reconciled within the 'Glossary - Non-GAAP measures' at the end of the Financial Statements.\n \nEnQuest Chief Executive, Amjad Bseisu, said:\n\"The Group delivered another outstanding year of operational performance in 2024, with production efficiency at 90% across the asset portfolio, representing a continuation of the excellence that defines our status as a top-quartile operator and expert in late-life asset management. After producing 40.7 Kboed in 2024, year-to-date production from our existing portfolio, as of the end of February 2025, was 43.0 Kboed (excluding Vietnam), tracking ahead of our guidance range of 40-45 Kboed, which includes approximately 5 Kboed of pro forma volumes for Vietnam. Demonstrating our differentiated operational capability across the transition lifecycle, we have continued to consolidate our position as a leading exponent of decommissioning activities, having been responsible for more than 35% of the wells plugged and abandoned in the North Sea over the past three years. \n\"In recent months, the Group has executed successive material growth transactions across South East Asia, providing geographic and commodity diversification within the portfolio. Our entry into Vietnam, through the Block 12W acquisition, and our increased presence in Malaysia, with the enhancement of our Seligi gas agreement and the DEWA gas development PSC award, are all underpinned by leveraging our differentiated operating capability to create asset value. As EnQuest continues to pursue growth in the UK North Sea and further potential new country entries in South East Asia, these transactions underscore our commitment to growth, a disciplined approach to M&A, and a strategy to invest capital where we identify the most favourable returns. \n\"Our foundation for growth is robust and we are well-positioned to transact, with our transaction ready liquidity increasing to c.$550 million at the end of February, following the latest redetermi...