Enquest Plc · LSE:ENQ
Enquest — Debt Investor Presentation (April 2026)
37 slides from Enquest's debt investor presentation, April 2026
Slide 1: Credit Update Presentation
Credit Update Presentation April 2026
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements, including in relation to the financial condition of EnQuest PLC (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are sometimes, but not always, identified by their use of a date in
Slide 3: Introduction
EQ €nQuest Introduction
Slide 4: EnQuest's Operations at a Glance
EnQuest’s Operations at a Glance Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growth United Kingdom 2025 Production1 YE 2025 2P Reserves1 Kboed (pro forma, incl. Vietnam) MMboe 4% 12% 21% Vietna
Slide 5: UK Upstream: Core Production From Well Understood Asset Base
UK Upstream: Core Production From Well Understood Asset Base Top-quartile operating performance Maximising value from existing assets Producing • 5 production hubs and 4 decommissioning Decommissioning Magnus assets in the UK North Sea (operator of 14 out of Development Magnus • Optimisation of exis
Slide 6: South East Asia: Diversified Production with Significant Upside
South East Asia: Diversified Production with Significant Upside Malaysia: More than 10 years of operating excellence • 50% interest in the PM8 and Seligi fields offering both commodity mix and (MMboe) • geographical diversification (c.45% gas) 10-year operating track record with 93% 2025 production
Slide 7: Robust Group Production
Robust Group Production South East Asian production Group Production 55% as a proportion of 2030 SEA Production 35 South East Asian production target by 2030 (net Kboed) Group volumes (net Kboed) 70.0 70.0 60.0 60.0 50.0 50.0 Net Kboed Net Kboed 40.0 40.0 30.0 30.0 Group Reserves and Resources 20.0
Slide 8: EnQuest - 2025 Performance Overview
EnQuest - 2025 Performance Overview Operations Financials ▪ 5.4% increase in year-on-year reported Group production ▪ c.$200MM increase in transaction-ready liquidity1 provides platform for acquisitional growth ▪ Delivered above the top end of 40-45 Kboed guidance range, despite 5-week third-party o
Slide 9: Foundation Set for Further Growth
Foundation Set for Further Growth Fast payback infill drilling across core portfolio Deliver organic growth Focus on unlocking upside via Kraken EOR project and Seligi gas Convert 2C resources at Bressay & Bentley, DEWA and Block C South East Asia footprint expanding, delivering diversification Inte
Slide 10: Key Highlights
EQ @nQuest Key Highlights
Slide 11: Key Credit Highlights
Key Credit Highlights Demonstrated ability to execute value-accretive transactions across commodity price volatility 1 Track Record of Value Creation • Vietnam acquisition largely self funded by interim FCF, highlighting strong economics and rapid payback • Magnus contingent consideration settlement
Slide 12: Track Record of Value Creation
Track Record of Value Creation Brent Crude Price ($/bbl) 160 At 31 December 2024: At 31 December 2025: 150 • Liquidity $475MM • Liquidity $679MM • Production 40,736 Boepd • Production 42,945 Boepd 140 • Unit opex $25.6/bbl • Unit opex $25.1/bbl • 3.7 MMbbls hedged for 2025 • 5.1 MMbbls hedged for 20
Slide 13: Magnus Contingent Consideration Settlement
Magnus Contingent Consideration Settlement Demonstrates EnQuest’s belief in the long-term future of Magnus No change to decommissioning arrangement – EnQuest pays effective 9% Credit-enhancing transaction that simplifies Group balance sheet removes retains $60MM settlement $433MM $777MM balance shee
Slide 14: Advantaged UK Tax Position
Advantaged UK Tax Position Advantaged tax position Differentiated Post-tax Cash Flow1 • $3bn UK tax loss position c.62% • Equating to c.$1.2bn in tax shield value1 • Built up through material UK investment • Available to shelter profits from CT and SCT c.2.8x • Simply held, easily utilised • $1.9bn
Slide 15: UK Fiscal and Regulatory Support - Accelerating Momentum
UK Fiscal and Regulatory Support - Accelerating Momentum "The Chancellor was clear with industry that she wants the Energy Profits Levy to come to an end. She has made that promise and she stands by it. Indeed, it was a commitment she wanted to make this week. But the crisis in the Middle East has h
Slide 16: Structural South East Asia Tailwinds for Domestic Upstream
Structural South East Asia Tailwinds for Domestic Upstream Growing Economies…. EnQuest SEA Presence GDP per Capita (US$) Vietnam Malaysia Indonesia 4,717 11,874 4,925 4,323 4,876 4,148 11,755 3,704 4,731 11,386 4,287 10,903 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Chim Sáo / Dua …
Slide 17: Robust Free Cash Flow Potential
Robust Free Cash Flow Potential Brent Crude Price1 ($/bbl) Rule-of-Thumb FCF Sensitivity ($MM) Brent Historical Brent Forward Annual Average $120 $110 $100 $90 $80 $100 $70 $60 $50 Jan-24 Jan-25 Jan-26 May-24 May-25 May-26 Mar-24 Jul-24 Mar-25 Jul-25 Mar-26 Jul-26 Nov-24 Nov-25 Nov-26 Sep-24 Sep-25
Slide 18: Hedging Strategy
Hedging Strategy Hedges in Place Strategy Well Hedged, While Maintaining Upside Price Exposure • Hedging strategy refreshed in H2 2024 % of Oil Production Hedged1 • Focus is to underpin budget and next 24 months, and maximise RBL capacity 7% 29% 42% • Typically maintain unhedged exposure in 1Y 2Y 3Y
Slide 19: Flexible Capital Structure
Flexible Capital Structure 31 December 2025 1 2 3 Simplified capital structure Capital discipline Significant equity component $800MM RBL Fast payback investment 15% 25% 32% 32% 30% 42% ($400MM loan tranche) Undrawn 85% 75% 68% 68% 70% 55% 41% 43% 58% 85% 11.625% USD Sr. Note $465MM Growth and Diver
Slide 20: Putting it All Together
Putting it All Together • Value enhancement via: • Production optimisation • Operating cost management, fast payback investment • Top quartile operating performance • Sector-leading decommissioning • $1.6bn of FCF used to de-lever1 • Net debt / Adjusted EBITDA of 0.9x1 • Prudent capital allocation •
Slide 21: Conclusion
EQ €nQuest Conclusion
Slide 22: Delivering Diversified Growth
Delivering Diversified Growth UK North Sea South East Asia Asset enhancement and Value across full asset life extension lifecycle Targeting flowing barrels Increasing gas diversification with robust decline curves in high demand market Tax advantage is essential to Strong commercial relationships, b
Slide 23: Appendix: Financials
EQ @nQuest Appendix: Financials
Slide 24: Enhanced Senior Secured Lending Facility
Enhanced Senior Secured Lending Facility Refinanced RBL enhances liquidity $400MM $800MM RBL refinancing completed in Q4 2025 Loan • $400MM loan tranche – undrawn at 31 Dec 2025 Tranche • $400MM letter of credit tranche – simplifies decommissioning security • Supported by syndicate of eight leading
Slide 25: Income Statement
Income Statement Revenue $1,118 MM 2025 2024 Delta Oil revenue 16% down, reflecting Brent price decline Partially offset by commodity hedge gains Brent (av.$/bbl) 68.2 80.5 -15% UK gas (av.GBp/Therm) 88.3 83.6 6% Cost of sales $838 MM Production (Boepd) 42,945 40,736 5% Underlying operating costs re
Slide 26: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Operating cash flow $498 MM 2025 movement in debt ($MM) Capex $179 MM FCF $9MM Decommissioning $57 MM 450 3 434 18 15 20 350 386 498 107 Vietnam acquisition $20 MM 29 83 2H RBL refi $18 MM 250 92 Cash tax $107 MM 150 57 Dividend paid $15 MM 50 179 Net debt $434 MM -50 Gro
Slide 27: UK Fiscal Regime Transition
UK Fiscal Regime Transition Current – Energy Profits Levy (‘EPL’) Proposed – Oil & Gas Price Mechanism (‘OGPM’) $78.65/bbl $90/bbl 38% 35% 61p/therm Headline Rate 90p/therm Headline Rate Oil and gas threshold prices for 2026-27 Oil and gas threshold prices The EPL has been a temporaryU levy on UK pr
Slide 28: Appendix: Operations
EQ €nQuest Appendix: Operations
Slide 29: Delivering SAFE Results
2025 Group Lost Time Incident (‘LTI’) Frequency 0.69 significant outperformance versus UK average 2.231 PETRONAS HSEA Excellence award in Malaysia Delivering 3+ years LTI free at PM8/Seligi SAFE Results 4+ years LTI free on Kraken Safety is our licence 20+ years LTI free on GKA to operate Awarded A
Slide 30: Kraken – Best–in–class FPSO Operations
Kraken – Best–in–class FPSO Operations 2025 performance • Sector-leading production efficiency of 95% • Efficiency c.30% above NSTA benchmark average1 for floating hubs • Water injection efficiency of 93% • Cargo sales optimised through marine market; no refining emissions Asset outlook Three infill
Slide 31: Kraken Production Hub: Phased Development
Kraken Production Hub: Phased Development The right assets in the right hands 2C 2C 2C Bressay Oil Bentley (Phase 2) Project de-risked by learnings 2P/2C Bressay Gas Progressing long-term oil from sequential Kraken and Bressay developments (Phase 1) development options Gas cap development Potential
Slide 32: Magnus – Late Life Asset Management Expertise
Magnus – Late Life Asset Management Expertise 2025 performance Magnus production efficiency • Increased Y-o-Y production by 8%, despite 5-week third-party outage 2017 59% • Recovery factor at 31 December 2025 of 57%; Q3-25 oil production at 5- 2023 88% year peak rates 2024 83% • $1.5bnof revenue gen
Slide 33: NCP Bypass Project
NCP Bypass Project Magnus currently exports oil Project status via an up-and-over service on • EnQuest and NEO -integrated third-party operated Ninian project execution team Central Platform (‘NCP’) into • FEED completed, subsea bypass the Ninian Pipeline System design selected and technically assur
Slide 34: South East Asia – Malaysia Upstream Operator of the Year
South East Asia – Malaysia Upstream Operator of the Year Malaysia – 2025 performance • Production up 13% year-on-year • Awarded Malaysia Operator of the Year by PETRONAS (2024 & 2025) 2025 – step change in growth • Reached milestone of three years and over 7 million manhours LTI1 free • Completed fo
Slide 35: South East Asia – Vietnam Integration
South East Asia – Vietnam Integration Acquisition of Harbour Energy’s Vietnam business • Deal completed on 9 July 2025; $25.7MM completion payment Delivering diversified growth – • 7.4 MMboe 2P reserves; 5.3 MMboe 2C; (73% Oil; 27% Gas) at YE25 new country entry • Fully-staffed asset team integrated
Slide 36: Decommissioning – Sector–Leading Performance
Decommissioning – Sector–Leading Performance 2025 performance • Market-leading decommissioning performance, validated by peers Decommissioning • Heather P&A complete, followed by safe platform disembarkation capability • 15,300 Tonne Heather topsides lift completed 3Q 2025 – largest such lift in Nor
Slide 37: Thank you
Thank you @nQuest