Enquest Plc · LSE:ENQ
Enquest — H1 2026 Earnings Presentation
22 slides from Enquest's earnings presentation, Sep 3, 2026
Slide 1: EnQuest PLC 2026 Half Year Results
EnQuest PLC 2026 Half Year Results 3 September 2026 EnQuest is unlocking value from energy assets. Responsibly.
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
Introduction A top-quartile operator, delivering excellence through the asset lifecycle Amjad Bseisu Chief Executive Officer
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 1H 2026 Production YE 2025 2P Reserves Kboed MMboe 11% 4% 21% Vietnam c.41.5kboed 163MMboe Mal
Slide 5: EnQuest – 1H 2026 Performance Overview
EnQuest – 1H 2026 Performance Overview Operations Financials & Strategic Investment Malaysia acquisition announced in Q2-26 – Transformational re-scaling, 9% increase in year-on-year reported Group production with minimal impact on Group leverage South East Asia forms 41% of Group production,
Slide 6: 1H 2026 Production Enhancement
1H 2026 Production Enhancement Delivering against a key strategic principle – The Right Assets in the Right Hands Block 12W, Vietnam | New country entry NCP Bypass, Magnus | Securing the export route +5,000 Boepd 2H-27 first oil NCP Bypass sanctioned Q2-26, protecting Magnus value added on completio
Slide 7: Kraken EOR – Material Value Enhancement Potential
Kraken EOR – Material Value Enhancement Potential Unlocking the next phase of Kraken value – improved polymer chemistry, with a simplified FPSO deployment design Future Status Project Upside Pathway Additional 1H 2026 Value Opportunity Current Work Integrated team advancing key areas: • Polymer sele
Slide 8: Transformational Acquisition of Malaysian Production Assets
Transformational Acquisition of Malaysian Production Assets Transaction highlights – impact on Enlarged Group Delivers on EnQuest growth strategy c. 1 billion boe total 2P reserves and 2C resources Transformational production increase >100 kboepd net working interest production Strong value creation
Slide 9: Step Change Increase in 2P Production
Step Change Increase in 2P Production Enlarged Group production to remain in excess of 100 Kboed through to the end of the decade 2C and Recovery Factor Enhancement by Region Group Production (net Boepd) 125,000 Base SEA 144 MMboe North Sea 308 MMboe 725 100,000 MMboe Malaysia Acquisition 208 MMboe
Slide 10: 2C Resources and Recovery Factor Enhancement, by Activity
2C Resources and Recovery Factor Enhancement, by Activity NEW DEVELOPMENT CORE SKILLS Infill drilling & Existing portfolio: UK 25 MMboe Well-work South East Asia 18 MMboe UK: Bressay 115 MMboe Acquisition assets: 114 MMboe Bentley 131 MMboe Malaysia: DEWA 38 MMboe 2C resources includes 23 MMboe for
Slide 11: Financial Performance
Financial Performance Strong balance sheet and transaction-ready liquidity, delivering diversified growth Jonathan Copus Chief Financial Officer
Slide 12: Income Statement
Income Statement Revenue $530 million 1H 2026 1H 2025 Delta Cash revenue of $609 million (up 18%, year-on-year), excluding non-cash mark-to-market hedging impact Brent (av.$/bbl) 87.5 71.8 22% UK gas (av.GBp/Therm) 107 100 7% Magnus cargo deferred out of first half due to third-party downtime – cash
Slide 13: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Operating cash flow $281 million 1H 2026 movement in debt ($ million) Capex $78 million FCF $71 million Strategic Spend $132 million Decommissioning $28 million 500 28 4 517 43 Magnus CC $60 million 60 434 281 400 Refinancing fees1 $43 million 20 7 7 1H Malaysia deposit $
Slide 14: Capital Discipline Maintained
At 31 Dec 2025 Capital Discipline Maintained Enlarged Group Modest leverage, simplified capital structure and strong liquidity RBL refinanced at $800 million in Q4 2025 2025 Net Debt RBL Settlement of Magnus contingent consideration unlocked $434 million 38% increase in borrowing base within existin
Slide 15: Indicative Timeline to Completion
Indicative Timeline to Completion Completion expected 31 December 2026 Announcement Publication of Satisfaction of Completion of the of signed FOAs Prospectus and conditions Proposed Acquisitions 10 June 2026 Shareholder precedent 31 December 2026 Circular 12 August 2026 24 July 2026 Execution of En
Slide 16: Malaysia Transaction Checklist
Malaysia Transaction Checklist Disciplined, value-accretive acquisition, delivering transformational growth Transaction Enlarged Impact Group 1 Deliver step change in production +134% + >100 kboepd Net WI production 2 Material increase in reserves and resources +85% +56% c.1 billion boe Net WI 2P an
Slide 17: Conclusion
Conclusion Amjad Bseisu Chief Executive Officer
Slide 18: 2026 Guidance
2026 Guidance 2026 outlook 2027+ outlook Organic growth; Includes impact of third-party infrastructure outages at Magnus Production 41.0 – 43.0 Reflects focused drilling and maintenance programmes Kraken EOR, Magnus LKCF, Seligi gas, Vietnam Kboed prospectivity Includes c.$30 million of USD:GBP FX i
Slide 19: EnQuest re-scaled and refocused
EnQuest re-scaled and refocused Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growth Enlarged Group Production Enlarged Group 2P Reserves Kboed (2025 pro forma) MMboe (2025 pro forma) 57% 31% 45%
Slide 20: Q&A
O&A @nQuest
Slide 21: Investor relations contacts
Chris Wheaton Craig Baxter Head of Investor Relations and Strategy Chief of Staff chris.wheaton@enquest.com craig.baxter@enquest.com
Slide 22: Hedging Update
Hedging Update Hedges in Place Strategy Well Hedged, While Maintaining Upside Price Exposure • Hedging strategy refreshed in 2H 2024 % of Oil Production Hedged1 • Focus is to underpin budget and next 24 months, and maximise RBL capacity 7% 30% • Typically maintain unhedged exposure in Sep-Dec near m