Enquest Plc · LSE:ENQ
Enquest — Investor Presentation (September 2023)
14 slides from Enquest's investor presentation, Sep 13, 2023
Slide 1: Retail shareholder presentation
Page EnQuest Retail shareholder presentation September 2023
Slide 2: Operator of choice for maturing hydrocarbon assets
13 September 2023 Page 2 Operator of choice for maturing hydrocarbon assets Production breakdown1 Annual production CAGR of c.10% since IPO 80,000 Malaysia 8.2 kboed 18% 60,000 40,000 UK 37.3 kboed 82% 20,000 0 1 Year to date June 2023 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 3: Providing creative solutions through the energy transition
13 September 2023 Page 3 Providing creative solutions through the energy transition Electrification CO2 storage Green Hydrogen UPSTREAM INFRASTRUCTURE & NEW ENERGY DECOMMISSIONING Responsibly optimising production, leveraging existing infrastructure and delivering energy security and decarbonisation
Slide 4: Efficient reinstatement of Kraken production, high uptime across portfolio
13 September 2023 Page 4 Efficient reinstatement of Kraken production, high uptime across portfolio Group production in line with guidance - Kraken production returned to service ahead of 19,527 schedule following HSP transformer outage 49,726 - Magnus production reflects production uptime 45,480 16
Slide 5: Demonstrating decommissioning capability
13 September 2023 Page 5 Demonstrating decommissioning capability Decommissioning cost breakdown Prolific well P&A campaign in NNS - 23 wells to be plugged and abandoned in 2023; 14 completed in 1H 16% - Follows P&A of 24 wells in 2022 (13 wells at Heather, 11 wells at Thistle) Exemplary project del
Slide 6: Infrastructure and New Energy: three key focus areas
13 September 2023 Page 6 Infrastructure and New Energy: three key focus areas ▪ Successful award of four carbon storage licences for the Magnus, EnQuest management of emissions1 Thistle, Tern and Eider fields in NSTA licensing round MT CO2e ▪ Jetties to be repurposed to accept liquid carbon, with te
Slide 7: Debt reduction driven by free cash flow of c.$140 million
13 September 2023 Page 7 Debt reduction driven by free cash flow of c.$140 million Movement in net debt $m Debt maturities extended to 2027 - RBL amortisation completed by April 2027 - Term loan facility bullet repayment July 2027 - GBP 9% retail bond maturity October 2027 - USD 11.625% high yield b
Slide 8: EPL has changed the UK investment landscape
13 September 2023 Page 8 EPL has changed the UK investment landscape - Reduction in statutory profits – Introduced in June 2023 as price floor at which the - Reduced borrowing for RBL-funded companies EPL disapplied, if the following conditions met : - Lower free cash flow generation as cash is • Oi
Slide 9: Clear financial priorities focused on deleveraging
13 September 2023 Page 9 Clear financial priorities focused on deleveraging 2024 Financial Priorities 2022 YTD 2023 onwards 1 Reset capital structure ✓ ✓ 2 Continue to de-lever ✓ ✓ 3 Cost discipline and optimising capital programme ✓ ✓ 4 Unlock accretive M&A and growth in energy transition ✓ ✓ 5 Sha
Slide 10: Swedish delisting
13 September 2023 Page 10 Swedish delisting Cost Nasdaq Regulatory Listing Stockholm Environment Rules delisting Direct EnQuest impact on relative EnQuest advantages Admin Burden
Slide 11: On track to deliver 2023 guidance
13 September 2023 Page 11 On track to deliver 2023 guidance 2023 1H 2023 Guidance Performance 42.0 - 46.0 Focused drilling and well work, maintain high uptime Production 45.5 kboed kboed across portfolio, following return to production at Kraken Operating c.$425m c.$163m Maintaining a strong focus o
Slide 12: Proven capabilities underpin our aspiration
13 September 2023 Page 12 Proven capabilities underpin our aspiration 1 Strong operational performance, maximising value from existing asset base 2 Strengthened balance sheet, with extended debt maturity profile 3 Committed to Net Zero by 2040, underpinned by position as a key player in energy trans
Slide 13: Q&A
Page Q&A
Slide 14: Thankyou Contact details
Page Thankyou Contact details craig.baxter@enquest.com investorrelations@enquest.com companysecretariat@enquest.com