Enquest Plc · LSE:ENQ

Enquest — Non-Deal Roadshow (May 2019)

14 slides from Enquest's roadshow presentation, May 2019

  1. Slide 1: Research analyst meetings May 2019

    Research analyst meetings May 2019

  2. Slide 2: A clear strategy with a focused business model

    EnQuest A clear strategy with a focused business model Strategic vision  To be the operator of choice for maturing and underdeveloped hydrocarbon assets Focused business model  A production and development led E&P business  Utilises EnQuest core strengths  Strategically aligned  Value-accretive

  3. Slide 3: EnQuest priorities: Debt reduction remains the priority

    EnQuest priorities Debt reduction remains the priority Deliver De-lever Grow  Production growth  Scheduled amortisation  Potential for near-field,  Cost control  Targeting net short-cycle opportunities  Capital discipline debt:EBITDA of 1-2x  Substantial 2C resources 2

  4. Slide 4: 2019 outlook: Focused on projects that maximise cash flow

    2019 outlook Focused on projects that maximise cash flow Operating costs and Near-term opportunities Production capital spend Target: 63,000-70,000 Boepd Evaluation underway On track YTD Feb: 67,700 Boepd ✔ ✔ ✔  Maintain low unit costs  Kraken: infill drilling and  Operational priority to Western

  5. Slide 5: 2P/2C reserves and resources

    2P/2C reserves and resources Three world-class assets: Magnus, Kraken and PM8/Seligi 2P reserves of 245 MMbbls, an increase of 17% over 2017 Significant resource base in existing fields; delivered largely through drilling  Magnus: 75% acquisition added c.40 MMboe to year end 2C resources  Kraken:

  6. Slide 6: Magnus: A giant field with significant growth potential

    Magnus A giant field with significant growth potential  Magnus is one of 3 giant oil-fields in NNS; c.2bn boe HIIP  c.50% RF; large volume of remaining mobile oil  Secured early wins: plant de-bottlenecking, drilled 2 wells; barrel-adding well interventions  Improved reservoir understanding util

  7. Slide 7: Magnus opportunity: Significant 2P reserves and 2C resources

    Magnus opportunity Significant 2P reserves and 2C resources 405500 406000 406500 407000 407500 408000 408500 409000 409500 410000 410500 411000 411500 412000 412500 413000 413500 414000 414500 415000 TR1 Triassic Northern Discovery - evaluating 2P reserves 6840000 6840000 ERD MSM c3MMbbls 6839200 68

  8. Slide 8: Kraken: FPSO performance improving; work ongoing

    Kraken FPSO performance improving; work ongoing  Material improvement in production efficiency in March/April compared to first two months of 2018  Main power engine activities:  provision of clean, reliable fuel ✔  spares management for maintenance ✔  further offshore training – ongoing  dedi

  9. Slide 9: Kraken: FDP drilling complete; upside opportunity in the Western Flank

    Kraken FDP drilling complete; upside opportunity in the Western Flank 2P reserves NW Area -  Drilling and subsea infrastructure complete Barra DC3 Central West  Focus on Production Efficiency and cost management 2C resources Maureen  Western Flank has c.100 MMbbls STOIIP  Worcestershire area hig

  10. Slide 10: PM8/Seligi: A giant field with significant upside potential

    PM8/Seligi A giant field with significant upside potential J18/20 Reservoir Outline with Initial Fluid Contacts Hotel  c.2bn boe STOIIP; 12 stacked reservoirs; c.35% RF 0 Targets Alpha 9 Targets  Historically strong production performance through well Bravo 7 Targets Echo interventions; only 2 new

  11. Slide 11: Subsea tie-back opportunities: Eagle discovery

    Subsea tie-back opportunities Eagle discovery 2C resources  EnQuest 100%  High quality Fulmar reservoir discovered in 2016 through a single exploration well  Analysis shows  reservoir with a vertical thickness of 67ft  excellent reservoir properties  no oil water contact was encountered, repre

  12. Slide 12: Subsea tie-back opportunities: Don NE and Ythan near field

    Subsea tie-back opportunities Don NE and Ythan near field Don NE - 2C resources 14-1  100% EnQuest  Development concept and economics under evaluation Dons P2137 - Accumulations and Top Brent Depth Contours June 2018  single producer in an undeveloped fault 6821600 6821600 421200 421600 422000 42

  13. Slide 13: Questions & Answers

    EnQuest A clear strategy with a focused business model Questions & Answers 12

  14. Slide 14: Forward-looking statements

    Forward-looking statements This presentation may contain certain forward-looking statements with respect to EnQuest’s expectation and plans, strategy, management’s objectives, future performance, production, costs, revenues, reserves and other trend information. These statements and forecasts involv

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