Enquest Plc · LSE:ENQ
Enquest — H1 2025 Earnings Presentation
25 slides from Enquest's earnings presentation, Sep 24, 2025
Slide 1: EnQuest PLC 2025 Half Year Results
EnQuest PLC 2025 Half Year Results 24 September 2025
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 transition lifecycle Amjad Bseisu Chief Executive Officer
Slide 4: EnQuest's Operations at a Glance
EnQuest’s Operations at a Glance Focus on maturing and underdeveloped assets in the UK, Malaysia, and Vietnam which present organic growth opportunities United Kingdom 1H 2025 Production1,2 YE 2024 2P Reserves2 Kboed (pro forma, incl. Vietnam) MMboe Vietnam Vietnam 4% Vietnam 12% Malaysia 21% Malays
Slide 5: EnQuest – 1H 2025 Performance Overview
EnQuest – 1H 2025 Performance Overview Operations Financials ▪ Diversified, high-performing portfolio in the North Sea and across South ▪ Robust balance sheet secured through consistent deleveraging East Asia, with strong operational control ($1.6bn Net Debt reduction since peak in 2017) ▪ Different
Slide 6: Delivering diversified growth
Delivering diversified growth Vietnam new country entry Acquisition of Harbour Energy’s Vietnam business expected to add c.5 Kboed pro forma production in 2025 High-quality oil, significant gas component; prospectivity across Block 12W provides upside potential Low capex requirements, pre-funded abe
Slide 7: Financial performance
Financial performance Strong balance sheet and transaction-ready liquidity, providing platform for growth Jonathan Copus Chief Financial Officer
Slide 8: Flexible capital structure
Flexible capital structure 1 2 Cash Simplified capital structure Capital discipline Flexible RBL Fast payback investment RBL Foundation of bonds Growth and Diversification Shareholder returns Internationalisation Bonds EnQuest PLC Half Year Results 2025 8
Slide 9: Income statement
Income statement 30 June 2025 Revenue $549 million 1H 2025 1H 2024 Delta Oil revenue 22.8% down on price and volume Brent (av.$/bbl) 71.8 83.7 -14.2% Partially offset by commodity hedge gains UK gas (av.GBp/Therm) 100 73 37.0% Production (Boepd) 38,257 42,771 -10.6% Cost of sales $389 million Operat
Slide 10: Cash flow and balance sheet
Cash flow and balance sheet as at 30 June 2025 EnQuest free cash flow $33 million 1H 2025 movement in net debt Cash gen from ops $215 million ($ million) FCF $33 million Net debt reduction $9 million 400 386 215 15 4 5 377 10 35 Net debt $377 million 2 Gross debt $707 million 41 300 Cash balance $33
Slide 11: Simplified debt structure
Simplified debt structure Enhanced RBL accessibility EnQuest net debt $million RBL headroom increased by 34% at 1 January 2025 EnQuest net debt to adjusted EBITDA • Positive redetermination process, against EPL extension 2.5 1.4 2.3 1.6 0.7 0.6 0.7 1,774 Simple debt structure USD High Yield Bond - $
Slide 12: Capital priorities
Capital priorities 2025 outlook 2026+ outlook Organic growth, Production 40.0 – Pro forma, including c. 5 Kboed of Vietnam volumes e.g. Kraken EOR and Magnus 45.0 Kboed Reflects focused drilling and maintenance programmes optimisation Operating expenditure c.$450 Pro forma, including c. $50 million
Slide 13: Operating performance
Operating performance Delivering operating excellence across the energy transition lifecycle Steve Bowyer North Sea Managing Director
Slide 14: Operational Excellence across the Energy Transition
Operational Excellence across the Energy Transition Delivering SAFE Results HSE Excellence award in Malaysia; 3+ years LTI free on Kraken; 19+ years LTI free on GKA Upstream / Midstream Energy Transition Decommissioning Production efficiency of 94%1 in 1H 2025 Delivering material decarbonisation Sec
Slide 15: Kraken – best-in-class FPSO operations
Kraken – best-in-class FPSO operations 1H 2025 performance Production efficiency (including shutdowns) of 96% Continued Efficiency c.30% above NSTA benchmark average1 for floating hubs operational excellence Focused collaboration between EnQuest and Bumi Armada Cargo sales optimised through marine m
Slide 16: Magnus – Late life asset management expertise
Magnus – Late life asset management expertise 1H 2025 performance Magnus production efficiency Delivered oil production of c.19 Kboed in mid-July – representing the 2017 59% Pre-EnQuest peak three-month oil rate since 2020 2023 88% Infill drilling and well intervention programme successfully complet
Slide 17: South East Asia – Malaysia Upstream Operator of the Year
South East Asia – Malaysia Upstream Operator of the Year PM8/Seligi – 1H 2025 performance Awarded Malaysia Operator of the Year by PETRONAS (2023 & 2024) Delivering diversified growth Production efficiency of 93% – increased gas component Completed four infill well campaign, alongside idle well rest
Slide 18: South East Asia – Vietnam acquisition
South East Asia – Vietnam acquisition Acquisition of Harbour Energy’s Vietnam business Deal completed on 9 July 2025; $25.7 million completion payment Delivering diversified growth EnQuest is now operator of Chim Sao and Dua, with 53.125% equity – new country entry 7.5 MMboe 2P reserves; 4.9 MMboe 2
Slide 19: SVT – terminal right-sizing extends life and enables new energies
SVT – terminal right-sizing extends life and enables new energies Major projects in-flight at the Sullom Voe Terminal Strategic approach to critical New Stabilisation Facility - right-size the terminal's oil & gas processing facility to support infrastructure upstream field life extensions Right-siz
Slide 20: Decommissioning – Sector-Leading Performance
Decommissioning – Sector-Leading Performance 1H 2025 performance Market-leading decommissioning performance, validated by peers Heather P&A complete, followed by safe platform disembarkation Decommissioning capability 15kT Heather topsides lift completed 3Q 2025 – largest such lift in North Sea in 2
Slide 21: Conclusion
Conclusion Amjad Bseisu Chief Executive Officer
Slide 22: Foundation set for growth
Foundation set for growth Fast payback infill drilling across core portfolio Deliver organic growth Focus on unlocking upside e.g. Kraken EOR project, Magnus optimisation Convert 2C resources at Bressay & Bentley Prioritise North Sea transaction, accelerate utilisation of UK tax asset Transformative
Slide 23: Growth strategy in action
Growth strategy in action 1 2 3 4 Top quartile capabilities Strong balance Well-positioned to deliver across operations, sheet built through transformative, production and disciplined and consistent value-accretive growth decommissioning deleveraging Value enhancement via: $1.6 billion debt repaid v
Slide 24: Q&A
O&A @nQuest
Slide 25: Thank you
Thank you Craig Baxter Head of Investor Relations and Corporate Affairs craig.baxter@enquest.com