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UK: EnQuest announces full year results ending 31 December 2011

27 Mar 2012

Photo - see caption

EnQuest has announced its full year results ending 31 December 2011


  • EnQuest, performed strongly in 2011, with a 12.5% increase in production over pro-forma 2010
  • EnQuest’s net 2P reserves at the start of 2012 were 115.2 MMboe, a 30.2% increase on the start of 2011, reflecting a reserves replacement ratio of 419.4%
  • Cash flow from operations was $656.3m, resulting in net cash of $378.9m at the end of the period.
  • A new credit facility of up to $900m was finalised in Q1 2012, securing EnQuest access to further capital resources
  • Four significant business development transactions were agreed in 2011, with a further three so far in 2012
  • Performance in Q1 2012 is on track for EnQuest’s previously announced full year 2012 production target of between 20,000 Boepd and 24,000 Boepd
Photo - see caption

EnQuest CEO Amjad Bseisu said:

'2011 was another strong year for EnQuest as our operational performance continued to generate high levels of cash flow. We produced an average of 23,698 Boepd in 2011, reinforcing our position as the largest UK independent producer in the UK North Sea. Each of our hubs increased production, with Thistle’s gross production being over 2 MMboe for the first time in a decade. We successfully brought the 29 MMboe Alma and Galia development to sanction, formal field development approval is imminent.

We have also significantly consolidated and expanded our asset base, adding interests at Broom, Crawford/Porter, Crathes/Scolty, Kildrummy and Kraken, assuming operatorship and control where we did not already hold it. EnQuest will be the operator of all of its hubs and all but one of its undeveloped discovery blocks in 2012. This is central to EnQuest’s model of adding value to assets through its operational and project development expertise. We are also pleased to announce today that we have agreed to purchase an additional 18.5% interest in West Don, increasing our interest to 63.45%.

EnQuest welcomes the recent oil and gas investment fiscal adjustments in the UK 2012 Budget, including the improvements to encourage the development of small fields. These positive fiscal changes clearly make the UK Oil and Gas sector more competitive. EnQuest will continue to work with the Government and the industry to achieve further development of the substantial unrealised potential in the UK North Sea. Following EnQuest’s nine well programme and $361 million of capital expenditure in 2011, EnQuest anticipates investing around $1,000 million in
2012. Oil & Gas UK estimate that this level of investment potentially creates around 9,000 jobs, directly and indirectly. EnQuest’s 2012 capital programme includes 11 new wells and puts the Alma and Galia development on track for first oil by the end of 2013.

EnQuest remains confident in its production growth targets for the medium term and reaffirms its earlier guidance of net production greater than 40,000 Boepd by 2014. There is additional future production potential in the discoveries at Kraken, Kildrummy, Crawford and in the Crathes area. EnQuest has the operational capability and the financial capacity to ensure sustainable delivery of long term growth.'

Click here for full announcement

Source: EnQuest

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