EnQuest renegotiates terms of credit facilities, cuts capex

* Lenders relax debt covenants until mid-2017

* Cuts 2015 capital spending plan by 40 pct

* Forecasts output of 33,000-36,000 boepd for 2015

* Shares (Frankfurt: DI6.F - news) soar as much as 54 pct (Adds analyst comment, background, adds link to Take A Look; updates shares)

By Abhiram Nandakumar

Jan 23 (Reuters) - Oil and gas producer EnQuest Plc (LSE: ENQ.L - news) said its lenders had agreed to relax terms on its credit facilities and the company cut its capital spending plan for 2015 as oil prices slump.

The company's shares jumped as much as 54 percent to 46.25 pence in early trading on the London Stock Exchange (Other OTC: LDNXF - news) on Friday.

A number of oil and gas producers have slashed their capital spending and cut jobs in response to the 60 percent fall in crude prices since June.

EnQuest slashed its 2015 total group cash expenditure plan by 40 percent to about $600 million. The company said it was working with contractors for further cost savings.

First Energy analyst Stephane Foucaud said the scale of the capex cut was surprising.

EnQuest's lenders agreed to relax covenants on the company's credit facilities of about $1.2 billion until mid-2017.

The company said it expected production to rise to about 33,000-36,000 barrels of oil equivalent per day (boepd) this year from provisional 28,267 boepd in 2014 as output rises from its Alma/Galia and Kraken developments in the North Sea.

EnQuest estimated earnings before interest, taxes, depreciation and amortisation of about $530 million-$580 million and revenue of more than $950 million for 2014.

The company's shares were up 25 percent at 37.43 pence at 1112 GMT. (Reporting by Karolin Schaps and Abhiram Nandakumar in Bengaluru; Editing by Gopakumar Warrier and Kirti Pandey)