STOCKS NEWS EUROPE-EnQuest falls after oil field delay

Shares in EnQuest (LSE: ENQ.L - news) lose a tenth of their market value on Wednesday after the company says it has further delayed the start-up of its Alma oil field in the North Sea to the second half of the year.

The delay will impact its 2014 production guidance, which the company revised down to 25,000-30,000 barrels of oil equivalent per day (boepd) from a forecast of up to 32,000.

"In our view this is a delay to rather than destruction of value," analysts at Liberum write in a research note.

Alma was the first field to produce oil in the UK North Sea and EnQuest is using new technologies to squeeze further resources out of the field.

The start-up of the project has been delayed several times and was last expected to commence producing oil from the middle of this year.

EnQuest, the largest British independent oil producer in the North Sea, reported 2013 results in line with expectations on Wednesday.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 2.1 percent year on year to $621.3 million, while revenue rose 8.1 percent to $961.2 million.

To see EnQuest's full statement click on

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