|Bid||25.50 x 1010000|
|Ask||25.75 x 3740000|
|Day's range||25.50 - 26.50|
|52-week range||22.50 - 56.00|
|PE ratio (TTM)||1.17|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||N/A|
Heavily indebted North Sea oil producer EnQuest (Frankfurt: 3EQ.F - news) has received a waiver on a quarterly credit review due in September after a slow ramp up of its flagship project led to a drop in earnings. London-listed EnQuest last year underwent financial restructuring to cope with low oil prices and a large spending programme to get its $2.5 billion Kraken field up and running. A slower-than-expected ramp up of the field since it started production in June led to a drop in revenue and a risk that EnQuest would breach terms of its loan covenant.
North Sea-focused oil producer EnQuest on Thursday reported a sharp drop in first-half profits on lower production and delays in ramping up its flagship Kraken oilfield. EnQuest kept its previous full-year production guidance, which calls for a fall of as much as 18 percent to 10 percent above or below its output in the first half of the year of 37,015 barrels of oil equivalent per day (boed). Spending on Kraken was expected to be lower by $100 million, bringing the project's cost to $2.4 billion, around 25 percent below its original budget in 2013.
** North Sea-focused oil producer EnQuest shares & post biggest intraday percentage drop in five months after co cuts full year production forecast ** Expects 2017 overall average daily production to be ...
North Sea-focused oil producer EnQuest cut its full-year production forecast on Wednesday, citing a slower than expected start-up of its flagship Kraken field, sending its shares to a two-month low. The company said that 2017 output could be as much as 18 percent lower than previously expected after delays in bringing Kraken's floating production, storage and offloading (FPSO) vessel into operation and lower production from some of its other North Sea fields. EnQuest (Frankfurt: 3EQ.F - news) shares touched a two-month trough of 28.75 pence on the news and were down 10 percent at 29.50 pence at 0748 GMT.
Europe's smaller oil producers are more optimistic about the market than they have been for the past couple of years as a significant reduction in hedging shows they are betting on higher prices. "We're a bit underhedged for 2018 because we obviously hoped for a better oil price recovery that would have meant putting in place more hedging," Tony Durrant, chief executive of North-Sea focused Premier Oil, told Reuters.
Repsol Sinopec said on Wednesday it had started gas production from a new field in the North Sea in a boost to the maturing basin just days after EnQuest (Frankfurt: 3EQ.F - news) brought a new oil field on stream. The Cayley gas field in the central North Sea will, together with adjoining fields Godwin and Shaw, reach a peak production level of 40,000 barrels of oil equivalent a day (boepd), said the company, a joint venture between Spain's Repsol (Amsterdam: RP6.AS - news) and China's Sinopec (HKSE: 0386-OL.HK - news) .
EnQuest has started oil production from the Kraken field in the North Sea, the latest addition to the ageing oil and gas basin that has enjoyed a revival despite a drop in crude prices. The field, some 125 km (80 miles) east of the Shetland Islands, delivered its first oil on June 23 and is expected to produce 50,000 barrels per day at its peak, the company said in a statement on Monday. Shares (Berlin: DI6.BE - news) in London-listed EnQuest were trading 9.3 percent higher at 0957 GMT following the announcement.
North Sea-focused oil producer EnQuest (Frankfurt: 3EQ.F - news) said its production fell 11 percent year on year in the first four months of the year due to the natural decline of its fields but it maintained its annual output target. The oil company also said its flagship Kraken oilfield in the North Sea was on track to begin producing oil before the end of June. EnQuest reported production levels of 37,856 barrels per day (bpd) in the four months to the end of April, below 42,752 bpd achieved in the same period last year, but it stuck to its 2017 target of achieving 45,000-51,000 bpd.
North Sea-focused oil producer EnQuest (Frankfurt: 3EQ.F - news) reported a small rise in annual core earnings on Tuesday, despite weak oil prices, as it brought down costs and hedged its output against low prices. The British company, which is set to bring its large Kraken oil field on stream in the second quarter, said it would lower costs further this and next year as it negotiates discounts with suppliers. "People see us as the future of the North Sea so they're very happy to work with us as we're expanding," Chief Financial Officer Jonathan Swinney told Reuters.
Britain will look at ways of making it easier to sell North Sea oil and gas fields by changing tax rules in order to keep them producing for longer, the finance ministry said. The move, which is due to be announced in finance minister Philip Hammond's budget on Wednesday, follows a call by the industry's oil lobby group for a change to decommissioning tax rules that have prevented deals in the North Sea. Owners of oil and gas assets get tax relief on the future costs of dismantling them, but as assets are sold the relief cannot be passed on to new owners.
TEL AVIV/LONDON, Feb 6 (Reuters) - Israel's Delek Group (Frankfurt: 6D4A.F - news) has agreed to buy Ithaca Energy Inc (Frankfurt: I6T.F - news) in a deal valuing the North Sea oil producer's equity at $646 million and building on Delek's expansion in the North Sea ahead of a planned London listing. The deal follows a number of transactions in the British North Sea after a rise in oil prices above $50 a barrel has given confidence to buyers and sellers to agree on valuations.
The vessel needed to start production at EnQuest (Frankfurt: 3EQ.F - news) 's Kraken oil field in the North Sea sailed away from Singapore on Nov. 23, the company said, indicating the oil field's start-up schedule remains on track. The field, one of the largest oil fields currently being developed in the North Sea, is expected to start producing first oil the first half of next year. The floating production, storage and offloading (FPSO) vessel is set to arrive in the North Sea in mid-January, EnQuest said.
British-based oil producers have started to sell more oil and gas forward to lock in a small uptick in prices, as doubts grow that the market will ever return to the days of crude at $100 a barrel after a two-year rout. North Sea producers such as Ithaca, Tullow Oil , EnQuest and Premier Oil, whose balance sheets remain under pressure as a halving in oil prices in two years slashed revenues, have beefed up their hedging positions. In doing so, they pounced on a rebound in oil prices to a one-year high in mid-October and costlier gas in Britain.