Buoyant EnQuest profits shoot up
NORTH Sea oil and gas producer EnQuest cheered investors yesterday with a steep rise in profits and a promise of better than expected output.
The company, which floated on the stock market this year, expects to drill the first two new wells in the Thistle field for more than 20 years.
Early completion of two other wells has allowed it to raise production targets.
The group, formed from the merger of the North Sea assets of Britain’s Petrofac and Sweden’s Lundin, reported half- year profits up from $2.9million (£1.8million) to $86.2million.