EnQuest (ENQ)

Sector:

Energy Producers

Index:

FTSE Small Cap

12.32p
   
  • Change Today:
      0.30p
  • 52 Week High: 17.02p
  • 52 Week Low: 10.34p
  • Currency: UK Pounds
  • Shares Issued: 1,872.10m
  • Volume: 2,551,385
  • Market Cap: £230.64m

Enquest shares tumble as group defers drilling at Kraken field

By Iain Gilbert

Date: Friday 17 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Exploration and production Enquest shares headed south early on Friday as it revealed it will defer drilling at its Kraken field as a result of recent changes to the North Sea windfall tax.
Enquest stated that following changes to the energy profits levy, that saw Downing Street up the windfall tax a further 10% to a headline rate of 75%, it had "further optimised its capital programme", with planned drilling programmes at Kraken shelved for the time being.

However, three infill wells at Magnus and three new wells at Golden Eagle will go ahead as planned.

Chief executive Amjad Bseisu said: "Looking ahead, changes to the UK Energy Profits Levy will impact cash flow generation and have implications for our capital allocation strategy and our UK production growth ambitions.

"In the immediate future, we remain focused on deleveraging and intend to prioritise organic investments with quick pay backs and accretive M&A opportunities that allow us to leverage our operating capability and tax loss position."

Enquest also stated that free cash flow came to an all-time high of more than $500.0m in 2022 and said it had cut net borrowings to $700.0m.

The London-listed firm produced 47,259 barrels a day on average in 2022, up roughly 6% year-on-year, with production from Kraken coming in above expectations, while Magnus was affected by workovers and Golden Eagle produced less than targeted.

As of 0840 GMT, Enquest shares had slumped 11.01% at 19.0p.





Reporting by Iain Gilbert at Sharecast.com

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EnQuest Market Data

Currency UK Pounds
Share Price 12.32p
Change Today 0.30p
% Change 2.50 %
52 Week High 17.02p
52 Week Low 10.34p
Volume 2,551,385
Shares Issued 1,872.10m
Market Cap £230.64m

EnQuest Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average
94.44% above the sector average94.44% above the sector average94.44% above the sector average94.44% above the sector average94.44% above the sector average
Price Trend
69.2% below the market average69.2% below the market average69.2% below the market average69.2% below the market average69.2% below the market average
17.95% below the sector average17.95% below the sector average17.95% below the sector average17.95% below the sector average17.95% below the sector average
Income
63.59% above the market average63.59% above the market average63.59% above the market average63.59% above the market average63.59% above the market average
12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average
Growth
85.48% below the market average85.48% below the market average85.48% below the market average85.48% below the market average85.48% below the market average
95.92% below the sector average95.92% below the sector average95.92% below the sector average95.92% below the sector average95.92% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 4
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

EnQuest Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 164,268 @ 12.32p
16:35 79 @ 12.32p
16:35 20,246 @ 12.32p
16:35 2,048 @ 12.32p
16:35 1,192 @ 12.32p

EnQuest Key Personnel

CEO Amjad Bseisu
CFO Jonathan Copus

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