Enquest celebrates "solid" performance in 2024; outlook confident

(Alliance News) - Enquest PLC on Wednesday said it had a foundation of growth as it highlighted ...

Alliance News 12 February, 2025 | 12:21PM
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(Alliance News) - Enquest PLC on Wednesday said it had a foundation of growth as it highlighted that group operated production uptime was "at the top end of sector performance".

The oil and gas company with operations in the UK and Malaysia said production from its existing portfolio to the end of January was 44,200 barrels of oil equivalent per day, compared to its 2025 guidance range of 40,000 to 50,000 barrels.

In 2024, it produced on average 40,736 barrels per day and noted that its operated production uptime was 90%, which it said was "at the top end of sector performance."

Enquest said that the autumn budget statement clarified the UK fiscal regime which includes retention of 100% first year capital allowances and the energy profits levy decarbonisation allowance.

"We continue to deliver top-quartile production uptime across the portfolio and remain committed to maintaining discipline in our cost management and investment decisions," the company said.

Looking ahead, Enquest it "remains fully focused on maintaining its track record of upstream operational excellence and utilising its skills, advantaged tax position and balance sheet strength to drive growth through acquisition."

Last month, Enquest announced the acquisition of Harbour Energy PLC's business in Vietnam.

The oil and gas company with operations in the UK and Malaysia said the deal, which includes the 53% equity interest in the Chim Sao and Dua production fields, should complete during the second quarter of 2025.

EnQuest said the headline value of the transaction is USD84 million and, net of interim period cash flows, the consideration to be paid is expected to equal around USD35 million.

Enquest shares were 0.2% higher at 11.78 pence each on Wednesday afternoon in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Harbour Energy PLC 243.70 GBX 1.58 -
EnQuest PLC 12.30 GBX 4.59 -

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