EnQuest CEO Amjad Bseisu said, 'EnQuest is addressing its priorities in this low oil price environment: delivering on production and execution targets, streamlining operations and strengthening the balance sheet.

Production in H2 2015 has been very strong across the portfolio, averaging 41,360 Boepd from July to November, including spot rates of c.14,000 Boepd gross from the Alma/Galia development which was put onstream in late October. The Kraken development continues firmly on schedule. At the mid-point of our guidance ranges for 2015 and 2016, we are now forecasting a further 33% growth in production next year, before Kraken and Scolty/Crathes come onstream.

We have continued to reduce operating costs which are now expected to be $31-32/bbl in 2015 and are currently expected to be in the $26-28/bbl range for 2016, ahead of our earlier expectations.

Tags: EnQuest PLC