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(Alliance News) - Petroleum exploration and production company EnQuest PLC on Thursday said it will not resume output at its Heather and Thistle/Deveron fields in the UK North Sea due to "recent market volatility".
The company has now lowered 2020 average production expectations to between 57,000 and 63,000 barrels of oil equivalent per day. EnQuest previously forecasted average output between 61,000 and 68,000 barrels of oil equivalent per day.
Production for the year to date has averaged about 65,500 barrels of oil equivalent per day.
It will also trim 2020 capital expenditure by USD80 million to USD150 million.
EnQuest added: "The group retains significant liquidity with cash and available facilities of USD268.2 million at February 28. There are no further repayments of the group's senior credit facility due in 2020, with the facility maturing in October 2021. Net debt was USD1.37 billion at the end of February 2020."
Shares in the company were 5.6% lower at 7.50 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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