(Alliance News) - EnQuest PLC on Monday reaffirmed its annual production guidance, as efficiency across its portfolio in the year so far has increased average production rates.
In the first four months of the year, the North Sea and Malaysia-focused oil and gas company said production has been in line with its full-year targets.
On a net working interest basis, average daily production from its UK assets was 44,451 barrels of oil equivalent, an increase of 7.0% year-on-year from 41,527 boepd. Decreased production from its Magnus and Kraken assets was more than offset by the contribution from its October acquisition, Golden Eagle.
Including production from Malaysia, the total average rose 9.1% to 50,361 boepd from 46,158 boepd.
Shares in EnQuest were up 3.7% to 36.65 pence each in London on Monday morning.
The strong start to 2022 brings Enquest in line with its net production target for the year of a range of 44,000 to 51,000 boepd. An "extensive" wells programme will boost production to offset planned shutdowns for maintenance work at Magnus and Kraken during the third quarter, it said.
Average production in 2021 was 44,415 boepd.
"Underlining EnQuest's long-term commitment to investing in the North Sea, our largest activity programme since 2014 is well underway. At Magnus, we have successfully restored production to two wells, completed a well intervention which has already achieved payback on investment, and are preparing to drill the first of three wells planned for 2022," said Chief Executive Amjad Bseisu.
"In Malaysia, we have already completed three workovers at PM8/Seligi ahead of the planned four-well drilling programme, where the early results have been encouraging."
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Enquest (ENQ)