(Alliance News) - EnQuest PLC on Wednesday said production was up in the four months to April 30, and it expects to meet full-year targets.
The London-based oil and gas producer with assets in the UK and Malaysia said average production in the four months to April 30 exceeded the top end of its guidance range at 47,725 barrels of oil equivalent per day.
EnQuest said average production for 2023 is expected to be between 42,000 and 46,000 boepd, which is unchanged from its previous guidance. Enquest noted that shutdowns and periods of single-train operation are planned at its Magnus and Kraken sites, respectively, in the third quarter.
Its well work programme at Magnus is underway, EnQuest said, with three wells having been returned to service, while the North West Magnus injector is "progressing well" and is expected to be available by the end of May.
Chief Executive Amjad Bseisu said: "EnQuest has continued to deliver strong operational performance across our operated portfolio during the early part of the year, with production to the end of April above the top end of 2023 guidance.
"Production enhancement at Magnus is continuing, following the successful execution of our 2022 planned shutdown and well programme, including the drilling of North West Magnus well. We are now drilling the North West Magnus injector well, which is expected to come online at the end of May. We expect to drill two further infill wells later in 2023."
EnQuest shares were down 0.5% to 16.54 pence each in London on Wednesday morning.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Enquest (ENQ)