EnQuest PLC - London-based oil and gas producer with assets in the UK and Malaysia - Says that in the 10 months to October 31, average net production was 43,871 barrels of oil equivalent per day, in line with guidance. As a result, expects full-year production around the mid-point of its guidance range of 42,000 boepd to 46,000 boepd. Says operating expenditure for the year is expected to be around USD400 million, which is lower than original guidance of USD425 million, due to "lower than budgeted diesel and chemical costs." CEO Amjad Bseisu says: "Building on this excellent operational performance and by remaining disciplined in our investment decisions, we are on track to deliver on our 2023 targets. We are encouraged by government announcements relating to the fiscal regime governing the UK's oil and gas sector, as we remain engaged in efforts to encourage legislation which supports investment in the UK's delivery of energy security, decarbonisation and energy transition."
Current stock price: 13.82 pence, down 0.9%
12-month change: down 41%
By Sabrina Penty, Alliance News reporter
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Enquest (ENQ)