Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

EnQuest Falls on Damped Expectations for 2013 Oil Production

Aug. 13 (Bloomberg) -- EnQuest Plc, a North Sea oil and gas producer, fell in London trading after saying output this year will be in the lower half of its range.

Shares slipped 2.2 percent to 123.9 pence, the most since June 20. The company said production will be closer to 22,000 barrels a day than to 27,000 barrels a day in 2013. Profit after tax and finance costs dropped 24 percent to $97.7 million in the first half, while output in the period rose 6 percent to 21,455 barrels a day.

EnQuest is stepping up investment and said that its Alma/Galia field will produce first oil in early 2014, adding 13,000 barrels a day. The company predicts the development of Alma and the Kraken field will help bring the company’s output to 50,000 barrels a day over the next few years.

“We had a solid first half performance,” Chief Executive Officer Amjad Bseisu said in a telephone interview. “We’re not giving production guidance for 2014 yet, but with Alma we should have significant growth.”

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.