Enquest Seeks U.K. Oil and Gas Assets as Delay Hurts Shares

Enquest Plc (ENQ) Chief Executive Officer Amjad Bseisu said he plans to buy more oil and gas assets in the U.K. North Sea to boost output as a six-month delay to one of its projects pushed the company’s shares to a one-year low.

“We’re looking at many opportunities, most likely to take place in the U.K.,” Bseisu said in a phone interview. “We’re looking to bid for assets. We have significant firepower.”

Enquest fell 4.7 percent to 118.80 pence at the close in London trading, the lowest level since July 2, 2013, as its Alma/Galia project faces a six-month delay because of winter weather. First oil is now expected by the middle of next year, with three wells completed and a fourth ready by the end of the month, Bseisu said.

The company boosted production 18 percent in the first half to 25,292 barrels of oil equivalent a day with acquisitions and efficiency measures, London-based Enquest said today in a statement.

It maintained an average full-year forecast of 25,000 to 30,000 barrels, higher than last year’s output. First-half revenue increased more than 10 percent, according to the company.

Enquest completed the acquisition of 50 percent of the Greater Kittiwake area of the North Sea this year. It also bought an operating interest in the Seligi field in Malaysia.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Tony Barrett, Randall Hackley