EnQuest PLC Kraken 2P Reserves (5673S)
March 12 2019 - 3:11AM
UK Regulatory
TIDMENQ
RNS Number : 5673S
EnQuest PLC
12 March 2019
EnQuest PLC, 12 March 2019
Kraken 2P reserves
Earlier today, Cairn announced their full year results which
included a 2P reserve downgrade and associated non-cash impairment
charge at Kraken. As operator of Kraken, and following an
independent third-party audit of the Group's reserves position at
31 December 2018, EnQuest can confirm its estimate of Kraken's 2P
reserves, remain materially unchanged.
EnQuest and Cairn utilise different technical approaches to
Kraken production forecasting in preparing their reserve profiles
for their respective auditors, which has led to this difference in
reserves estimates.
While the Group's audit of the 2018 financial results is not yet
complete, the Group does not expect to recognise any impairment
charge related to the Kraken asset. EnQuest will report its
financial results for the year ended 31 December 2018 on 21 March
2019.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Ian Wood (Communications & Investor Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Notes to editors
ENQUEST
EnQuest is an independent production and development company
with operations in the UK North Sea and Malaysia. The Group's
strategic vision is to be the operator of choice for maturing and
underdeveloped hydrocarbon assets by focusing on operational
excellence, differential capability, value enhancement and
financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm. Its UK operated assets include
Thistle/Deveron, Heather/ Broom, the Dons area, Magnus, the Greater
Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken; EnQuest also
has an interest in the non-operated Alba producing oil field. At
the end of December 2018, EnQuest had interests in 18 UK production
licences and was the operator of 16 of these licences. EnQuest's
interests in Malaysia include the PM8/Seligi Production Sharing
Contract and the Tanjong Baram Risk Services Contract, both of
which the Group operates.
Forward-looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectation and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied on as a guide to future performance.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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