17 February 2017
KRAKEN FPSO IN THE FIELD AND HOOKED UP
The Kraken Floating Production Storage and Offloading (‘FPSO’) vessel arrived at the field on Monday 13 February, anticipating good weather conditions. The hook up of the Submerged Turret Production (‘STP’) buoy mooring system, to the FPSO was completed on 15th February and a full rotation test performed so that the vessel is now on station and securely moored. Commissioning work will continue on the topsides. Reconstruction of the turret area pipework and connection of the risers and umbilicals to the swivel stack is being undertaken followed by commissioning of the subsea infrastructure. Delivery of first oil in Q2 2017 is on track.
24 January 2017
Trading and Operations Update
Key 2016 highlights
- Production averaged 39,751 Boepd in 2016, up 8.7% on 2015, with production in the UK North Sea up 11.3%
- This was EnQuest’s highest annual production since the company started in 2010. Final production was adversely affected by the shutdown period at the end of the year, where the maintenance shutdown of the Brent Pipeline System took over a week longer than was anticipated, with winter weather also hampering the work necessary to bring production fully back onstream.
- Final reported 2016 unit opex is expected to be around the lower end of latest full year guidance range of $25/bbl to $27/bbl.
- Reported 2016 cash capex is also expected to be around the lower end of the range, of $620 million to $670 million.
- Net debt as at 31 December 2016 expected to be approximately $1.8 billion
24 January 2017
ACQUISITION OF 25% OF MAGNUS OIL FIELD ENQUEST TO TAKE OVER OPERATORSHIP OF MAGNUS, SULLOM VOE TERMINAL AND ASSOCIATED INFRASTRUCTURE WITH NO CASH OUTLAY
EnQuest PLC (together with its subsidiaries, "EnQuest"), is pleased to announce an agreement to acquire from BP an initial 25% interest in the Magnus oil field ("Magnus") representing c.15.9 MMboe of additional net 2P reserves (gross reserves of 63.4 MMboe) with net production of 4.2 Mboe/d in 2016 (gross production 16.6 Mboe/d) as well as a 3.0% interest in the Sullom Voe oil terminal and supply facility ("SVT"), 9.0% of Northern Leg Gas Pipeline ("NLGP"), and 3.8% of Ninian Pipeline System ("NPS") (collectively the "Transaction Assets"). EnQuest currently has existing interests of 3.0% in SVT, 5.9% in NLGP and 2.7% in NPS.
15 December 2016
ENQUEST PLC BOARD APPOINTMENTS
EnQuest announces the appointment of Carl Hughes as a Non-Executive Director. EnQuest further announces that Neil McCulloch is being appointed as Chief Operating Officer and is to join the Board as an Executive Director at the next AGM.
21 November 2016
Completion of the financial restructuring of EnQuest PLC
The Board of EnQuest PLC (the "Company") is pleased to announce that the financial restructuring of the Group (the "Restructuring") announced on 13 October 2016 has now become effective. This announcement concludes the Restructuring and constitutes the final stage in the process.
21 November 2016
SCOLTY/CRATHES FIRST OIL
First oil from the Scolty/Crathes development was achieved on 21 November 2016.
21 November 2016
Production and development update
EnQuest PLC is pleased to announce that following good progress on commissioning the water systems, the Floating, Production, Storage and Offloading (‘FPSO’) vessel, Armada Kraken for the Kraken field development, is expected to sail away in the coming days, from deep water anchorage off the coast of Singapore, for the North Sea. The journey should complete around mid-January 2017. The Kraken development project remains on course to deliver first oil in H1 2017. Meanwhile drilling is progressing to plan at Drill Centre Two following completion of Drill Centre One.
31 October 2016
EnQuest’s Kraken FPSO vessel has left the shipyard for deep water anchorage
EnQuest PLC is pleased to announce that the Floating, Production, Storage and Offloading (‘FPSO’) vessel for the Kraken development has completed its shore-based commissioning activities at the quayside in Singapore and has also completed the vessel’s inclination testing programme. It has left the yard and is now sailing to deep water anchorage, to undertake commissioning work on the water injection pumps, HSP power fluid pumps, sulphate reduction packages, lifeboats and fire, water and deluge systems.
13 October 2016
The Board of EnQuest PLC today announces the launch of a proposed financial restructuring of the Group (the “Restructuring”) which the Company has agreed with its key stakeholders following an extensive period of engagement and negotiation.
15 September 2016
Update on potential farm out
On 18 July 2016 EnQuest announced that it was in discussions with Delek Group Ltd (‘Delek’) with regard to the potential sale to Delek of an interest in the Kraken development.