Half Year results, for the six months to 30 June 2010

Half Year results, for the six months to 30 June 2010

EnQuest PLC, an independent UK oil production & development company
publishes its Half Year results for the period* to 30 June 2010.  Unless
otherwise stated all figures are in US dollars.

EnQuest delivers strong first half and raises 2010 production guidance

 

HIGHLIGHTS

 

  · Demerger and IPO of EnQuest PLC completed in April 2010
  · Pro-forma net production of 18,708 boepd for the half year
  · Increasing 2010 pro-forma net production guidance from 18,000 to
20,000 boepd, underpinned by good results in the Don Southwest and
Thistle fields
  · H1'10 drilling programme completed on schedule, active drilling on 6
wells in H2'10
  · Post IPO business integration and transformation on track
  · $255.5m pro-forma* revenue, up 139% on H1'09
  · Generated reported cash flow after capex of $68.2m
  · Proposed acquisition of Stratic Energy Corporation announced on 3
August 2010

 

* ‘Pro-forma' data reflects the results for first six calendar months of
2010 and 2009, as if the assets previously owned by Petrofac Limited and
Lundin Petroleum AB were owned by EnQuest throughout the period.  The
results reported under IFRS reflect the related pooling of interests and
acquisition accounting - see ‘Detailed pro-forma note' on page 3 below

EnQuest PLC
                                                                        
               Tel: +44 (0)20 7925 4900

Amjad Bseisu (Chief Executive)

Jonathan Swinney (Chief Financial Officer) 

Michael Waring (Head of Communications & Investor
Relations)                                                    

 Finsbury                                                          
                                    Tel: +44 (0)20 7251 3801

Andrew Mitchell

Conor McClafferty