UK: EnQuest on Track to Deliver 2010 Production Target of 20,000 boepd


EnQuest, an independent oil & gas production and development company focused on the UK Continental Shelf, Announces Interim Management Statement

HIGHLIGHTS

* Affirming full year production guidance of 20,000 boepd

* First well in Thistle in 20 years drilled and on production

* Completed acquisition of Stratic Energy Corporation

* Offered all five licences sought in 26th round with four as operator

Amjad Bseisu, Chief Executive, said

“I am pleased to report that EnQuest is performing well. In the ten months to the end of October 2010, we achieved production growth of 47 per cent over the same period in 2009 and can confirm that we remain on track to deliver our overall 2010 production target of 20,000 boepd, having increased that target from 18,000 boepd in August. We completed our first acquisition, which provides us with a meaningful increase in our 2P reserves and increases our equity in the West Don field. This year we have completed five production wells in three different fields and finished upgrading the drilling rig on the Thistle platform. We are also pleased with our success in the 26th license round. The above results give us further confidence in EnQuest’s strategy of delivering sustainable growth in shareholder value through the exploitation of existing reserves, development opportunities and selective acquisitions.”

On 27 October 2010, EnQuest was offered all five of the blocks it had sought in the 26th licensing round, these included; a 100 per cent interest 3/1b (split) (small exploration block adjacent to Heather), a 100 per cent interest in 21/27a (part) and 28/2 (part) (a heavy oil discovery), a 100 per cent interest in 30/24, 30/25 part blocks (potential redevelopment of the Ardmore field) and a 33.33 per cent interest in 3/17 (exploration block operated by Apache).

On 5 November 2010, the acquisition of Stratic Energy Corporation was completed, increasing EnQuest’s North Sea 2P reserves and consolidating EnQuest’s previous 27.7 per cent West Don holding to 44.95 per cent. The acquisition also provides a 19 per cent interest in the proposed Crawford development. Following several months of preparation prior to the completion of the acquisition, the integration of this business into EnQuest is now well underway.

The drilling programme in the second half of 2010 has delivered the start of production from our first well (A55) in the Thistle field(photo), drilled into the Southern Fault Block of the field. It is the first new production well drilled and completed in 20 years from the Thistle platform. This follows an extensive upgrade programme on the drilling rig with approximately $70 million already invested in advance of the new drilling activities. Current indications from the well are encouraging with 800 boepd of initial production from the poorer lower part of the well.

EnQuest PLC  is an independent oil & gas production and development company focused on the UK Continental Shelf (“UKCS”). On 6 April 2010, EnQuest was formed from the demerged UK North Sea assets of Petrofac Limited and Lundin Petroleum AB. EnQuest was admitted to trading on both the London Stock Exchange and the NASDAQ OMX Stockholm. On listing, EnQuest PLC went into the FTSE 250 index and OMX Nordix Index. Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields.

Source: EnQuest, November 17, 2010:

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