Enquest rebounds as production is set to increase at Kraken oil field

Enquest shares bounded this morning as it said it would prioritise efficiency at its Kraken oil field just a week after the shares took a battering when partner Cairn reduced its forecast for the joint venture.

The firm said it expects gross oil production to fall between 30,000 and 35,000 barrels per day from the field, an improvement from the 21,000 barrels of oil equivalent per day in 2018.

Overall oil equivalent production increased to 55,000 barrels per day during the year, a 48 per cent increase on 2017.

Revenues meanwhile, grew nearly 90 per cent to $1.2bn (£910m). Profit before tax and net finance costs grew 510 per cent to $290m, while capital expenditure 40 per cent to $220m.

The company paid down 11 per cent of its debt, to $1.8bn.

More to follow.