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EnQuest expects solid net production figures in FY25
(Sharecast News) - Exploration and production company EnQuest said FY25 production would likely be stronger than the level seen in FY24 on Wednesday. EnQuest said net production from its existing portfolio averaged 44,200 barrels of oil equivalent per day in January and stated pro forma 2025 production was now expected to be between 40,000 and 45,000 boepd, compared to 40,736 boepd in 2024.
The London-listed firm also said it was looking to use its tax position to unlock "value-accretive" growth in the UK as it continues to work towards a transaction in the North Sea and another potential new country entry in South East Asia.
Chief executive Amjad Bseisu said: "EnQuest's foundation for growth remains robust and we are progressing several UK transaction processes, each focused on monetising the group's UK tax asset.
"Building shareholder value remains at the heart of our capital allocation decisions and we will provide an update on the group's shareholder return plans when we announce our final audited results in March."
As of 0920 GMT, Enquest shares were up 0.69% at 11.84p.
Reporting by Iain Gilbert at Sharecast.com
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