Open an account Help & support Register Account summary Log out
Skip Header
Home Stock market news

Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Enquest shares tumble as group defers drilling at Kraken field

Fri 17 Feb 2023 08:00

(Sharecast News) - Exploration and production Enquest shares headed south early on Friday as it revealed it will defer drilling at its Kraken field as a result of recent changes to the North Sea windfall tax. Enquest stated that following changes to the energy profits levy, that saw Downing Street up the windfall tax a further 10% to a headline rate of 75%, it had "further optimised its capital programme", with planned drilling programmes at Kraken shelved for the time being.

However, three infill wells at Magnus and three new wells at Golden Eagle will go ahead as planned.

Chief executive Amjad Bseisu said: "Looking ahead, changes to the UK Energy Profits Levy will impact cash flow generation and have implications for our capital allocation strategy and our UK production growth ambitions.

"In the immediate future, we remain focused on deleveraging and intend to prioritise organic investments with quick pay backs and accretive M&A opportunities that allow us to leverage our operating capability and tax loss position."

Enquest also stated that free cash flow came to an all-time high of more than $500.0m in 2022 and said it had cut net borrowings to $700.0m.

The London-listed firm produced 47,259 barrels a day on average in 2022, up roughly 6% year-on-year, with production from Kraken coming in above expectations, while Magnus was affected by workovers and Golden Eagle produced less than targeted.

As of 0840 GMT, Enquest shares had slumped 11.01% at 19.0p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Mon 07 Sep 2026 08:45
The Works raises FY profit guidance as strong early‑year trading boosts momentum
(Sharecast News) - Stationery retailer The Works said on Monday that trading had continued to build momentum in the opening weeks of its new financial year, prompting it to lift profit expectations after a strong start.
Fri 24 Jul 2026 09:11
Wise to reapply for US trust-bank charter after OCC rejection
(Sharecast News) - Fintech group Wise said on Friday that the US Office of the Comptroller of the Currency had denied its application for a national trust bank charter, noting the decision relates to issues in its original submission more than a year ago.
Mon 29 Jun 2026 14:00
Smiths News inks distribution contract with Associated Newspapers
(Sharecast News) - Print media distributor Smiths News has secured a new long‑term distribution contract with Associated Newspapers, publisher of the Daily Mail, The Mail on Sunday and i.
Thu 04 Jun 2026 08:30
S4 Capital flags tough trading amid volatile macro conditions
(Sharecast News) - Digital advertising and marketing firm S4 Capital said on Thursday that trading through 2025 had continued to reflect volatile macro conditions, with tariff negotiations and geopolitical risks keeping clients cautious.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Awards

Award 1
Award 2
Award 3

Policies and important information

Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statements | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Statutory and Regulatory disclosures | Whistleblowing programme

Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.

This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.

© FIL Limited 2026