EnQuest expects to meet FY production targets following Magnus acquisition
British oil and gas firm EnQuest said it was on target to meet full-year production targets following the completion of its acquisition of the Magnus oil field from BP.
EnQuest saw average Group production rise 53.3% to 54,268 barrels of oil equivalent per day across the ten months ended 31 October, with its flagship Kraken project accounting for 31,427 barrels.
The London-listed outfit expects full-year production to be in the vicinity of 54,000-56,000 barrels per day after a "better than expected performance across the other assets" and anticipated 2019 production to grow another 20% to around 63,000.
Chief executive Amjad Bseisu, said: "We have continued to deliver in line with our 2018 production targets and expect to produce between 54,000 boepd and 56,000 boepd this year."
"We have also made good initial progress in reducing our debt, with cash generated by operations facilitating additional voluntary repayments and we will continue to prioritise debt reduction through 2019 and beyond."
As of 1420 GMT, EnQuest shares had inched higher 0.28% to 24.17p.