Enquest 2012 final Results

DividendMax Ltd.

Enquest 2012 final Results


EnQuest performed well in 2012, delivering production of 22,802 Boepd, above the mid-point of guidance due to a successful drilling programme

EnQuest's net 2P reserves at the start of 2013 were 128.5 MMboe, an 11.5% increase on the start of 2012; reflecting a reserves replacement ratio of 262.2% and a reserve life of 15.6 years

Revenue of $889.5 million, EBITDA of $626.2 million and cash generated from operations of $593.9 million, reflecting strong underlying operational performance and cost control

Profit after tax was $259.7 million, up 90.8% on the prior year

2012 capital investment on property, plant and equipment oil and gas assets amounted to $802.9 million

The Alma/Galia development project is on track for first oil in Q4 2013 and the new Kraken development is on schedule for the submission of the Field Development Plan ('FDP') in Q2 2013

Average production guidance for the full year 2013 is between 22,000 Boepd and 27,000 Boepd, as approximately 1,000 Boepd has been lost, primarily due to third party shutdowns of the Brent pipeline in Q1 2013


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