StockMarketWire.com - Enquest confirmed Tuesday it does not expect to record an impairment charge from the Kraken asset despite Cairn Energy reporting a 2P reserve downgrade of the asset in its annual results.

EnQuest confirmed its estimate of Kraken's 2P reserves remained 'materially unchanged,' arguing that it and and Cairn use different technical approaches to Kraken production forecasting in preparing their reserve profiles. This had led to this difference in reserves estimates, Enquest said.

While the Group's audit of the 2018 financial results is not yet complete, the group does not expect to recognise any impairment charge related to the Kraken asset.

EnQuest will report its financial results for the year ended 31 December 2018 on 21 March 2019.

At 9:38am: [LON:CNE] Cairn Energy PLC share price was -6.4p at 168.3p



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