- EnQuest profits before tax and net finance costs fell by 80.1% to $47.3m in 2017 from $237.1m in 2016.

First oil from the Kraken project, one of the largest developments in the North Sea in the last ten years, was delivered on schedule, with full cycle gross capital expenditure expected to be significantly below budget

Production for the year was lower than originally expected falling 5.9% to 37,405 boepd, from 39,751 boepd, and unit operating costs rose 4% to $25.6 per boe compared with $24.6 per boe in 2016.

Revenues and other operating income fell by 25.2% to $635.2m and EBITDA fell by 36.4% to $303.6m from $477.1m.

Net 2P reserves at the end of 2017 were 210 MMboe,, down from 215 MMboe) representing a reserve life of 17 years.

Production performance in the first two months of 2018 was strong across the portfolio, with Kraken gross average production around 38,000 Bopd in the same period.

The group said a shutdown planned for April was no longer required as much of the workscope planned for the shutdown was undertaken during brief shutdowns in early March.

Unit operating expenditures are forecast at $24per boe, while the depletion and depreciation charge is anticipated to be around $22/Boe.

EnQuest said it expects material net production growth in 2018 to within the guidance range of circa 50,000 to 58,000 boepd.

At 10:05am: [LON:ENQ] EnQuest Plc share price was +2.13p at 33.28p

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