StockMarketWire.com - Enquest said annual production was within the higher end of its guidance, led by improved output at its Kraken operations and acquisition of Magnus.

Production rose about 24% on-year to an average of 68,606 barrels of oil equivalent per day (boepd), within the higher end of the 63,000 to 70,000 boepd guidance range.

'The group has again delivered on its operational targets, growing production by 24%. Kraken performance in particular has been excellent, with production efficiency above 90% for much of the second half of the year,' the company said. Operating expenditure was expected to be approximately $525m, with unit opex of about $21 per boe, down 10% on-year, the company said.

Net debt was reduced by about $361m to $1,413m.

'Group production for 2020 is expected to be between 61,000 and 68,000 Boepd, primarily reflecting natural decline rates and the impact of the ongoing shutdowns at Thistle and Heather, which are expected to be partially offset by the new wells being drilled at Magnus and Kraken,' Enquest said.





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