StockMarketWire.com - Petroleum exploration and production company EnQuest said full-year productions was expected within the upper band of expectations and reported that first-half profit slumped on falling oil prices.

Full-year production guidance range of 57,000 boepd to 63,000 boepd was maintained, although was currently expected to be towards the upper part of this range, the company said.

For the six months ended 30 June, pre-tax profit fell 90.6% to $24.6m as revenue slipped 46.1% to $450.7m.

Profit was hurt by weaker production and lower oil prices.

Production fell 3.6% to 66,055 and oil prices were down 34% to $43.6 a barrel.

'During the second half of 2020, the strong production performance from the first half of the year is expected to be partially offset by planned maintenance shutdowns, the cessation of production at Alma/Galia in June, lower expected production from the Don's and natural field declines,' the company said.



At 9:47am: [LON:ENQ] EnQuest Plc share price was -1.27p at 11.85p



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