StockMarketWire.com - North Sea oil and gas producer EnQuest posted a year-on-year fall in production from 66,055 to 46,187 barrels of equivalent per day (boepd) for the six months to 30 June 2021 and guided for output to be a the lower end of the guided range of 46,000 to 52,000 boepd.

Revenue and free cash flow were up 15.1% and 63% to $518.3 million and $141.5 million on a combination of higher oil prices and lower spending.

Net debt was reduced $96.5 million from the year end total to $1.18 billion.

CEO Amjad Bseisu said: 'Production at Magnus has been impacted by topside related well performance but our production enhancement programme has partially recovered the well potential and we expect further recovery over the remainder of the year. We remain focused on improving production across our existing portfolio.

'The Golden Eagle acquisition remains on track to complete around the end of September and will add production, reserves and cash flow to the Group, while the Bressay and Bentley acquisitions, offer further long-term potential development opportunities.'


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