EnQuest - H1 results
EnQuest reported their H117 results this morning. Given a detailed operational update on the 23rd August, there wasn’t much new information. Unit opex was a bit higher than our forecasts, and has been increased from c$21-25/boe, to $27/boe for the FY, so we will adjust according, although this is expected to reduce once Kraken ramps up. FY capex guidance was lowered slightly, as expected given some already flagged capex savings at Kraken. We don’t expect to make any material changes to our RENAV of 23p. We remain with our HOLD recommendation.Enquest is an oil and gas production and development company. As of Dec 31 2016, Co.'s principal U.K. assets were its interests in the producing operated oil fields Heather/Broom, Thistle/Deveron, the Dons area, the Greater Kittiwake Area, Alma/Galia and Scolty/Crathes. In addition, Co. had interests in the Kraken development and also a non-operated interest in the producing Alba oil field. In Malaysia, Co.'s operated assets comprise the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract. At Dec 31 2016, Co. had proven and probable reserves of 215.0 million barrels of oil equivalent.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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