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Enquest falls after delaying North Sea' s Alma/Galia field

NIDAA BAKHSH

LONDON (Bloomberg) -- Enquest Plc declined the most in 2 1/2 years in London trading after further delaying the start of a North Sea field. Enquest dropped as much as 10%, the biggest slump since Sept. 5, 2011, and was down 9.9% at 129.9 pence as of 2:01 p.m. local time. Trading volumes were more than six times the three-month daily average.

The company expects to start operations at the Alma/Galia field in the second half, London-based Enquest said today in a statement. That compares with a previous forecast of mid-2014 and an initial target of early 2014. The latest delay relates to the weather, Numis Securities Ltd. said in a note.

Enquest is on schedule to pump 50,000 boed by 2018, CEO Amjad Bseisu said today on a call. This year it expects to produce 25,000 bbl to 30,000 bbl a day, according to the CEO, who said the company may acquire more assets.

Enquest invested $460.5 million in the Alma/Galia field in 2013. In 2014, capital spending on all current projects will be about $1 billion, with about $400 million for the Kraken development and about $200 million for Alma/Galia, it said in the statement.

03/26/2014

 

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