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Enquest seeks UK oil and gas assets as delay hurts shares

NIDAA BAKHSH

LONDON (Bloomberg) -- Enquest Plc CEO Amjad Bseisu said he plans to buy more oil and gas assets in the UK North Sea to boost output as a six-month delay to one of its projects pushed the company’s shares to a one-year low.

“We’re looking at many opportunities, most likely to take place in the UK,” Bseisu said in a phone interview. “We’re looking to bid for assets. We have significant firepower.”

Enquest fell 4.7% to 118.80 pence at the close in London trading, the lowest level since July 2, 2013, as its Alma/Galia project faces a six-month delay because of winter weather. First oil is now expected by the middle of next year, with three wells completed and a fourth ready by the end of the month, Bseisu said.

The company boosted production 18% in the first half to 25,292 boepd with acquisitions and efficiency measures, London-based Enquest said on Aug. 13 in a statement.

It maintained an average full-year forecast of 25,000 to 30,000 barrels, higher than last year’s output. First-half revenue increased more than 10%, according to the company.

Enquest completed the acquisition of 50% of the Greater Kittiwake area of the North Sea this year. It also bought an operating interest in the Seligi field in Malaysia.

08/13/2014

 

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