EnQuest PLC Reports Production Results for the Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2016; Provides Production Guidance for the Year 2017
For the year 2016, the company expects reported 2016 cash capex is also expected to be around the lower end of the range, of $620 million to $670 million. Net debt as at 31 December 2016 expected to be approximately $1.8 billion
For the year 2017, the company expects production in 2017 is expected to average in the range of 45,000 Boepd to 51,000 Boepd for the full year and will be dependent on the timing of Kraken first oil. Cash capital expenditure will reduce in 2017 and is expected to be in the range $375 million to $425 million, the majority of which is being invested in the Kraken development. Final reported 2016 unit opex is expected to be around the lower end of latest full year guidance range of $25/bbl to $27/bbl.