This is the updated version of the report published on November 25, 2025 at 08:42 AM GMT.

EnQuest PLC

EnQuest PLC (LSE: ENQ) is an enterprise traded on the FTSE All-Share, an independent energy producer with activities in the United Kingdom North Sea and Malaysia. Its business is centred on maturing and underdeveloped fields in the UK and Malaysia. Its UK production assets include its Magnus, Kraken, Golden Eagle, Greater Kittiwake Area, Scolty/Crathes and Alba fields. This Report covers the Investment Highlights, Conclusion, and Recommendation on the stock. 

Key Investment Rationale – Speculative Buy at GBX 10.90

• Operational Delivery and Production Resilience – EnQuest maintained high production efficiency across its portfolio in the first half of 2025, completing all major maintenance and performance-enhancing work on schedule. Despite an unexpected third-party outage affecting Magnus, the company kept full-year production guidance intact and even achieved the field’s best output levels in five years once operations resumed—demonstrating disciplined execution and operational strength.

• Accelerated and Diversified Growth in South East Asia – The company significantly expanded its presence in South East Asia through strategic acquisitions and new PSC awards in Vietnam, Indonesia, and Brunei. With decent asset performance, accelerated first-gas timelines, and additional upside from new partnerships, EnQuest has positioned itself to nearly double its regional production by 2026 and exceed 35,000 Boepd by 2030—building a robust long-term growth engine outside the UK.

• Improved Financial Flexibility and Strategic Optionality – Even in a challenging price and fiscal environment, EnQuest generated positive free cash flow, reduced net debt, and increased liquidity to nearly $580 million. The group’s strengthened balance sheet—combined with hedging discipline and the payment of its maiden dividend—provides management with the strategic capacity to pursue a major UK acquisition and unlock further shareholder value.

ENQ Daily Chart & Valuation

 ENQ Daily Technical Chart, Source - TradingView

For conducting the valuation, the following peers have been considered: Tullow Oil PLC (LSE: TLW), Harbour Energy PLC (LSE: HBR), and others.

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given on EnQuest PLC (LSE: ENQ) at the Current Market Price of 10.90, as of 25 November 2025, 08:00 AM, GMT.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 25 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.