EnQuest PLC  

EnQuest PLC (LSE: ENQ) is an FTSE All-Share index-listed provider of energy transition solutions that explore new energy and further decarbonization opportunities.

H1 FY23 Results (Released on 05 September 2023)

• Improved Liquidity and Debt Reduction: The company witnessed an improvement in the free cash flow generation which reached USD 140 mn during H1 FY23 and helped the company to reduce the net debt to USD 592 mn in the same period.
• Financial Performance: The company reported a decline in the revenue and other operating income at USD 732.7 mn in H1 FY23 as compared to USD 943.5 mn in pcp. Also, the EBITDA slipped to USD 399.2 mn in the reported period (H1 FY23) versus EBITDA of USD 536.3 mn in pcp, on account of lower oil prices.
• Outlook: The company is estimated to meet the net production between 42,000 boepd and 46,000 boped which will be supported by the current drilling and exploration activities. The operating costs are estimated close to USD 425 mn, cash capital of around USD 160 mn, and abandonment expenditures of USD 60 mn during FY23.
• Nasdaq Stockholm Delistng Application: The company announced it is planning to apply for delisting the shares from Nasdaq Stockholm, whereas the share will be traded on LSE.

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

EnQuest PLC (LSE: ENQ) was trading at the current market price of GBX 15.27 (as of 07 September 2023, 11:25 AM, GMT+1)

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 level is 07 September 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘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.

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