EnQuest's oil production rises 7.2 per cent

15th Nov 2013 10:10

- Production up 7.2 per cent- Full-year output guidance unchanged- Kraken field development sanctionedEnQuest's production rose 7.2 per cent year-on-year to 23,129 barrels of oil equivalent per day (boepd) in the period from January 1st to October 31st, according to a trading update on Friday.The group said output was driven by a strong performance at its Thistle platform in the North Sea, including a new production well which came on-line in mid-August. Enquest's Thistle/Deveron assets produced an average of almost 10,000 boepd in the first four months of the second half of fiscal year 2013.The company kept its full-year guidance unchanged at a range of 22,000 boepd to 24,500 boepd.The firm also announced that it has sanctioned the development of the Kraken field, with 137m barrels of oil equivalent (mmboe) of gross reserves. Kraken is expected to produce net peak oil of over 30,000 Boepd and anticipated to come on stream in 2016/17."Todays' results show that there is increasing momentum behind EnQuest's delivery of sustainable growth in production and reserves," said Chief Executive Officer Amjad Bseisu.Shares in EnQuest fell 0.74% to 133.70p at 10:36.RD