EnQuest sees debt reduction on track, reaffirms output guidance

LONDON, May 23 (Reuters) - British North Sea focused oil producer EnQuest ENQ.L had reduced its net debt to $1.724 billion by the end of April from $1.774 billion at the end of 2018, it said on Thursday, reaffirming its output guidance.

It expects to produce between 63,000 and 70,000 barrels of oil equivalent per day (bpd) this year and its net debt to core earnings ratio to be below two times at current oil prices.

Its Kraken oil field, which underperformed last year, has produced within its guidance for this year at 33,000 bpd.

(Reporting by Shadia Nasralla; Editing by Mark Potter)

((Shadia.Nasralla@thomsonreuters.com; +44 207 542 5083; +44 778 99 43141; Reuters Messaging: Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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