EnQuest’s revenues rose to $961.2m in the year to the end of December – up 8.1% on last time. Production increased by 6.2% to 24,222 barrels of oil equivalent per day during the period.

Gross profits fell by 2.8% to $428.9m and earnings before interest, tax, depreciation and amortisation fell by 2.1% to $621.3m. Chief executive Amjad Bseisu said: “EnQuest has delivered another good year of growth in production and a significant increase in reserves, supported by strong cash flow.

Production growth of over 6% represents an excellent operational and reservoir performance from our existing assets, particularly in the second half. “Companies like EnQuest are the future of the UK North Sea. Having strong and technically focused operations gives us the ability to maximise hydrocarbon recovery. Our objectives are fully aligned with the goals and the recommendations of the recent Wood Review. Our business model is sustainable and is set to deliver a material increase in cash flow from operations over the coming years.”

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