December 01, 2017

EnQuest advised that Kraken production rate was on plan, achieving month on month increases in production. By early November average production rates were around 23,000 barrels of oil per day (Bopd). The second production processing train was brought onstream later in November, with rates of over 40,000 Bopd being achieved.
• The second and third cargo offloads were completed in October and November respectively. The quality of the crude has been well received by buyers; the latest sale of a cargo was contracted at a discount to Brent of less than $5 per barrel, this level of pricing has been achieved earlier than targeted.
• The final DC2 production well has been brought online.Excellent drilling performance has continued with the drilling of the DC3 wells nearing completion and ahead of time. The process of bringing the DC3 wells onstream has commenced early and plans to drill DC4 in 2018 are being developed.
• On the basis of this strong performance and subject to continued progress on plant uptime, EnQuest continues to expect production at Kraken to reach 50,000 Bopd gross during H1 2018.

Group production averaged 35,410 Boepd in the ten months to end October 2017,reflecting Q3 scheduled maintenance shutdowns of around two to four weeks at most of the existing producing assets and one additional unscheduled two week shutdown at Thistle. The fields also experienced natural declines where there has been no recent drilling.EnQuest confirms 2017 full year average production guidance range remains unchanged.
Enquest also said that the Magnus/Sullom Voe Terminal acquisition remains on course for completion before the end of 2017. (Source: EnQuest)