EnQuest has delivered a strong operational and financial performance in 2014, with provisional production of 28,267 Boepd, up 17% on the prior year, at the high end of EnQuest's guidance.
This reflects the continuing strength of field reservoir performance, top quartile production efficiency from EnQuest's existing producing assets and an initial contribution from PM8/Seligi in Malaysia, the first production from outside the North Sea.
With this level of production, EnQuest expects EBITDA for 2014 to be in the range of $530 million to $580 million.
In addition, with hedging in place for 2015, EnQuest has responded expeditiously to the low oil price environment. The 2015 total Group cash capital expenditure programme has been cut further and is anticipated to be in the region of $600 million, with capital expenditure reductions from both new developments and existing fields.