We reiterate our Speculative Buy recommendation on EnQuest with a target price increased from £0.60 to £0.70 following a strong operating update with better than expected production in 2H15. While the strong production probably reflects higher 2015 capex, opex are also falling much quicker than expected as the Company increasingly benefits from economies of scale and from the price reduction from the services industry. Kraken remains on track for first oil in 1H17. Importantly, En
09 Dec 2015
Strong Operating Update and Increasing Visibility on Seligi
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Strong Operating Update and Increasing Visibility on Seligi
EnQuest PLC (ENQ:LON) | 14.1 0 0.0% | Mkt Cap: 269.7m
- Published:
09 Dec 2015 -
Author:
Stephane Foucaud -
Pages:
6
We reiterate our Speculative Buy recommendation on EnQuest with a target price increased from £0.60 to £0.70 following a strong operating update with better than expected production in 2H15. While the strong production probably reflects higher 2015 capex, opex are also falling much quicker than expected as the Company increasingly benefits from economies of scale and from the price reduction from the services industry. Kraken remains on track for first oil in 1H17. Importantly, En