EnQuest Reports Interim Management Statement

Production to the end of October averaged 23,944 Boepd, up 20% on the 19,876 Boepd for the equivalent 2010 period; EnQuest confirms it is on track to deliver its latest guidance for full year average 2011 production of between 23,000 Boepd and 24,500 Boepd.

•  The Thistle well A57/58 was completed and is producing over 1,500 Boepd, in line with expectations.

• Operations have started on Dev-P1, the first well in the Deveron field for over 20 years.

• Production from the recently drilled S8z and S9 producer injector pair on Don Southwest has stabilised at approximately 5,000 Boepd.

• The Ivy exploration well was a dry hole.

• The Crathes exploration well spudded in early November, drilling is ongoing.

• The exploration well on the non-operated Tudor Rose discovery spuds this week.

• EnQuest’s sanction of the Alma/Galia development is expected before the end of 2011.

Amjad Bseisu, Chief Executive, said

“I am pleased to report that EnQuest continues its growth with a 20% year on year production increase to the end of October 2011, all three of our hubs achieved strong production growth over the same period in 2010. EnQuest is now concluding its active ten well drilling programme for 2011, five new production wells have been brought onstream during the year, one on Don Southwest, one on Conrie and three on Thistle.

In 2011, EnQuest has further consolidated its positions, with increased interests in the Broom field and the Crawford block helping to drive strong growth in our net reserves. EnQuest continues to be active in assessing potential business development opportunities.

We remain on track to achieve our revised full year production target, delivering mid-range growth of 13% over 2010. Our project execution team is also on track to deliver EnQuest’s sanction of the Alma and Galia development before the end of this year.”

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Offshore Nieuws Staff , November 16, 2011; Image: EnQuest