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- EnQuest, the largest independent oil & gas producer in the UK North Sea, is an attractive stock to consider at current levels.
- EnQuest stock has been depressed in 2014 due to production commencement delays and this provides an attractive valuation gap to buy the stock.
- The company has a strong operating history, rich assets and a strong financial flexibility.
- Production from two game changing assets over the next 3 years will trigger significant stock upside.
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Fri, Jun. 13, 9:54 AM
- Exxon Mobil (XOM +0.2%) agrees to sell its 50% stake in the Seligi oil field offshore Malaysia to U.K.-based EnQuest (ENQUF) for an undisclosed sum; Malaysia's Petronas will retain the other 50%.
- Seligi is EnQuest's third Malaysian project and will boost the company's net production by ~5K boe/day and add 11M boe to its net reserves.
- XOM, which considers Seligi a mature asset, says it remains a significant investor in Malaysia's oil and gas industry, as it continues to operate 32 platforms in 12 producing fields and retains a working interest in another 10 platforms in five fields in the South China Sea.
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