The boss of energy giant EnQuest will use today's AGM to deliver an update on the company's UK North Sea assets at a "really exciting time" for the firm.
Amjad Bseisu, Chief Executive of EnQuest PLC, will give a speech to staff and shareholders at the company's annual general meeting this afternoon.
In it, Bseisu will tease a number of "transactional projects" work is ongoing on both in the UK North Sea and South East Asia.
He also highlights that EnQuest's tax assets in the North Sea have "never been more valuable".
He will say: "While it is evident that our Group cash generation is boosted by prevailing prices, I want to be clear that we remain as focused as ever on optimising the value of every activity, decision and spend.
"Over the past five to six years, we have built a significantly stronger business. This has been underpinned by operational delivery and disciplined debt reduction.
"We have also simplified and strengthened our balance sheet. In the last six months, we have refinanced our RBL and our Bonds, both at lower costs of capital. Alongside this, we have delivered the credit-enhancing settlement of the Magnus contingent consideration.
"These steps create a five-year fairway ahead of future maturities and enhance our robust platform from which to pursue transformative growth."
Bseisu also hailed the major scale-up, and "excellent" reputation, of EnQuest's South East Asia business.
Turning to the UK, he continued: "In the UK, the same operational excellence has enabled us to recover strongly following the five-week third-party outage at the Ninian Central Platform in Q1 2026. With EnQuest's year-to-date output now averaging 41.5 Kboed, we reiterate our 41 to 45 kboe/d production guidance for the year. Of course, it is important that we continue our track record of delivering against stated targets, and I remain confident that we'll do so again this year. Our six-well drilling programme at Magnus is now underway, and I am excited by the opportunity that this programme of activity presents.
"Excluding the major development projects at Bressay and Bentley, we have over 200 MMboe of contingent resources, with more than 60 MMboe attributable to Magnus and Kraken. With the aim of converting these resources to reserves, we are progressing several important projects in the current UK portfolio, including Kraken Enhanced Oil Recovery and the targeting of significant volumes from the Lower Kimmeridge Clay Formation at Magnus.
"We must also recognise the excellent timing of the Magnus contingent consideration settlement, which now gives us full exposure to the value of the field at a time of high commodity prices and significant organic opportunity. In terms of shareholder value creation and credit enhancement, this as a real standout among the deals executed in the UK in recent years.
"More broadly, we are busy on a number of transactional projects in the UK North Sea and South East Asia, and our unwavering focus is to deliver a step change in both our scale and shareholder value. The path to this is to leverage our operating excellence and broad base of commercial relationships. Further enhancing this, in the North Sea specifically, our tax assets have never been more valuable.
"Our robust financial position has enabled us to build on last year's maiden dividend, and we intend to do that via an upsized $20 million dividend, subject to shareholder approval at this meeting. We remain committed to returning capital to shareholders and will continue to do so on a sustainable basis.
"This is a really exciting time for EnQuest, and I am energised by the opportunities, both organic and transactional, which are ahead of us."
FSTE100
The UK's flagship share index, the FTSE 100, was up 86 points at 10,475 shortly after opening this morning.
Brent crude oil futures were down 0.01%, sitting at $104.80 a barrel this morning.
Companies reporting
No FTSE 350 Reporters