Press release

Unless otherwise stated, all figures are in US Dollars. Comparative figures for the Income statement relate to the period ended 30 June 2025 and the Balance sheet as at 31 December 2025. Alternative performance measures are reconciled within the ‘Glossary – Non-GAAP measures’ at the end of the Financial Statements.

EnQuest Chief Executive, Amjad Bseisu, said: 

“The first half of 2026 has marked a seminal period in EnQuest’s evolution. We have taken significant steps to grow and strengthen the business, building a portfolio with greater diversity, longevity and resilience. Our highly tangible reserves and resources, differentiated operating expertise, and increasingly diversified geographic footprint provide a strong platform from which to create long-term value through commodity cycles.

“In announcing our transformational acquisitions in Malaysia, and subsequently satisfying all conditions precedent to the transaction, we have laid the foundations for the next chapter of EnQuest’s growth story. As we work towards the transfer of operatorship, ahead of completion on 31 December, we are preparing to become a business of a fundamentally different scale, with Group production of more than 100,000 Boepd through to the end of the decade, total 2P reserves and 2C resources of c.1 billion barrels of oil equivalent, structurally reduced costs, extended portfolio longevity and enhanced cash flows. Importantly, it further strengthens our strategic partnership with PETRONAS Carigali and positions EnQuest at the centre of one of the most attractive upstream investment regions globally, broadening our opportunity set for future value-accretive growth.

“We also remain committed to the UK North Sea and continue to see significant opportunities to create value through responsible stewardship, operational excellence and disciplined investment. With the fiscal solution already being available to government in the form of the Oil and Gas Revenue Levy (formerly named the Oil and Gas Price Mechanism), we are hopeful that the change in political leadership will be accompanied by a renewed focus on competitiveness, investment and energy security. Restoring confidence and attracting capital to the basin requires a stable and durable fiscal framework that supports long-term investment, protects highly skilled jobs and recognises the critical role domestic energy production continues to play in meeting the UK's energy needs.

“Our activities are underpinned by our continued focus on financial strength and strategic flexibility. The refinancing of our reserve-based lending (‘RBL’) facility and bonds, and the settlement of the Magnus contingent consideration have enhanced our liquidity, simplified our balance sheet and increased our capacity to pursue strategic opportunities. Together with disciplined capital allocation and our continued focus on operational excellence, these actions have created a platform from which we can confidently execute the next phase of our growth strategy.

“EnQuest enters the second half of 2026 from a position of strength and, looking ahead, 2027 will mark the beginning of a new era for the Group. With a larger and more diverse production base, stronger cash generation and an expanded inventory of organic and inorganic growth opportunities, we are creating an EnQuest that is fundamentally different in scale, but which remains true to the disciplined, value-focused approach that has defined our success. As we complete the Malaysia transaction and begin integrating these world-class assets, we believe the years ahead have the potential to be the most exciting and value-creating in the Company's history.”

H1 2026 performance

In the six months to 30 June 2026, against a backdrop of elevated but volatile crude prices, EnQuest delivered production growth, strong operational cash flow and announced a series of significant capital structure and transactional steps that will fundamentally reshape the Group.

Delivering a growth-led platform of scale:

• In June, EnQuest announced it was acquiring participating interests in four Malaysian Production Sharing Contracts (‘PSCs’). All conditions precedent were met in August, and the transaction is on track to complete on 31 December 2026, with an effective date of 1 January 2027. Based on 2025 figures for the Enlarged Group:
  • Production to total c.100,000 Boepd (134% increase), underpinned by c.300 MMboe of 2P reserves (c.85% increase), with low unit production costs of $16/Boe (c.35% reduction) and minimal 2P capex.
  • EnQuest will operate c.96% of the enlarged 2P portfolio, which remains highly tangible (77% of 2P reserves are in the 1P or “Proven” category).
  • Balance sheet discipline is maintained - assuming Completion on 31 December 2025, the Enlarged Group's net debt / adjusted LTM EBITDA leverage would have been 1.1x.
• Material growth opportunities in both Asia and the UK North Sea.
  • Total 2C resources of c.660 MMboe for the Enlarged Group (up 46%) plus c.65-100 MMboe of recovery factor upside.
  • Group-wide investment review underway, to accelerate 2C to 2P conversion and maximise value-led production growth.
  • EnQuest remains very active in both the UK North Sea and South East Asia, as the Group looks to execute further value-enhancing acquisitions.

Base operations: 

• First half production rose 9% year-on-year, averaging 41,544 Boepd (H1 2025: 38,257 Boepd).
  • New fields in South East Asia performed strongly: Block 12W oil (Vietnam), Seligi 1b gas (Malaysia). This was partially offset by a previously communicated third-party infrastructure outage that curtailed Magnus by c.4,100 Boepd.
  • Magnus downtime deferred one cargo sale out of H1 2026, with an equivalent cash impact of c.$60 million, and the effect of adding c.$3/Boe to the Group’s unit opex for the period.
• Despite Magnus disruption, cash generated by operations totalled $281.4 million (a 31% year-on-year increase) and underlying adjusted free cash flow totalled $71.3 million (a 118% year-on-year increase).
  • By deploying EnQuest’s proven late-life asset management expertise, payback on the Vietnam acquisition has been achieved in less than 12 months.
  • With non-cash unrealised hedging impacting the Income Statement position, EnQuest reported a $39.9 million post-tax loss (H1 2025: $173.5 million loss) on reported revenue of $529.9 million (2025: $549.1 million). On an adjusted basis, the loss reduces to $9.0 million.
• In addition to the Malaysian transaction detailed above, in the period EnQuest also:
  • Settled the Magnus Contingent Consideration liability through a $60.0 million cash payment, which eliminated a $432.9 million balance sheet liability (last reported on 30 June 2025) and drove a c.38% expansion in RBL capacity.
  • Refinanced its High yield bonds, reducing borrowing costs by 175 bp and further simplifying the capital structure. Refinancing costs, inclusive of early redemption costs, totalled c.$35.0 million.
• Inclusive of the above steps, and in addition to June payments of a $27.7 million Malaysia acquisition deposit and the $20.2 million dividend to shareholders, EnQuest net debt at 30 June 2026 totalled $517.0 million (31 Dec 2025: $433.9 million). The Group net debt / adjusted LTM EBITDA ratio widened slightly to 1.0x (31 Dec 2025: 0.9x).
• Cash and available facilities at 30 June 2026 rose to $758.6 million (end 2025: $678.6 million).

Guidance:

• EnQuest remains on track to deliver production within the guidance range set at the start of the year. Following the Magnus operational interruption, the Group is tightening production guidance to 41 to 43 Kboed.
• Full year asset expenditure is expected to remain unchanged from the Group’s original guidance of $670 million (operating expenditure c.$450 million, cash capital c.$160 million and abandonment expenditure c.$60 million).
• For the period September to December 2026, the Group has c.2.2 MMbbls of production hedged. Of these 0.6 MMbbls are via collars with an average floor price of $50.2/bbl and an average ceiling price of c.$89.5/bbl, while 1.5 MMbbls are via swaps at an average price of $73.4/bbl. For 2027, EnQuest has a further c.3.6 MMbbls of production hedged utilising swaps at an average price of $64.4/bbl and in 2028, an additional 0.9 MMbbls hedged using swaps at an average price of $64.6/bbl.
• EnQuest is pleased to appoint Peel Hunt and Shore Capital as corporate brokers, alongside JP Morgan Cazenove. 
   

Production and financial information

Notes:

¹ Including realised losses of $28.5 million (2025: realised gains of $1.0 million) associated with EnQuest’s oil price hedges
² See reconciliation of alternative performance measures within the ‘Glossary – Non-GAAP measures’ starting on page 32. Note, EnQuest defines net debt as excluding finance lease liabilities 
³ Including unrealised losses of $79.0 million (2025: unrealised gains of $33.2 million) associated with EnQuest’s oil price hedges,
⁴ Excludes foreign exchange impact of $(3.8) million (2025: $15.6 million)

Ends

For further information, please contact:

EnQuest PLC
Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive Officer)
Jonathan Copus (Chief Financial Officer) 
Craig Baxter (Chief of Staff)

Teneo
Tel: +44 (0)20 7353 4200
Martin Robinson
Harry Cameron

Presentation to Analysts and Investors

A presentation to analysts and investors will be held at 11:00 today – London time. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add the Company to meet ENQUEST PLC via:

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Investors who already follow ENQUEST PLC on the Investor Meet Company platform will automatically be invited.

Notes to editors

This announcement has been determined to contain inside information. The person responsible for the release of this announcement is Kate Christ, Company Secretary.

ENQUEST

EnQuest is unlocking value from energy assets. Responsibly. As an independent energy company with operations in the UK North Sea and across South East Asia, the Group's strategic vision is to lead as a safe, efficient operator of mature and underinvested oil and gas assets; sustainably extending field lives and delivering superior value across the asset lifecycle, as part of a just energy transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com for more information on our global operations. 

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest’s expectations and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.