Enquest (ENQ) – results reassure and breach of covenants seems unlikely!
The under pressure North Sea producer came out with results broadly as anticipated and quite a bit to encourage
Revenues came in at US$1.01bn, profit after tax US$137.4mm and EBITDA $581mm marginally ahead of consensus.
2014 production of 27,895boepd was within guidance of 25-30k with 2015 production anticipated to be 33kboepd and 36,000boepd, representing a 24% annual increase at the mid-point of the range.
The previously announced agreement from lending banks to raise the net debt/EBITDA covenant on the credit facility to 5 times until mid 2017 clearly gives the Group some…
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