EnQuest (LON:ENQ) has confirm the delivery of first oil from Scolty/Crathes ahead of schedule and under budget, approximately a year after the field development plan was approved and the project was sanctioned.
EnQuest says this was the only offshore pure oil FDP approval in the UK North Sea in 2015. Unit operating costs are expected to be under $15/bbl in the initial peak volume years and production is anticipated to continue until 2025.
Chief executive Amjad Bseisu said: "We thank our partners MOL Energy for their support and co-operation. I congratulate the project team, our contractors and sub-contractors - in particular Petrofac, Technip, Stena Drilling and ADIL - for the timely delivery of this project, through an impressive collaborative effort. The realisation of the potential of these 'small pools' has been enabled by cost efficiency, technology application and solid delivery.
"The Oil and Gas Authority was set up to enable Maximising Economic Recovery ('MER') of oil and gas in the UK and Scolty/Crathes is an excellent example of MER being put into practice."
EnQuest also said the financial restructuring of the group announced on 13 October had now become effective.
Chairman Jock Lennox said: "EnQuest is very pleased to announce today the successful completion of the financial restructuring proposals announced on 13 October, a comprehensive package of measures designed to place EnQuest on a strong footing to deliver the Kraken development in H1 2017 and to ensure that EnQuest is well placed to deliver value to shareholders in the medium term."
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Total (LON:TTA) and SOCAR, the national oil company of Azerbaijan, have signed an agreement establishing the contractual and commercial terms for a first phase of production of the Absheron gas and condensate field, located in the Caspian Sea and discovered by Total in 2011.
The development involves the drilling of one well at a water depth of 450 meters. Production from this high pressure field will be around 35 thousand barrels of oil equivalent per day, including a significant portion of condensate. The produced gas will supply Azerbaijans domestic market.
This first phase of production will also enable a dynamic appraisal of the field for future phases.
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The sector's biggest risers were Range Resources (LON:RRL) and Tullow Oil (LON:TLW) - up by more than 10.9% and over 3.7% in late trading. Thew biggest fallers were Independent Resources (LON:IRG) and Bahamas Petroleum (LON:BPC) - down by more than 15.9% and over 6.5% respectively.
(LON:AUR) Aurum Mining PLC share price was -0.15p at 5p
(LON:BOR) Borders Southern Petroleum PLC share price was -0.02p at 2.48p
(LON:CHAR) Chariot Oil Gas Ltd share price was +0.02p at 8.03p
(LON:ENQ) EnQuest Plc share price was +0.88p at 28.38p
(LON:GKP) Gulf Keystone Petroleum share price was +0.03p at 1.21p
(LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 3.38p
(LON:INDI) Indus Gas Ltd share price was -5.12p at 289.88p
(LON:IRG) Independent Resources PLC share price was -0.02p at 0.09p
(LON:PET) Petrel Resources PLC share price was -0.25p at 5.63p
(LON:RKH) Rockhopper Exploration PLC share price was +0.75p at 24.5p
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(LON:RRL) Range Resources Ltd share price was +0.04p at 0.4p
(LON:TLW) Tullow Oil PLC share price was +10.3p at 278.1p
(LON:TTA) Total SA share price was +0.8p at 43.88p