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This Interactive Pdf Allows You to Easily Access The THIS INTERACTIVE PDF ALLOWS YOU TO EASILY ACCESS THE INFORMATION THAT YOU WANT, WHETHER PRINTING, SEARCHING FOR A SPECIFIC ITEM OR GOING DIRECTLY TO ANOTHER PAGE, SECTION OR WEBSITE. SEARCH THE ENTIRE PRINT A SINGLE PAGE DOCUMENT BY OR WHOLE SECTIONS KEYWORD RETURN BACK TO THE CONTENTS AT NEXT PAGE THE BEGINNING PREVIOUS PAGE OF THE DOCUMENT Links Throughout this report there are links to pages, other sections and web addresses for additional information. The web links are recognisable by the light blue underline simply click to go to web URL www.enquest.com Use the document controls located at the bottom of each page to navigate through this report. Use the contents to jump straight to the section you require. CONTENTS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS IFC Driving results 46 Board of Directors 78 Statement of Directors’ responsibilities in 01 Highlights 48 Senior management relation to the Group Financial Statements 02 Review of our achievements 50 Chairman’s letter 79 Independent Auditor’s Report on the Annual 04 Our strategy 52 Corporate governance statement Report and Accounts to the members of 05 Our business model 55 Audit Committee Report EnQuest PLC 06 Growing EnQuest’s asset base 59 Directors’ Remuneration Report 83 Group statement of comprehensive income 09 Key performance indicators 73 Nomination Committee Report 84 Group balance sheet 10 Operations – Greater Kittiwake Area 75 Directors’ Report 85 Group statement of changes in equity 12 Developments – Kraken 86 Group statement of cash flows 14 Acquisitions – PM8/Seligi 87 Notes to the Group financial statements 16 Chairman’s statement 119 S tatement of Directors’ responsibilities for the 18 Chief Executive’s Report Parent Company financial statements 22 Risks and uncertainties 120 Company balance sheet 26 Operating review 121 Notes to the financial statements 33 Oil and gas reserves and resources 125 Company information 38 Financial review 44 Corporate responsibility review DRIVING RESULTS ENQUEST PLC ANNUAL REPORT & ACCOUNTS 2014 STRATEGIC REPORT DRIVING RESULTS: ENQUEST IS AN OIL AND GAS DEVELOPMENT AND PRODUCTION COMPANY FOCUSED ON TURNING OPPORTUNITIES INTO VALUE BY TARGETING MATURING ASSETS AND UNDEVELOPED OIL FIELDS. TECHNICAL SKILLS OPERATING SCALE FINANCIAL STABILITY EnQuest is a leading force in integrated At the end of 2014, including its new team in EnQuest’s funding facilities include a development; as currently demonstrated Malaysia, EnQuest had a direct workforce of $1.2 billion committed credit facility, by the c.140 MMboe Kraken development approximately 900, or 2,000 with offshore with a $500 million accordion. EnQuest project which is proceeding on time and contractors. EnQuest has a breadth and renegotiated covenants with its lending on budget. In 2014, EnQuest acquired the depth of in-house expertise which is banks and these have been relaxed until Greater Kittiwake Area (‘GKA’) hub, with matched by few, if any, UK based oil mid-2017. With this credit facility, a long its potential synergies with the adjacent companies of its size. dated debt maturity profile for the Avalon and Scolty/Crathes discoveries. Company’s bonds and a hedging These development opportunities and programme in place for 2015 and 2016, the subsequent material improvements the Company is positioned to meet its EnQuest has brought to GKA’s operational investment programme as set out in the efficiency, again highlight EnQuest’s skills Financial Review on page 38. in managing maturing fields and exploiting nearby discoveries. CONTENTS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS IFC Driving results 46 Board of Directors 78 Statement of Directors’ responsibilities in 01 Highlights 48 Senior management relation to the Group Financial Statements 02 Review of our achievements 50 Chairman’s letter 79 Independent Auditor’s Report on the Annual 04 Our strategy 52 Corporate governance statement Report and Accounts to the members of 05 Our business model 55 Audit Committee Report EnQuest PLC 06 Growing EnQuest’s asset base 59 Directors’ Remuneration Report 83 Group statement of comprehensive income 09 Key performance indicators 73 Nomination Committee Report 84 Group balance sheet 10 Operations – Greater Kittiwake Area 75 Directors’ Report 85 Group statement of changes in equity 12 Developments – Kraken 86 Group statement of cash flows 14 Acquisitions – PM8/Seligi 87 Notes to the Group financial statements 16 Chairman’s statement 119 Statement of Directors’ responsibilities for the 18 Chief Executive’s Report Parent Company financial statements 22 Risks and uncertainties 120 Company balance sheet 26 Operating review 121 Notes to the financial statements 33 Oil and gas reserves and resources 125 Company information 38 Financial review 44 Corporate responsibility review STRATEGIC GOVERNANCE FINANCIALS REPORT Largest UK independent producer in the UK North Sea HIGHLIGHTS OF 2014 Total production in mass units (’000 Tonnes) for year ending November 2014 WITH LATEST 2015 PERFORMANCE AND Source: 1,165,153 OUTLOOK Department of Energy and Climate Change statistics Ithaca First Oil Fairfield EnQuest Tullow Oil Tullow Endeavour Premier Oil Premier ` Production averaged 27,895 Boepd, up 15.2%, over 2013. Reserves (MMboe) This was due to very good operational performance, with an excellent HSE performance, excellent production 2013 2014 efficiency and with a 3,459 Boepd contribution from EnQuest’s first international production. ` Net 2P reserves of 220.0 MMboe as at end 2014, up 220.0 25.2 MMboe on prior year, reserves replacement ratio of +13.0% 194.8 c.350%. Net contingent resources of 170.6 MMboe at end of 2014, up 49.2 MMboe. ` Revenue of $1,010 million, EBITDA1 of $581 million, reflecting the strong operational performance. Production (Boepd) ` The Floating Production, Storage and Offloading (‘FPSO’) 2013 2014 vessel for the Alma/Galia development has now left the yard and the project is on track for first oil in mid-2015. ` Kraken continues to be on budget and is on schedule for first oil in 2017. The drilling of an appraisal well in Kraken % 27,895 +15.2 24,222 West has confirmed the presence of oil, with potential for upside. Further evaluation is ongoing. ` Cost reduction action across the board; confirming 2015 cash capex target of c.$600 million, also a unit opex Cash flow from operations ($ million) reduction target of c.10% over 2014, to an average of c.$38/bbl in 2015. 2013 2014 ` Net debt at the year end, was $932.8 million. ` Production guidance for the full year 2015 for an average of between 33,000 Boepd and 36,000 Boepd, representing a % 637.1 24% annual increase at the mid-point of the range. +13.2 562.7 ENQUEST VALUES AGILITY Today’s ever-changing energy environment requires that we are flexible, adaptable and responsive. Our success rests on the ability to take courageous decisions and tackle challenges with great speed and flexibility. Amongst other things, I enjoy the ability to discuss new ideas and strategies to pursue value creation opportunities for the Company. SALMAN MALIK, STRATEGY AND EVALUATIONS MANAGER 1 EBITDA is calculated on a business performance basis, and is calculated by taking profit/loss from operations before tax and finance income/(costs) and adding back depletion, depreciation and foreign exchange movements. EnQuest PLC Annual Report & Accounts 2014 01 REVIEW OF OUR ENQUEST’S FIRST FIVE YEARS AND BEYOND ACHIEVEMENTS Total production (Boepd) Delivered C.A.G.R. of 15% in first five years, set to increase to a C.A.G.R. of C.A.G.R. approximately 17% c.17% based on guidance for 2015 27,895 24,222 23,698 22,800 Well ahead of long term target 33,000 – 36,000* 21,074 of an average of 10% growth p.a. Average net production 13,613 2009 2010 2011 2012 2013 2014 2015 *Compound Annual Growth Rate Five years of strong reserves growth Extending the lives 514% reserve replacement ratio Reserves 2010–2014 (MMboe) of maturing assets and Reserve life over 20 years optimising production. 182.3 220.0 (42.8) 80.5 start 2010 starts 2014 Production Additions to Additions 2010 to 2014 Net 2P reserves Net 2P reserves reserves 2010 to 2014 IN 2014, ENQUEST WON THE OIL & GAS UK AWARD FOR BUSINESS INNOVATION. EnQuest won the Business Innovation title in the Large Enterprise category at Oil & Gas UK’s 2014 awards. EnQuest’s Thistle life extension project is at the heart of a strategy to recover 35 million barrels of oil from the Thistle and Deveron fields, to extend the life of the Thistle field to 2025 and beyond. This award recognises the Thistle project as a proven template for mature field development in the North Sea. The first phase of the Thistle life extension programme started in 2010 with a successful rig reactivation project which saw EnQuest bring Thistle drilling back online to drill its first new wells in 20 years. Neil McCulloch, EnQuest’s President, North Sea, said: “Oil & Gas UK’s award is a welcome acknowledgement of how our strategy of extending the life of ageing assets and optimising production is succeeding. These achievements, which have been made with an exemplary safety record, are credit to everyone in the management, operational and support teams because a huge amount of commitment, focus, collaboration and drive goes into delivering such exceptional safe results. It is also an important endorsement of how the right level of investment, combined with the right vision, technical expertise and innovative thinking can breathe new life into an ageing asset and give it a sustainable future”. 02 EnQuest PLC Annual Report & Accounts 2014
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