EnQuest : 2020 Full Year Results (Presentation)

Key 2020 messages

Strong free cash flow generation and a transformed company

De-lever

Grow

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EnQuest PLC Full Year Results 2020

• - Production within guidance at 59,116 Boepd

  - CoP drove c.7,000 Boepd reduction from 2019

  Deliver

• - UK re-organisation completed

• - Cost control and capital discipline driving material savings vs 2019

  • - Opex of c.$329 million, c.$189 million lower

• - Unit opex of c.$15/Boe, c.26% lower

• - Cash capex of c.$131 million, c.$106 million lower

• - Free cash flow breakeven1 of c.$32/Boe, c.35% lower

• - Free cash flow of c.$211 million

• - Voluntarily accelerated bank amortisations

• - Net debt of $1,280 million, down by c.$130 million; lowest level since 2014

- Bressay acquisition completed in January 2021, adding c.115 MMbbls of 2C resources

1 Based on the Group's aggregate cash outflows prior to any debt repayments and Magnus-related third-party gas purchases divided by net working interest production

EnQuest 2020 full year results

Golden Eagle: a high-quality addition to the portfolio

Material value enhancement

- >$100 million NPV(10)1 at $50/bbl including initial consideration of $325 million; primarily related to accelerated partial use of EnQuest's tax losses

Impressive HSE performance

• - Zero LTIs since start-up in 2014 and zero safety critical maintenance backlog

• - Low CO2e intensity - 2019: 11.5kg/Boe

Strong production efficiency

• - Top quartile production efficiency when benchmarked to UKCS peers2

• - Immediate incremental production of c.10 kboepd1

• - c.18 MMbbls of net 2P reserves and c.5 MMbbls of net 2C resources1

Low unit opex1

- 2020 at c.$8/Boe; field life c.$15/Boe

1 EnQuest estimates 3 Rystad

2 McKinsey & Company's PE Benchmarking Report

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EnQuest PLC Full Year Results 2020