EnQuest : signs agreement to acquire equity interest in the Golden Eagle development (Presentation)

EnQuest

Trading update and Golden Eagle acquisition

Deliver

De-leverGrow

Trading update and Golden Eagle acquisition

Introduction

Amjad Bseisu

Chief Executive

2 EnQuest PLC Trading update and Golden Eagle Acquisition

Trading update

2020 performance in line with guidance

• Production within guidance at 59,116 Boepd
• Operating expenditure of c.$330 million; unit opex of c.$15/Boe Deliver - Cash capex of c.$130 million

-	Free cash flow of c.$210 million
-	Voluntarily accelerated bank amortisations
De-lever-	Net debt of $1,280 million, down by c.$130 million

• Acquisition of 40.81% operating interest in Bressay completed in January 2021, adding c.115 MMbbls of 2C resources

Grow

3 EnQuest PLC Trading update and Golden Eagle Acquisition

Trading update

2021 guidance

• Group production1: 46,000 to 52,000 Boepd
• Kraken production (gross): 30,000 to 35,000 Boepd
  Deliver - Operating expenditure of c.$265 million
• Cash capex and abex of c.$120 million2

-	c.4.0 MMbbls hedged at floor of c.$53/bbl and ceiling of
	c.$62/bbl
De-lever	- c.3.0 MMbbls hedged against VLSFO benchmark

• Signed agreement to acquire non-operating interest in Golden Eagle

Grow

1. Existing portfolio
2. Excludes the costs associated with the PM8/Seligi riser incident repair which is expected to be covered by insurance

4 EnQuest PLC Trading update and Golden Eagle Acquisition