EnQuest (ENQ) Shareholder Presentation summary

Strategic positioning and growth

• Focus on energy transition by increasing production while reducing carbon intensity, with significant investments in asset development, late-life management, and repurposing infrastructure for renewables and carbon storage.

• Robust growth strategy centers on scaling operations, delivering value, reducing emissions, and leveraging UK tax assets for material free cash flow.

• Pursuing capability-led M&A opportunities in the UK and Southeast Asia, targeting value-accretive transactions and transformative growth.

• Differentiated operator status achieved through high production uptime, drilling expertise, financial discipline, and leadership in decommissioning.

• Financial priorities include resetting capital structure, deleveraging, cost discipline, shareholder returns, and unlocking accretive M&A in energy transition.

Operational performance and efficiency

• Achieved production of 42,771 boepd in H1 2024 with top quartile operating efficiency of 93%.

• Kraken asset maintained 98.5% uptime; Malaysia operations delivered 93% production efficiency and received 'Operator of the Year' award.

• On track to deliver 2024 guidance with H1 production at 42.8 Kboed, operating expenditure at $183m, and capital expenditure at $95m.

• Focused drilling and well work, high uptime, and effective shutdown execution underpin operational excellence.

• Strong cost management and disciplined capital investment drive value enhancement and emissions reduction.

Financial strength and liquidity

• Net debt reduced to approximately $321 million by mid-2024, down by $160 million, with a net debt to EBITDA ratio of 0.4x.

• Group liquidity at $566 million as of 30 June 2024, with $1.9 billion UK tax asset immediately accessible.

• Gross debt at $658 million, cash and cash equivalents at $337 million, and RBL balance fully repaid by February 2024.

• Recognised $1.9 billion tax asset on balance sheet, with an additional $1.2 billion unrecognised from Bentley entity.

• Share buyback program ongoing, with over 30 million shares purchased by September 2024.