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North Sea incentives to boost EnQuest

In the 12 months since we recommended EnQuest (ENQ) as a speculative buy option, the share price of the North Sea independent has oscillated within a relatively narrow range (-11p/+16p) either side of the current share price of 132p. The relative stability (or stagnation) of the share price - depending on your point of view - is partly attributable to repeat production delays on the Alma/Galia project. But oil from the 34m barrel development is now imminent, which will help to shore-up near-term sentiment, particularly if output is cranked-up in fairly short order. However, even beyond the immediate quest to bump-up EnQuest's daily production volumes by another 13,000 barrels, the driller's strategic focus on exploiting maturing assets and underdeveloped fields in the UK North Sea places it in an ideal position to benefit from likely regulatory reforms, and we recommend buying in anticipation.

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By Mark Robinson,
24 July 2014

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