LONDON, July 5, 2026, 18:03 BST
- EnQuest PLC LON:ENQ finished at 23.25p on Friday, climbing 5.68% for the session and gaining 1.8% from a week earlier. London markets were closed on Sunday.
- Turnover last week came in at 25.5 million shares, down roughly 85% from the 170.8 million traded in the week of June 12, when the Malaysia deal sent the stock to a 52-week high.
- JPMorgan NYSE:JPM bumped its EnQuest target up to 35 GBp from 29 GBp Friday, sticking with an Overweight rating.
- OPEC+ will bring 188,000 barrels a day back online starting in August, leaving crude supply risk in play ahead of the London open.
EnQuest PLC LON:ENQ opened the week with lighter trading, though the stock isn’t frozen. Friday’s close was 23.25p, down 15.1% from the June 12 high at 27.39p, but up from 22.85p at last Wednesday’s end. The London Stock Exchange holds weekday sessions, so Sunday still shows Friday’s close.
Volume is the latest number to watch. The Malaysia news week saw 170.8 million shares traded, but last week volume dropped to 25.5 million. The stock edged up 1.8% even as activity dried up. Fewer traders could mean the next move depends less on June’s headline and more on things like deal approvals, oil skimming EnQuest’s hedge floor, or news on pre-emption rights.
| Week ended | Open | High | Low | Close | Volume | Weekly close move |
|---|---|---|---|---|---|---|
| June 5 | 19.54p | 20.35p | 18.62p | 19.36p | 13.5 mln | — |
| June 12 | 20.10p | 27.39p | 18.80p | 27.05p | 170.8 mln | +39.7% |
| June 19 | 26.40p | 26.40p | 22.70p | 23.35p | 64.2 mln | -13.7% |
| June 26 | 23.00p | 24.35p | 21.93p | 22.85p | 25.6 mln | -2.1% |
| July 3 | 22.80p | 24.00p | 21.25p | 23.25p | 25.5 mln | +1.8% |
JPMorgan lifted its target for EnQuest to 35 GBp, which is about 51% higher than where shares closed Friday. The higher target follows EnQuest’s June 10 deal to buy stakes in four Malaysian offshore production-sharing contracts for as much as $833 million. Of that, $554 million is payable at closing, which is set for Dec. 31, 2026, if conditions are met.
If all the deals go through, EnQuest says its production would top 100 kboepd, which is a 134% jump on the company’s 2025 level. 2P reserves would hit around 300 million barrels of oil equivalent. EnQuest expects unit operating costs to drop to $16 per boe from $25.1 per boe in 2025.
| Metric | 2025 EnQuest / current base | Enlarged group if deal completes | Investor issue |
|---|---|---|---|
| Production | 42,945 boepd | Over 100 kboepd | Output set to more than double |
| 2P reserves | 162.5 MMboe | About 300 MMboe | Reserve life stretches |
| Unit operating cost | $25.1/boe | $16/boe | Oil-price moves hurt less |
| South East Asia share | Existing UK/Malaysia base | 69% of production | North Sea risk gets diluted |
| Net debt/EBITDA | 0.9x standalone deal reference | 1.1x pro forma | Debt gears up but company says manageable |
Chief Executive Amjad Bseisu called the proposed acquisition “a decisive step in the evolution of our business” when announcing the deal. He said it adds scale to the portfolio but keeps a focus on value and cash flow. Investegate
Oil hasn’t given EnQuest much lift. Brent crude ended Friday at $71.94 a barrel, flat for the week. Back in March, EnQuest said it had 5.1 million barrels hedged at an average floor of $71.3 for the coming 12 months from April 1, and another 3.5 million barrels locked for the next year at $64.4. The first floor is just 64 cents under Brent’s Friday close.
OPEC+ will bump up August output targets by 188,000 barrels per day after a Sunday meeting. UBS’s Giovanni Staunovo said the market is still watching tanker traffic at the Strait of Hormuz and tracking how quickly demand picks up.
Rory Johnston of Commodity Context said Friday the rebound in Middle Eastern output is faster than first expected. David Jorbenaze at ICIS said crude coming to market now “is chasing demand that has already been reduced,” pointing to the Brent curve shifting toward a surplus. Reuters
EnQuest watchers have two key things on the radar this week. Brent is sitting close to the hedge floor after OPEC+ moves. On the M&A side, the company said its Malaysia deals still need a combined prospectus, shareholder circular, shareholder sign-off with no changes, and approval from PETRONAS. There’s also a pre-emption on Package 2, so current PSC partners can match the terms within 30 days of notice, but EnQuest hasn’t said when the notice went out.
