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Energy and metals group EN+ swung to a loss as lower production and oil prices held back revenue.
For the year ended 2020, pre-tax losses were $20 million compared with a profit of $1.01 billion last year as revenue fell 50% to $856.9 million.
Annual production fell 13.8% and realised oil prices were down 36.8% to $41.3 per barrel.
Looking ahead to 2021, the company guided average production to be between 46,000 to 52,000 barrels of oil equivalent, excluding Golden Eagle, which will add about 10,000 boepd on a pro forma basis.
'The proposed acquisition of the low-cost Golden Eagle area will strengthen our business, providing additional production and strong cash flows which will partially utilise our UK tax assets,' the company said.
Full year operating expenditure was expected to be about $265 million.
At 9:27am: (LON:ENQ) EnQuest Plc share price was 0p at 10.74p