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3 September 2026EnQuest PLC2026 Half Y ear Results EnQuest is unlocking value from energy assets. Responsibly.
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EnQuest PLC Disclaimer 2026 Half Year Results2 This presentation may contain forward-looking statements, including in relation to the financial condition of EnQuest PLC (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "ambition", "anticipates", "aspire", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to a number of risks and uncertainties and actual results, performance and events could differ materially from those currently being anticipated, expressed or implied in such forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward-looking statements include, but are not limited to, those identified in the "Risks and Uncertainties" section of the Group’s Annual Report and Accounts and Results release. Forward-looking statements contained in this presentation speak only as of the date of preparation of this presentation and have not been audited or otherwise independently verified. Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. The Group therefore cautions against placing undue reliance on any forward-looking statements. Nothing in this presentation should be construed as a profit forecast. Statements in this presentation reflect the knowledge and information available at the time of its preparation. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking, including to release publicly any updates or revisions to any statements contained in this presentation to reflect any change in the Group’s expectations or any change in events, conditions or circumstances on which any such statement is based. This presentation does not constitute or form part of any offer or invitation to purchase any securities of any person nor any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any such securities, nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding any securities.
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IntroductionA top-quartile operator, delivering excellence through the asset lifecycleAmjad BseisuChief Executive Officer
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EnQuest PLC EnQuest’s operations at a glance 2026 Half Year Results41Excluding impact of third-party-operated infrastructure outages.>10 yearsReserve life78%1P as a proportion of 2P reserves452 MMboe2C Resources at 31 December 202597%Operated 2P Reserves89%Group production efficiency 1H-261 $281 MMCFFO 1H-26$71.3 MMAdjusted FCF 1H-26P ortfolio Overview – Key Metrics Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growth1H 2026 ProductionKboedYE 2025 2P ReservesMMboec.41.5kboed 75% 21% 4% 163MMboe(85% oil) 59% 30% 11% UKMalaysia VietnamUnited KingdomVietnamMalaysiaBruneiIndonesiaUKMalaysia VietnamExploration / Development AssetsProducing Assets
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EnQuest PLC EnQuest – 1H 2026 P erformance Overview 2026 Half Year Results5 OperationsFinancials & Strategic InvestmentGroup Production+9%1H 26 vs 1H 2589%Group production efficiency1SEA Production41%Proportion of 1H 26 Group outputLost Time Injuries01H 202640%Reduction in 2026 shutdown durationsA-CDP Climate Change Survey rating 9% increase in year-on-year reported Group productionSouth East Asia forms 41% of Group production, pre-acquisitionProduction remains within FY guidance range, which is narrowed due to third-party infrastructure outage impacting MagnusEfficient, safe operations, with zero LTIs in the first half of the year>40% reduction in UK Scope 1 & 2 emissions vs 2018 baseline 1 Excluding impact of third-party infrastructure outage 2 Cash and available undrawn facilities 3$1.8bn at 30 June 2026, with a further $1.1bn to be recognised Malaysia acquisition announced in Q2-26 – Transformational re-scaling, with minimal impact on Group leverageTransaction-ready liquidity2maintains platform for growthMagnus contingent consideration settlement of $60 million in Q1-26; removed $433 million liability from balance sheetUS Dollar bond refinanced at $675 million – used to redeem retail bondDividend of $20 million paid in June 2026Material UK tax loss position of c.$3 billion3at 30 June 2026Revenue$530 MM1H 2026Adjusted EBITDA$273 MM1H 2026Free Cash Flow$71 MM1H 2026Malaysia Acquisition$833 MMMaximum considerationUpfront Consideration$554 MMDue 31 Dec 2026Liquidity2$759 MM30 June 2026
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EnQuest PLC 1H 2026 Production EnhancementDelivering against a key strategic principle – The Right Assets in the Right HandsNCP Bypass, Magnus| Securing the export route2H-27first oilNCP Bypass sanctioned Q2-26, protecting Magnus value•Magnus production impacted in 2025 and 2026 by NCP export disruption•Bypass creates a direct, resilient Magnus-to-SVT export route, eliminating third-party risk•Project commenced 2025 and sanctioned Q2-26, with offshore execution to commence Q4-26•EnQuest leading, with strong support from Neo Next +•Protects production availability and long-term asset value Block 12W, Vietnam| New country entry+5,000Boepdadded on completion of the acquisition•Acquisition from Harbour Energy completed in July 2025; PSC extended by four years on existing terms in Jan-26•Well intervention activity boosted 2H-25 volumes by c.10%, with significant in-field development upsideSeligi 1b, Malaysia| Accelerated gas project>6,200Boepdadded to 1H 2026 production•Gas project delivered nine months ahead of schedule via innovative use of existing infrastructure and a simplified tie-in•Supplying c.40% above committed rates, with two further gas wells planned in Q4-26 9% year on year production growth– South East Asia component of Group production 41%2026 Half Year Results6 NINIAN CENTRAL PLATFORM
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EnQuest PLC Kraken EOR – Material Value Enhancement P otentialUnlocking the next phase of Kraken value – improved polymer chemistry, with a simplified FPSO deployment designPhase 1 – Pilot: Polymer injected to single drill centrec.5 MMbbl additional reservesPhase 2: Roll-out to full field production systemc.30-40 MMbbl - additional reservesFuture Upside Pathway Additional Value OpportunityProject Status1H 2026Current WorkIntegrated team advancing key areas:•Polymer selection & supply chain•Injectivity, simulation & geomechanics modelling•Polymer flood reserves gain & economics•FPSO modification, operations & procurement Kraken EOR - potential to add more than 20% of upside to the Group’s existing asset reserves 14Latest UpdateImproved polymer chemistry selectedSimplified FPSO polymer deployment design –reduces complexity & costsIndependent laboratory testing complete –compatibility with topsides processes confirmed Polymer Returns: PASS
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EnQuest PLC 2026 Half Year Results8 T ransformational Acquisition of Malaysian Production AssetsStrong value creation$1.8 billion Revenue driving c.$900 million EBITDADelivers on EnQuest growth strategyc. 1 billion boe total 2P reserves and 2C resourcesSignificantly lower cost productionc.$10/boe reduction in Group unit operating costP ost-Completion capex of c.$170 million delivers 2PT ransformational production increase >100 kboepd net working interest production T ransaction highlights – impact on Enlarged Group Leverage discipline maintainedNet Debt to EBITDA ratio of 1.1xAccretive to key metrics Notes:- All metrics based on 12 months to 31 December 2025 or as at 31 December 2025, as applicable- Data derived from audited PSC accounts in the absence of IFRS statements
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EnQuest PLC 025,00050,00075,000100,000125,000 2025 2026 2027 2028 2029 2030 Group Production (net Boepd) Base SEA 2PMalaysia Acquisition 2PNorth Sea 2PRecovery Factor Upside 2C Step Change Increase in 2P Production 2026 Half Year Results9EnQuest PLC Base SEA 144 MMboeMalaysia Acquisition208 MMboeMalaysia RF 65 MMboeNorth Sea 308 MMboe 2C and Recovery Factor Enhancement by Region New Development55%Infill drilling & Well-work 22%RF Enhancement12%Life Extension 11%2C and Recovery Factor Enhancement by Activity725 MMboe725 MMboeEnlarged Group production to remain in excess of 100 Kboed through to the end of the decade
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EnQuest PLC 2C Resources and Recovery Factor Enhancement, by Activity 2026 Half Year Results10New Development & In-field DevelopmentInfill drilling & Well-workRF EnhancementLife Extension>725 MMboe(660 MMboe 2C Resources & 65-100 MMboe RF upside)2C resources includes 23 MMboe for Kraken EORAdditional 65-100 MMboe upside related to Recovery Factor enhancement in MalaysiaActivities include well intervention, reservoir optimisation and topside process improvementUK: Bressay 115 MMboeBentley 131 MMboeMalaysia: DEWA 38 MMboeAcquisition assets (infield development) 19 MMboeBrunei: Block C 74 MMboeUK: Magnus 10 MMboe(Optimisation opportunities & delayed CoP)Malaysia: Acquisition assets 75 MMboe (Field life optimisation and PSC extension)Existing portfolio: UK 25 MMboeSouth East Asia 18 MMboeAcquisition assets: 114 MMboeEnlarged Group now has a conveyor belt of low-cost, high-return, free cash flow generative opportunities NEW DEVELOPMENTCORE SKILLS
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Financial P erformanceStrong balance sheet and transaction-ready liquidity, delivering diversified growthJonathan CopusChief Financial Officer
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EnQuest PLC Income Statement 2026 Half Year Results12 Delta1H 20251H 202622%71.887.5Brent (av.$/bbl)7%100107UK gas (av.GBp/Therm)9%38,25741,554Production (Boepd)$ million$ million-4%549 530Revenue1 24%(389) (480) Cost of sales-69%160 49 Gross Profit/(Loss)5,471%1 30Impairment-19%(4) (3) G&A10%(91) (101) Net financial-66 (25)Profit/(Loss) before tax-94%(239) (15)Tax-77%(173)(40)Net Profit/(Loss) Revenue $530 millionCash revenue of $609 million (up 18%, year-on-year), excluding non-cash mark-to-market hedging impactMagnus cargo deferred out of first half due to third-party downtime – cash impact of c.$60 millionCost of sales $480 millionIncludes addition of Vietnam to portfolio ($25 million production cost)Diesel costs up c.40% in 1H-26 versus the first half of 2025Underlying production costs reduced year-on-yearAdjusted EBITDA $273 millionT ax charge $15 millionTax charge generated despite P&L loss, including UK EPL and South East Asia income tax 1 Includes realised hedging loss $28.5 million (1H 2025: $1.0 million gain) and unrealised hedging loss $79.0 million (1H 2025: $33.2 million gain)
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EnQuest PLC Cash Flow and Balance Sheet 2026 Half Year Results13 1H 2026 movement in debt($ million)434 517 78 28 42 47 7 7 20 60 43 28 4 281 100200300400500Openingnet debtCash genfrom opsCashcapexDecom Interest LeasepaymentsTax NetTradingDividend MagnusCCRefi Fees MalaysiadepositFX &OtherClosingnet debtFCF $71 millionOperating cash flow $281 million$78 millionCapex$28 millionDecommissioningNebt debt $517 million$723 millionGross debt$206 millionCash balanceMagnus CC $60 millionRefinancing fees1$43 millionMalaysia deposit $28 millionCash tax $7 millionDividend paid $20 million1H Strategic Spend $132 million 1 1Includes $32.6 million related to US Dollar bond refinancing (including $20 million related to early redemption fee and OID), and$10.1 million related to RBL
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EnQuest PLC 2026 Half Year Results14 Capital Discipline MaintainedCashRBLBondsModest leverage, simplified capital structure and strong liquidityRBL refinanced at $800 million in Q4 2025Settlement of Magnus contingent consideration unlocked 38% increase in borrowing base within existing portfolioUndrawn $400 million loan tranche increased to $700 million USD Bond refinanced in Q2 2026 ($675 million at 9.875% coupon – 175 bps lower – 2031 maturity)£133 million GBP retail bond redeemed in May 2026EnQuest cash on hand of $206 million at 30 June 20262025 Net Debt$434 millionUpfront Consideration$554 millionNet Debt$988 millionEnlarged Group EBITDAc.$930 millionNet Debt to EBITDA of Enlarged Group is c.1.1x Notes:- All metrics based on 12 months to 31 December 2025 or as at 31 December 2025, as applicable, in line with RTO rules- Data derived from audited PSC accounts in the absence of IFRS statements- Figures for illustrative purposes only and may differ from the EnQuest Group's or the Enlarged Group's actual financial results following completion of the Acquisitions Transaction-ready liquidity of $759 million; up $80 million versus 31 December 2025 At 31 Dec 2025
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EnQuest PLC2026 Half Year Results15 Indicative Timeline to Completion Completion expected 31 December 2026Announcement of signed FOAs10 June 2026Announcement of Pre-emption results on Package 2 Assets 10 July 2026Publication of Prospectus and Shareholder Circular 24 July 2026Shareholder vote to approve the Proposed Acquisitions 11 August 2026Completion of the Proposed Acquisitions 31 December 2026 Execution of EnQuest integration planRe-admission to trading of enlarged EnQuest entity January 2027 Note: All dates above are indicative and are subject to change 2.0Satisfaction of conditions precedent12 August 2026
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EnQuest PLC Malaysia T ransaction Checklist + +85%Material increase in reserves and resources Lower incremental cost of productionUnlock value through acquisitionDeliver step change in production Enlarged Group 4 1 2 3Delivering diversified growth 62026 Half Year Results16 +56%-35%>100 kboepdc.1 billion boec.$16/boe+80%c.$930 million Net WI productionNet WI 2P and 2COpex per barrelcombined EBITDA 69% SEA / 31% UK63% Liquids / 37% Gas Disciplined, value-accretive acquisition, delivering transformational growthT ransaction Impact+134% Minimal capex requirement 5 c.$170 million Participating Interests – Life of Field 2P capexNotes:- All metrics based on 12 months to 31 December 2025 or as at 31 December 2025, as applicable- Data derived from audited PSC accounts in the absence of IFRS statementsSplit of 2025 production
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ConclusionAmjad BseisuChief Executive Officer
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EnQuest PLC 2026 Guidance 2026 Half Year Results18OperatingexpenditureCapexDecommissioningShareholderreturnsProductionOrganic growth;Kraken EOR, Magnus LKCF , Seligi gas, Vietnam prospectivityInvestment to maximise uptime and prioritise safe operationsLow-cost, quick-payback focus Subsea well P&A executionSustainable capital allocation framework 2026 outlook 2027+ outlookIncludes impact of third-party infrastructure outages at MagnusReflects focused drilling and maintenance programmesIncludes c.$30 million of USD:GBP FX impactDisciplined approach to cost management imperative in response to weakening US DollarDrilling / well work campaigns at Magnus and PM8/Seligi; Investment in decarbonisation projects, incl. Bressay gasProactive GKA well P&A, in parallel with production operationsRobust balance sheet underpinning shareholder returnsDividend paid in June 2026$20MMc.$450MM41.0 – 43.0c.$160MMc.$60MMKboed
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EnQuest PLC EnQuest re-scaled and refocused 198.2 yearsReserve life77%1P as a proportion of 2P reserves660 MMboe2C Resources96%Operated 2P Reservesc.$16/bblUnit operating cost$930 MMAdjusted EBITDA 202569% SEASEA weightingEnhanced P ortfolio Overview – Key Metrics Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growthEnlarged Group 2P ReservesMMboe (2025 pro forma) 41% 14% 45% 59% c.300MMboe(c.70% oil)UKSEA Participating Interests 31% 12% 57% 69% UKSEA Participating InterestsEnlarged Group ProductionKboed (2025 pro forma)>100kboed 2026 Half Year Results
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Chris WheatonHead of Investor Relations and Strategychris.wheaton@enquest.comCraig BaxterChief of Staffcraig.baxter@enquest.com
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EnQuest PLC Hedging Update 22 Hedges in PlaceStrategy•Hedging strategy refreshed in 2H 2024•Focus is to underpin budget and next 24 months, and maximise RBL capacity•Typically maintain unhedged exposure in near months, complemented by rolling hedge portfolio across outer periods•Opportunistically lock in volumesfor near-term liftings during periods of price strength•Hedged for Sep-Dec 2026 - Maintained strong protection with swaps, at average floor price of c. $73/bbl, and wide collars providing exposure to near term higher prices•Hedged for 2027 -Active hedging continues, and significant unhedged length remains55%7%30%Well Hedged, While Maintaining Upside Price Exposure% of Oil Production Hedged1Hedges in Place 202820272026Forward Period0.93.61.5Volume hedged with Swaps (MMbbl)$64.6$64.4$73.4Average Swap Price ($/bbl)n/an/a0.6Volume hedged with Collars (MMbbl)n/an/a$50 - $90Collar Floor / Ceiling ($/bbl)Sep-Dec 20262027 2028Note: 1 At illustrative 2026 mid-point oil production, as of September 2026% Oil production hedged% Oil production not hedged2026 Half Year Results