Full Year 2019 EnQuest PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Thompson - JP Morgan Chase & Co, Research Division - Analyst : We've obviously no 2 recessions this time. But when I compare EnQuest today to 2014, I think the differences are pretty stark. Back then, you had several billion dollars of committed CapEx ahead of you and OpEx was nearly double. You've got a pretty -- you sort of -- you described to us, I guess, this morning, a pretty static outlook for your liquidity. And I imagine your early repayment of the facilities has been initiated by the banks, given this unexpected environment. So it feels to me that rather than being purely on defense, debt reduction, which has clearly been the focus, it seems that maybe you've got more advantage at this point in time to take the stress of -- or take advantage of distress elsewhere in the sector? And I guess, with that in mind, could you maybe talk a little bit about the asset market today? Are there many assets available on the market? Do you see an opportunity to expand in the North Sea and beyond?

Question: James Thompson - JP Morgan Chase & Co, Research Division - Analyst : Great. And separately, in terms of cost savings, I think the decisions you've made to shut the late life assets is the correct one. I mean, frankly, you're playing your part in balancing what has been a stubbornly oversupplied market for the last few years. I mean, could you maybe talk a little bit about continuing that process? I guess I'm thinking about the Dons and refining your -- or high-grading the asset base into your bigger and lower cost assets?