Half Year 2022 EnQuest PLC Earnings Call Transcript

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

Question: James Thompson - JPMorgan Chase & Co, Research Division - Analyst : (inaudible) JPMorgan. In the interest of time, I guess I've got 4 questions, please. Just following up on Sullom Voe. You talk about a sort of capital-light opportunity. But presumably, there is some fairly significant repurposing of the site, whether it's building HV, DC or AC-type converters. Could you maybe talk a little bit more about the potential capital requirements for it and the kind of need to bring in partners, that would be the first? But I think it's an interesting opportunity.

Question: James Thompson - JPMorgan Chase & Co, Research Division - Analyst : Yes, no, yes, we could start with that. The other questions (inaudible)

Question: James Thompson - JPMorgan Chase & Co, Research Division - Analyst : Just thinking about the next couple of years, the EPL is going to be in place probably until 2025. Could you maybe talk a little bit more about your response to that levy. Could you maybe provide some kind of high-level guidance or granularity about CapEx expectation and things like that for the next couple of years? I mean, obviously, spending $165 million or so in CapEx this year. But maybe some pointers about how you might be responding to the levying?

Question: James Thompson - JPMorgan Chase & Co, Research Division - Analyst : Okay. I guess, thirdly, the market is obviously very interested in the refinancing of your higher debt. I think both in terms of sort of duration and also, obviously, the ability to return cash to shareholders given the free cash flow you're generating. Could you maybe kind of give us an update REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 06, 2022 / 9:30AM, ENQ.L - Half Year 2022 EnQuest PLC Earnings Call in terms of the market environment is now? And maybe some of your -- your preferences or how you're leaning to in terms of refinancing the debt side of the business in the near term?

Question: James Thompson - JPMorgan Chase & Co, Research Division - Analyst : And just final one for me then. When you did the Malaysia acquisition, part of the concept there or the opportunity was obviously around the gas in and around PM8/Seligi. Obviously, with global gas prices as they are, could you maybe talk about your ambitions to allocate capital into the gas projects in Malaysia, how quickly should you be doing that? Are there kind of domestic market obligations that might make gas less attractive than spot markets globally? It would be good to understand that because it feels like an opportune time to chase what is quite big gas in place.