Enquest shares tanked after it delayed its upcoming North Sea project, blaming the Government’s windfall tax.
The London-listed oil producer said new drilling at its Kraken field would be put on hold in the face of the Government’s Energy Profits Levy and said it is considering future plans in the UK.
Staying afloat: The oil producer said new drilling at its Kraken field would be put on hold and it is considering future plans in the UK
Chief executive Amjad Bseisu warned the levy would ‘have implications for our capital allocation strategy and our UK production growth ambitions’.
The windfall tax of 25 per cent was introduced by the Government last year to recoup some of the earnings made by energy firms. It was upped to 35 per cent in January.
Enquest shares crashed 11 per cent, or 2.35p, to 19p.
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