Enquest shares tank after it delays upcoming North Sea project, blaming Government’s windfall tax

By Daily Mail City & Finance Reporter

Published: | Updated:

Enquest shares tanked after it delayed its upcoming North Sea project, blaming the Government’s windfall tax.

The London-listed oil producer mentioned new drilling at its Kraken discipline can be placed on maintain within the face of the Government’s Energy Profits Levy and mentioned it is contemplating future plans within 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

Staying afloat: The oil producer mentioned new drilling at its Kraken discipline can be placed on maintain and it is contemplating future plans within the UK

Chief government Amjad Bseisu warned the levy would ‘have implications for our capital allocation technique and our UK manufacturing development ambitions’.

The windfall tax of 25 per cent was launched by the Government final yr to recoup a number of the earnings made by vitality corporations. It was upped to 35 per cent in January.

Enquest shares crashed 11 per cent, or 2.35p, to 19p.

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