EnQuest tanks in tandem with oil

North Sea oil producer EnQuest has posted a 13.2 per cent drop in first half profits due to a decline in the oil price from $112 to $109 per barrel as well as various one-off costs. The company reported pre-tax profits of $167.2m (£108.1m), significantly lower than in the previous year as well as delaying oil production from a new field by six months resulting in a 2.2 per cent share price fall to 123.9p after the markets closed.