EnQuest PLC is a United Kingdom-based oil and gas development and production company. The Company's principal activities are the exploration for, and extraction and production of, hydrocarbons in the United Kingdom Continental Shelf and Malaysia. The Company focuses on maturing assets and undeveloped oil fields. Its geographical segments include the North Sea and Malaysia.
Market Cap: £419.2Million
EnQuest shares had been moving sideways between April 19 - January 20 before they broke higher above 23.50p. This completed a nice-looking bottom pattern on the as the shares exploded towards 30p very quickly. The corrective move lower in recent days has seen the shares re-test the breakout level and attract new buying interest. The break of a pattern adds more weight to the argument. I expect to see further upside from here.
Target 1: 30p
Target 2: 31.75p
Target 3: 36.80p
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