EnQuest Shares Have Surged 146% in the Last 6 Months— Here’s What’s Driving the Rally

EnQuest PLC (LON: ENQ) has been one of the London market’s most striking performers over the past six months, with shares surging more than 146% as a series of transformational developments fundamentally reshaped the investment case for the UK-based oil and gas producer.

The most explosive catalyst came in June 2026, when EnQuest announced a landmark $833 million deal to acquire participating interests in four offshore production-sharing contracts (PSCs) in Malaysia from Petronas Carigali.

The proposed acquisition — classified as a reverse takeover under UK Listing Rules — would more than double the company’s production to over 100,000 barrels of oil equivalent per day (boepd) and boost proved and probable reserves by 85% to approximately 300 million barrels. Shares soared immediately on the news, with CEO Amjad Bseisu describing it as a “seminal moment” for the business.

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The Malaysia deal, however, did not emerge in isolation. EnQuest had already been building momentum through a string of positive developments. Full-year 2025 results, published in March, showed production rising 5.4% year-on-year to 42,945 boepd — beating the top end of guidance — alongside a $239 million windfall from the settlement of the Magnus contingent consideration with BP. The company also raised its dividend by 33% and completed an $800 million refinancing of its reserve-based lending facility, strengthening liquidity to $679 million.

Underpinning the re-rating is a broader strategic pivot toward Southeast Asia, where EnQuest entered Vietnam, Brunei and Indonesia during 2025 — reducing its reliance on the UK North Sea, which remains hampered by the government’s Energy Profits Levy.

With analysts carrying a consensus target price of around 34p, the market appears to believe the EnQuest growth story still has further to run.