ENQUEST said it is expecting a “material increase” in production in 2018, with top-end forecasts suggesting a 58 per cent overall uplift.

For the 2017 year, Enquest saw revenue dip by a quarter to $635.2m as production fell 5.9% to a “disappointing” 37,405 barrels of oil equivalent per day (boepd).

But Kraken has since ramped up the pace, delivering 38,000 boepd in the first two months of the year, helping shares climb 6% yesterday.

Enquest expects to benefit from increased production at Kraken and the Magnus field, in which it acquired a 25% stake from BP in December.

The group swung to a $244m reported pre-tax loss after a $217m profit the previous year, but chief executive Amjad Bseisu said the year marked a transformation from a period of heavy investment to sustained growth.