EnQuest PLC Liquidity enhanced by over $100 million (6469U)
26 October 2017 - 5:00PM
UK Regulatory
TIDMENQ
RNS Number : 6469U
EnQuest PLC
26 October 2017
ENQUEST PLC, 26 October 2017
Liquidity enhanced by over $100 million
EnQuest announces the execution of an $80 million crude oil
prepayment transaction and a $37.25 million refinancing for its
Tanjong Baram project in Malaysia. These transactions directly
provide EnQuest with over $100 million of additional financial
resources. This is part of the ongoing programme of prudent
measures to improve liquidity.
The $80 million crude prepayment entered into with Mercuria
Energy Trading SA involves repayment in equal monthly instalments
over 18 months, through the delivery of an aggregate of
approximately 1.8 mmbbls of oil. EnQuest will receive the average
Brent price over each month subject to a floor of $45 per barrel
and a cap of approximately $64 per barrel. The prepayment
transaction is being undertaken on an unsecured basis and at a cost
lower than current interest on EnQuest's existing senior credit
facility.
The $37.25 million Tanjong Baram financing entered into with
Castleton Commodities Merchant Asia Co. Pte. Ltd is intended to
replace the existing $11.35 million financing with the Development
Bank of Singapore.
Both transactions are subject to certain conditions precedent
including regulatory and lender approvals (where applicable).
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor
Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Notes to editors
ENQUEST
EnQuest is one of the largest UK independent producers in the UK
North Sea. EnQuest PLC trades on both the London Stock Exchange and
the NASDAQ OMX Stockholm. Its operated assets include
Thistle/Deveron, Heather/ Broom, the Dons area, the Greater
Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken; EnQuest also
has an interest in the non-operated Alba producing oil field. At
the end of June 2017, EnQuest had interests in 24 UK production
licences and was the operator of 22 of these licences.
Forward looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectation and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this presentation should
be construed as a profit forecast. Past share performance cannot be
relied on as a guide to future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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