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Enquest

April 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

North Sea operator Enquest has acquired a package of assets from BP including 25% interest (and operatorship) in the UK North Sea Magnus field comprising almost 16m barrels oil equivalent of 2P reserves, a 3% interest in the Northern Leg Gas pipeline and 3.8% interest in the Ninian Pipeline system.It’s a good deal because the consideration is deferred and payable from cashflow generated by these assets, while crucially the decommissioning charges (when the assets are eventually shut down due to age) will be borne by BP.RBC believes Magnus’ efficiency could be improved (current uptime is just 54%) while Enquest has the option to buy BP’s remaining 75% for US$300m between July ’18 and January ’19.< ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Enquest

April 2017

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