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Enquest

November 2018

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 oil & gas exploration & production firm Enquest has announced it will exercise its option to acquire the remaining 75% it doesn’t already own in the North Sea’s Magnus field alongside increases in its interests in two pipelines and the Sullom Voe Terminal. The consideration is US$100m cash up-front with the remaining US$200m to be financed by a loan from BP. This will be paid out of the Magnus field’s cashflow. Enquest is funding the deal through a 3 for 7 rights issue at 21p a share, raising £103m net of expenses.It’s an excellent deal for Enquest and on completion will add around 60m barrels 2P (proven and probable) reserves. The initial program is to drill two in-fill development w ...

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Enquest

November 2018

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