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EnQuest bid to refinance for Golden Eagle deal ‘on track’, Magnus hit by outages

© EnQuestEnQuest
EnQuest CEO Amjad Bseisu

EnQuest said today that it is “on track” to refinance its senior credit facility, paving the way for it to complete a North Sea acquisition.

The London-listed oil and gas firm struck a deal to buy Suncor’s 26.69% interest in the Golden Eagle area for $325 million in February.

It planned to fund the purchase through a combination of a new secured debt facility, its own cash flows, and an equity raise.

This would involve the refinancing of its existing outstanding senior credit facility, which totalled $352.3 million at the end of February, and expires in October.

EnQuest chief executive Amjad Bseisu said today that “various workstreams” in relation to the Golden Eagle deal were on track and that the transaction should go through during the third quarter.

The company, whose leading lending banks are BNP and DNB, also provided an operational update, saying the performance of its Magnus field had been “below expectations” so far this year.

The northern North Sea platform was hit by an unplanned third-party outage and power-related failures in the first quarter, which have been rectified, and slower execution of the well intervention program.

EnQuest said it remained focused on improving production through well intervention, increased water injection and facility optimisation.

The firm stuck to its net production guidance of between 46,000 and 52,000 boepd and said it had a number of production enhancing projects planned for 2021.

EnQuest said its Kraken field, also in the North Sea, continued to perform well, despite being shut in for three days in March while a tether was replaced.

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