Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

EnQuest outlines details of £36m equity raise for Golden Eagle deal

© Supplied by CNOOCCnooc Harbour NEO Waldorf
The Golden Eagle platform.

London-listed oil firm EnQuest today announced details of a £36 million equity raise intended to help it pay for a UK North Sea acquisition.

In February EnQuest struck a deal to buy Canadian firm Suncor’s 26.69% stake in the Golden Eagle area, which is operated by Chinese firm Cnooc, for an initial £240m.

Earlier this month, the firm secured a new £530m senior secured borrowing base debt facility to help fund the purchase.

But, as announced at the time of the deal, EnQuest also intends to raise about $50m to further bolster its balance sheet.

It will do this by issuing 190m new shares at a price of 19p each.

Double A, a company owned by the family of EnQuest CEO Amjad Bseisu, will participate in the equity raise in order to at least maintain its current shareholding level.

Furthermore, Double A has lined up a loan of up to $50m to provide additional funding should the equity raise fall short.

The capital raise is conditional upon, among other things, admission becoming effective by not later than 8am on July 26.

The Golden Eagle area, located about 70 miles north-east of Aberdeen, produced first oil in October 2014.

London-listed EnQuest said the purchase would give it additional production of 10,000 barrels of oil equivalent per day and reserves of 18 million barrels.

Recommended for you

More from Energy Voice

Latest Posts