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Shareholders get behind EnQuest’s Golden Eagle swoop

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

Investors have resoundingly backed EnQuest’s plans to buy into the Golden Eagle area of the UK North Sea.

London-listed EnQuest said the deal was supported by 99.997% of shareholder votes cast at a general meeting.

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

In June, EnQuest secured a new £530m senior secured borrowing base debt facility to help fund the purchase.

As announced at the time of the deal, EnQuest also intended to raise about £35m to further bolster its balance sheet, by issuing 190m new shares at a price of 19p each.

Those shares were admitted to trading on the London Stock Exchange’s main market this morning.

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

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

EnQuest is trying to beef up its portfolio, which has shrunk considerably since 2019.

Since then, it has called time on its Thistle, Heather, Alma-Galia and Dons fields.

The company completed the acquisition of the Bentley development earlier this month.

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