EnQuest to Raise up to GBP36.1 Million to Fund Golden Eagle Oil Fields Stake Buy
June 30 2021 - 3:30AM
Dow Jones News
By Ian Walker
EnQuest PLC said Wednesday that it plans to raise up to 36.1
million pounds ($50 million) to fund its acquisition of a 26.69%
stake in the Golden Eagle oil fields, offshore U.K., as announced
in February.
The oil-and-gas company said it is issuing 190.1 million new
ordinary shares via a firm placing, placing and an open offer at 19
pence each. The issue price is an 8.7% discount to EnQuest's
closing price of 20.80 pence on Tuesday.
Under the fundraising, shareholders can buy up to 95.3 million
of the discounted shares via the open offer on the basis of five
new shares for every 89 held.
The fundraising is partly conditional upon shareholders
approving the acquisition of the Golden Eagle oil fields stake.
On Feb. 4 EnQuest said it was buying a 26.69% stake in the
Golden Eagle oil fields from Suncor Energy UK Ltd. for $325
million, funded by a new loan, cash flows and an equity raise of up
to $50 million.
EnQuest said at the time that the acquisition increases its
daily production by around 10,000 barrels of oil equivalent, with
operating costs of around $5 per barrel, and expands its net oil
resources by around 5 million barrels.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 30, 2021 03:20 ET (07:20 GMT)
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