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EnQuest refinancing deal concluded

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Oilfield Technology,


EnQuest Group has signed a new senior secured borrowing base debt facility of approximately US$600 million and an additional amount of US$150 million for letters of credit for up to seven years.

The new facility will enable the Group to simplify its existing capital structure and finance the acquisition of a 26.69% interest in the Golden Eagle Development Area Project in the North Sea.

Jonathan Swinney, EnQuest Chief Financial Officer, commented: “I am delighted to have agreed this new facility. It enables the refinancing and simplification of our existing capital structure and the acquisition of the Golden Eagle assets which will add material value, production and reserves to EnQuest.

“I would like to thank our lead banks, BNP Paribas and DNB, together with all of the lenders, for their support and I look forward to working with them.”


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