It has struck a US$80mln deal with Mercuria Energy Trading, receiving 18 monthly instalments in return for future deliveries amounting to 1.8mln barrels of crude.
Under the deal, EnQuest will receive the average market price for the crude but with a floor and ceiling range between US$45 and US$64 per barrel.
Separately, the Tanjong Baram deal sees the company enter into a US$37.25mln ‘refinance’ with Castleton Commodities Merchant Asia, replacing an existing US$11.35mln facility with the Development Bank of Singapore.
In afternoon trading, EnQuest shares were 2.8% lower at 26.00p.
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