EnQuest Plc (LON:ENQ) told investors it has unlocked more than US$100mln of liquidity as it unveiled a deal to pre-sell crude and a separate refinancing of its Tanjong Baram project in Malaysia.
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.
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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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