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EnQuest reveals deals to unlock more than US$100mln of liquidity

An US$80mln crude pre-sale arrangement and a US$37.25mln refinancing are part of "a programme of prudent measures" being undertaken by EnQuest

Enquest oil worker on a rig
EnQuest will receive between US$45 and US$64 per barrel for 1.8mln barrels of crude

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.

READ: EnQuest looking forward to cash generation and deleveraging as Kraken start-up nears

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.

  -- Adds share price --

Quick facts: Enquest Plc

Price: 19.1 GBX

AIM:ENQ
Market: AIM
Market Cap: £323.9 m
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