Enquest backs strong cashflow in Golden Eagle buy
The North Sea producer is increasing, but reorganising, its debt to fund acquisition
UK independent Enquest will pay Canada’s Suncor an initial $325mn for its 26.7pc stake in the North Sea Golden Eagle oil field, with an additional contingency of up to $50mn in 2023 if oil prices are buoyant between now and then. But, despite increasing its debt pile to fund all of the purchase price bar $50mn—which will be covered by an equity raise underwritten by the firm’s CEO Amjad Bseisu—the firm is confident that increased cashflow and a simplification of its debt structure will turn the transaction into a positive. Debt has become a significant millstone to the attractiveness of UK-listed oil producers. High borrowing has severely hobbled Tullow Oil, while Premier Oil has sought refu
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