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  • Enquest: Completion of Magnus transaction
    édité le 03/12/2018 - Plus de news de "EnQuest" - Voir la fiche entreprise de "EnQuest"


Enquest: Completion of Magnus transaction
EnQuest PLC, an independent oil and gas production and development company listed on the London and Stockholm stock exchanges (ENQ.L and ENQ.ST), is pleased to announce that it has completed the acquisition of the remaining 75% interest in the Magnus oil field (‘Magnus’), an additional 9.0% interest in the Sullom Voe Oil terminal and supply facility (‘SVT’) and additional interests in associated infrastructure from BP as planned.

As outlined in the announcement on 7 September 2018, the addition of Magnus is expected to add:

- approximately 60 MMboe of 2P reserves (equating to approximately 30 per cent. of the Group’s reserve base) as at 1 January 2018;
- approximately 10 MMboe of 2C resources (equating to approximately 6 per cent. of the Group’s resource base) as at 1 January 2018; and
- approximately $500 million of net present value to the Group at $70/bbl long-term oil price, as outlined in the Competent Person’s Report on Magnus included in the Prospectus dated 7 September 2018

With an effective economic date of 1 January 2017, it is estimated that the net amount financed by BP and to be repaid out of the future cash flows from the 75% interest in Magnus is around $100 million (subject to customary completion adjustments). EnQuest has also paid its $100 million cash contribution of the consideration from the funds received through the Rights Issue undertaken in October.

EnQuest CEO, Amjad Bseisu, said:

“We are delighted to have completed the acquisition of Magnus, the Sullom Voe Terminal and associated infrastructure from BP. These assets are a strong strategic fit for EnQuest to which we can apply our life extension expertise and deliver value for all our stakeholders.

“The addition of Magnus is expected to add material production and cash flow from the addition of significant low-cost 2P reserves. These cash flows will help facilitate the planned reductions in the Group’s debt. We continue to assess further value accretive, short-cycle opportunities that have been identified at Magnus.

“SVT is an essential element of our North Sea portfolio through which we flow over one-third of our North Sea production. We are on track to deliver around £50 million of cost savings in our first year as operator, and plan further savings in 2019 while exploring opportunities for new business to maximise the terminals value.”

EnQuest now has a 100.0% equity stake in Magnus, 15.1% in SVT, 18.0% in the Ninian Pipeline System and 41.9% in the Northern Leg Gas Pipeline.

About EnQuest

EnQuest is one of the largest UK independent producers in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its operated assets include Thistle/Deveron, Heather/ Broom, the Dons area, Magnus, the Greater Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken; EnQuest also has an interest in the non-operated Alba producing oil field. At the end of June 2018, EnQuest had interests in 20 UK production licences and was the operator of 18 of these licences.

EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.

EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea. In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.


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