EnQuest addresses $200MM debt, starts rights offeringEnquest PLC canceled its months-old plan to sell a 20% stake in the Kraken oil field in the North Sea, instead using the asset to securitize a loan as it races to pay back $200 million in debt due next month. The company borrowed $175 million in a five-year loan from Oz Management, a unit of Och-Ziff, with a 15% stake in the heavy oilfield as collateral.“The financing agreement with Oz Management was selected as the preferred economic option for EnQuest at this time, allowing us to...
Sep 27, 2018
People & Companies - January 10, 2018Australis Oil & Gas named Darren
Wasylucha as COO. He has held similar
roles at Aurora Oil & Gas Ltd. from
2011 to 2014. He has also been senior
executive VP, corporate, at Airboss
America Corp. and was a partner at
Davies Ward Phillips & Vineberg LLP. Philippines-based Basic Energy
Corp. announced Marietta Villafuerte
will retire as VP-Treasurer, effective
April 30. In addition, Anthony Cuaycong
resigned as SVP-general manager,
effective February 28. Alain Pangan was
named...
Jan 10, 2018
Creditors grant $2B-indebted EnQuest a deferralNorth Sea producer Enquest PLC was struggling with $2.0 billion in debt so its lenders have given it more flexible terms on its loan. The news sent the company’s share price, which has fallen by more than half since January, up 6% in one day. The company said its creditors have agreed to defer its scheduled $140 million reduction in a term loan by six months to Oct. 1, 2018, an announcement that analysts said would give the company additional breathing room.In addition, production at...
Dec 07, 2017
EnQuest in $117MM in debt deals with tradersEnQuest PLC, an E&P focusing primarily in the North Sea, entered a £60.62 million ($80 million) crude oil prepayment deal with trading house Mercuria as well as a refinancing agreement for $37.25 million with Castleton Commodities Merchant Asia to replace a credit facility the company had with Development Bank of Singapore pertaining to the Tanjong Baram field in Malaysia.The company stated that the new agreements are part of ongoing prudent measures to improve its liquidity, which...
Nov 16, 2017
EnQuest buys Stratic in all-share transactionStratic Energy, weighed down with high debt and disappointing production, agreed to be acquired by British-based EnQuest PLC in a share exchange valued at $135 million.
The deal is said to enable EnQuest to increase its position in the West Don field, where Calgary-based Stratic owns a 45%, stake and see it gain a position in the Crawford oil field development.
The acquisition will increase EnQuest's North Sea proved and probable reserves by 7.27 MMBOE, adding around 11% to its...
Sep 02, 2010
EnQuest buys Stratic in all-share transactionStratic Energy, weighed down with high debt and disappointing production, agreed to be acquired by British-based EnQuest PLC in a share exchange valued at $135 million.
The deal is said to enable EnQuest to increase its position in the West Don field, where Calgary-based Stratic owns a 45%, stake and see it gain a position in the Crawford oil field development.
The acquisition will increase EnQuest's North Sea proved and probable reserves by 7.27 MMBOE, adding around 11% to its...
Sep 02, 2010
IS - North Sea & Western Europe Briefs - September 20, 2018Corallian Energy Ltd, operator
of the Seaward Production License
P2235, has completed a rig site survey to
determine the location of the proposed
Wick exploration well, minority partner
Baron Oil reported. Corallian plans to drill
the Wick well offshore UK in 4Q18 once
it obtains all the necessary permits. Baron
Oil holds 15% WI. The Wick prospect has
estimated in place proven and probable
prospective resources of 250 MMbo. Enquest PLC scrapped plans to sell
a 20% stake in the Kraken...
Sep 20, 2018
People Briefs - January 08, 2018Australis Oil & Gas named Darren
Wasylucha as COO. He has held similar
roles at Aurora Oil & Gas Ltd. from
2011 to 2014. He has also been
senior executive VP, corporate
at Airboss America Corp. and
was a partner at Davies Ward Phillips
& Vineberg LLP. Philippines-based Basic Energy
Corp. announced Marietta Villafuerte
will retire as VP-Treasurer, effective
April 30. In addition, Anthony Cuaycong
resigned as SVP-general manager,
effective Feb. 28. Alain Pangan was
named...
Jan 08, 2018
International Capital - People & Companies Briefs - January 20, 2017Blue Sky Energy appointed corporate secretary Neil Said as VP and to the board following its acquisition of Sonoro Energy’s Iraqi exploration and development assets. The company changed its name in July from Brookwater Ventures and began trading on the TSX Venture exchange as BSI. Cairn Energy plc announced the appointment of Nicoletta Giadrossi as an independent non-executive director starting Jan. 10. She will join the remuneration committee. Giadrossi is currently an independent...
Jan 20, 2017
A&D News Briefs - May 30, 2012• Abraxas Petroleum acquired ~20,000 net acres in an emerging oil shale play in Alberta. The company believes the play has similar characteristics to the oil window in the Eagle Ford.• Antrim Energy and Crown Point Ventures said the required notice period to Antrim's partners in the company's assets in Tierra del Fuego, which provided them with the opportunity to exercise their contractual rights of first refusal to buy those assets, has expired without any rights being exercised. The...
May 30, 2012