Enquest Plc,Grey Market
Thu, Sep. 8, 9:08 AM
Mon, Jul. 18, 8:55 AM
- Delek Group (OTCPK:DGRLY) agrees to acquire a 20% stake in the U.K.-based Kraken oil field from EnQuest (OTC:ENQUF) for $162M, as it seeks opportunities outside the Israeli natural gas market.
- The purchase is part of Delek’s strategy to acquire industry know-how and grow into an international energy brand.
- Production in the Kraken field, which holds 147M barrels of heavy oil, is expected to begin in 2017.
Thu, Mar. 17, 8:33 AM
- Enquest (OTC:ENQUF): FY'15 EPS of -$0.98.
- Revenue of $906.6M (-10.2% Y/Y).
Wed, Mar. 16, 11:31 AM
- BP and Royal Dutch Shell (RDS.A, RDS.B) are each ~1.2% higher after the U.K. announces tax cuts for the North Sea oil and gas industry.
- Chancellor of the Exchequer Osborne cuts the supplementary charge for the oil and gas industry to 10% from 20%, bringing the overall corporate tax rate to 40% from 50%, and scraps the 35% Petroleum Revenue Tax; the changes will be backdated, starting from January of this year.
- The tax cuts come after Brent oil prices fell by more than 60% since mid-2014, making much of the production in the U.K. North Sea uneconomic as costs escalate at aging fields.
- Shares of independent oil companies operating in the U.K. North Sea - including EnQuest (OTC:ENQUF), Cairn Energy (OTCPK:CRNCY) and Premier Oil (OTC:PMOIF) - surged on the news.
Oct. 5, 2015, 5:34 PM
- Standard & Poor's says it has taken rating actions on 14 European oil and gas E&P companies, mostly reflecting weak debt coverage measures and sometimes material negative discretionary cash flow after capex and dividends.
- S&P downgrades Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) to B+ from BB- and EnQuest (OTC:ENQUF) to B from B+, with a negative outlook for both companies.
- The ratings agency lowered outlooks for BP, Eni (NYSE:E), Repsol (OTCQX:REPYF,OTCQX:REPYY) and Statoil (NYSE:STO) to negative.
- Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) are affirmed with AA-/A-1+ corporate credit ratings and negative outlooks.
Jan. 2, 2015, 2:55 PM
- Europe largely missed out on last year's $383B in oil and gas sector M&A activity, but Europe likely will get a bigger piece of the action in 2015 if current oil prices persist, according to Reuters' Fiona Maharg-Bravo.
- Net debt at smaller explorers such as Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), Premier Oil (OTC:PMOIF), Afren (OTCPK:AFRNF) and EnQuest (OTC:ENQUF) could all reach 3x EBITDA if oil remains at $60/bbl through 2015, Barclays estimates.
- BG Group (OTCPK:BRGXF, OTCQX:BRGYY) has long been a target, and the new CEO starts in March; BP faces big liabilities in the Gulf of Mexico and volatility in Russia, it’s not clear if Shell (RDS.A, RDS.B) will make a move, while Exxon (NYSE:XOM) and other U.S. majors could be tempted.
Jun. 13, 2014, 9:54 AM
- Exxon Mobil (XOM +0.2%) agrees to sell its 50% stake in the Seligi oil field offshore Malaysia to U.K.-based EnQuest (ENQUF) for an undisclosed sum; Malaysia's Petronas will retain the other 50%.
- Seligi is EnQuest's third Malaysian project and will boost the company's net production by ~5K boe/day and add 11M boe to its net reserves.
- XOM, which considers Seligi a mature asset, says it remains a significant investor in Malaysia's oil and gas industry, as it continues to operate 32 platforms in 12 producing fields and retains a working interest in another 10 platforms in five fields in the South China Sea.