Seeking Alpha

Enquest Plc, (ENQUF)

- Grey Market
  • Fri, Jan. 2, 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.
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