TIDMENQ
RNS Number : 7844B
EnQuest PLC
25 September 2018
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF
AMERICA, AUSTRALIA, CANADA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA
OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A
PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING HEREIN SHALL
CONSTITUTE AN OFFERING OF THE SECURITIES REFERRED TO IN THIS
ANNOUNCEMENT. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE
ACQUIRE, SELL OR OTHERWISE DISPOSE OF THE SECURITIES REFERRED TO IN
THIS ANNOUNCEMENT MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION
CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE PROSPECTUS.
COPIES OF THE PROSPECTUS ARE AVAILABLE AT THE REGISTERED OFFICE OF
ENQUEST PLC AND ON ITS WEBSITE AT WWW.ENQUEST.COM.
Announcement of Swedish Krona Issue Price under the proposed
Rights Issue
25 September 2018
25 September 2018
EnQuest PLC ("EnQuest" or "the Company"), 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 a Swedish equivalent Krona Issue Price of SEK 2.42 per New
Ordinary Share (the "Swedish Krona Issue Price") for the proposed 3
for 7 c. GBP107m rights issue of 508,321,844 New Ordinary Shares
announced by the Company on 7 September 2018 (the "Rights
Issue").
The Swedish Krona Issue Price has been determined by converting
the issue price under the Rights Issue of 21 pence per New Ordinary
Share into Swedish Krona at a rate of 11.5379 GBP/SEK, this rate
representing the Bloomberg BFIX rate as at 6.00 p.m. (London time)
on 24 September 2018.
This announcement should be read in conjunction with the
Prospectus which was published on 7 September 2018 and is available
at the registered office of the Company and on the Company's
website at www.enquest.com.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Ian Wood (Communications & Investor Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Notes to editors
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. As of 31 December 2017, the Company had net 2P
reserves of 210 MMboe and net contingent resources of 164 MMboe.
The reserve life of its assets as at 31 December 2017 was 17
years.
IMPORTANT NOTICE
This announcement has been issued by and is the sole
responsibility of EnQuest. The information contained in this
announcement is for background purposes only and does not purport
to be full or complete. No reliance may or should be placed by any
person for any purpose whatsoever on the information contained in
this announcement or on its accuracy or completeness.
The Prospectus is not, subject to certain exceptions, available
(through the website or otherwise) to Shareholders and prospective
investors in the United States, Australia, Canada, Japan and the
Republic of South Africa (each an "Excluded Territory"). Neither
the content of EnQuest's website nor any website accessible by
hyperlinks on EnQuest's website is incorporated in, or forms part
of, this announcement. The Prospectus provides further details of
the securities referred to in this announcement that are being
offered pursuant to the Rights Issue.
This announcement does not contain or constitute an offer to
sell or the solicitation of an offer to purchase securities to any
person with a registered address in, or who is resident in, any
Excluded Territory or in any jurisdiction in which such an offer or
solicitation is unlawful. None of the securities referred to in the
announcement have been or will be registered under the relevant
laws of any state, province or territory in any Excluded Territory.
Subject to certain limited exceptions, none of these materials will
be released, published, distributed or forwarded in or into any
Excluded Territory.
This announcement does not contain or constitute an offer for
sale or the solicitation of an offer to purchase securities in the
United States. The securities referred to in this announcement have
not been and will not be registered under the Securities Act of
1933, as amended (the "Securities Act") or under any securities
laws of any state or other jurisdiction of the United States and
may not be offered, sold, taken up, exercised, resold, renounced,
transferred or delivered, directly or indirectly, within the United
States except pursuant to an applicable exemption from or in a
transaction not subject to the registration requirements of the
Securities Act and in compliance with any applicable securities
laws of any state or other jurisdiction of the United States. There
will be no public offer of securities in the United States.
This announcement is for information purposes only and is not
intended to and does not constitute or form part of any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for, any securities in any jurisdiction. No
offer or invitation to purchase or subscribe for, or any
solicitation to purchase or subscribe for, any securities will be
made in any jurisdiction in which such an offer or solicitation is
unlawful. The information contained in this announcement is not for
release, publication or distribution to persons in the United
States or any other Excluded Territory, and should not be
distributed, forwarded to or transmitted in or into any
jurisdiction, where to do so might constitute a violation of local
securities laws or regulations.
This announcement has been prepared in accordance with English
law, the EU Market Abuse Regulation and the Disclosure Guidance
Rules and Transparency Rules of the Financial Conduct Authority and
information disclosed may not be the same as that which would have
been prepared in accordance with the laws of jurisdictions outside
England. The distribution of this announcement into jurisdictions
other than the United Kingdom may be restricted by law, and,
therefore, persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions.
Any failure to comply with any such restrictions may constitute a
violation of the securities laws of such jurisdiction.
Recipients of this announcement and/ or the Prospectus should
conduct their own investigation, evaluation and analysis of the
business, data and property described in this announcement and/or
the Prospectus. This announcement does not constitute a
recommendation concerning any investor's options with respect to
the Rights Issue. The price and value of securities can go down as
well as up. Past performance is not a guide to future performance.
The contents of this announcement are not to be construed as legal,
business, financial or tax advice. Each investor or prospective
investor should consult his, her or its own legal adviser, business
adviser, financial adviser or tax adviser for legal, financial,
business or tax advice.
You are advised to read this announcement and the Prospectus in
its entirety for a further discussion of the factors that could
affect EnQuest's future performance. In light of these risks,
uncertainties and assumptions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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