Serica Energy plc has exited its offer to buy Pharos Energy plc after the Pharos board withdrew its recommendation of acceptance in favour of a third party’s higher bid. Serica’s £145.7m offer at the end of July followed Israel-based Ratio Petroleum Energy LP’s bid of £124.3m, which it subsequently increased to £146.4m. The UK North […]
Tag: UK North Sea
Serica secures new $750m RBL
Serica Energy plc has signed a new six-year, senior secured reserves based lending facilities for an aggregate $750 million (£562m). FLEXIBILITY The total sum comprises $500m (£375m) secured revolving loan facility and a $250m (£187m) secured revolving letter of credit facility. The company said that the new facilities were oversubscribed and replace its current $525m […]
Orcadian issues 781,634 shares
Orcadian Energy plc has issued 781,634 ordinary shares, which settles £100,000 of the face value convertible loan amount from December 2025. TVRs Following the conversion, a total of £352,500 face value CLNs remains outstanding. On admission, the company’s voting rights will be 79,986,977 ordinary shares. Orcadian holds UK North Sea oil interests which include the Pilot field, Elke […]
EnQuest awards 7m performance shares
EnQuest plc has awarded a total of 7,176,105 shares under the company’s performance share plan. CONDITIONS Chief executive officer Amjad Bseisu received 4,305,663 shares, of £0.05 each, and chief financial officer Jonathan Copus 2,870,442. The 1 July 2026 awards will vest on 27 April 2029 as nil cost options, subject to performance conditions. EnQuest holds […]
Capricorn extends deadline for possible offer
Capricorn Energy plc has secured a second extension to the possible all cash offer for the company from Alamadiyaf al-Masiyyah for Trading LLC, which is a member of the Jeddah-based Cafani Group. FUNDING The potential purchaser now has until 5pm on 3 June 2026 to announce whether or not it has a firm intention to […]
EnQuest secures $800m financing deal
EnQuest plc has signed new six-year, senior secured reserves based lending facilities for an aggregate $800 million (£608m) with a syndicate of eight “leading international banks”. STRATEGY The syndicate financing the facilities includes “long-standing existing lenders and high-quality new relationships”. The sum comprises a $400m secured revolving loan, a $400m secured revolving letter of credit, […]