EnQuest’s boss hailed the firm as the “future of the North Sea” yesterday after revealing financial restructuring plans that include a share placing worth £82million.
EnQuest said the proposals were the final piece of the jigsaw that would help deliver Kraken, a flagship North Sea discovery slated for first oil next year.
Chief executive Amjad Bseisu said he was ready to buy up to £40million worth of new shares, matching the pro-rata commitments of existing shareholders.