Updates from Tullow Oil, EnQuest and Northgate


The FTSE 100 saw just a 4.24% rise on Thursday, ending at 6,843.1. BG Group climbed 2.51% to 1265p while Randgold Resources rose 1.87% to 4566p. Admiral Group was another riser, up 1.66% to 1535p. The biggest faller was Anglo American, losing more than 3% slipping to 1418p.

The Dow Jones though was rather more pessimistic, dipping almost 110 points to 16,734.1 as oil prices climb - a three-year high at $112 a barrel .

A quiet end to the week as far as corporate numbers go. Tullow Oil says it has refinanced its NOK 2 billion (ca. $330 million) Norwegian exploration loan facility and upped the size of the facility to NOK 3 billion (ca. $500 million), extending the availability to the end of 2017.

It's a fully committed revolving credit facility, Tullow claims, replacing the previous arrangement, arranged for Spring Energy before its acquisition by Tullow, whose availability was due to expire in December 2014.

"This NOK 3 billion facility," says chief financial officer Ian Springett, "provides pre-funding for approximately 75% of our exploration and appraisal investment on the Norwegian Continental Shelf... We remain in an excellent position to fund all our activities across the portfolio."

Next, EnQuest says its expanded its footprint in Malaysia through acquisition of an interest in the producing Seligi oil field. It picks up ExxonMobil Exploration and Production Malaysia Inc.'s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia.

The agreement is subject to the approval of Petroliam Nasional Berhad and certain conditions. Following completion, the acquisition will contribute approximately 5,000 Boepd of net production.

"This acquisition," says Enquest's CEO, Amjad Bseisu, "follows from our recent partnership with PETRONAS on the Tanjong Baram field and is a significant expansion to our Malaysian operation."

Finally Northgate says it has completed a refinancing exercise, extending the current multi bank facility, whilst improving pricing it claims.

There's a £113m increase in multi bank facility to £534m while maturity is extended by one year to 30 June 2018. The Group announces preliminary numbers for the year ending 30 April 2014 on 25 June.

"The amended facility," says group finance director Chris Muir, "reflects the improved strength of the business and provides the Group with further operational and financial flexibility to maximise opportunities for growth where the appropriate return exists."