Debt structure

Principal 

(as at 31 December 2025)

Reserves Based Facility (USD)

Up to $400 million senior secured revolving borrowing base facility agreement, with an additional $400 million letter of credit facility

$800 million accordion facility, which can increase each tranche above by up to $400 million

RBL Drawdown 
$nil

LoC utilisation 
$381.5 million

USD SOFR + Margin 

Margin is:
1) 4.00% - until and including 9 November 2027;

2) 4.25% - from 10 November 2027 until 10 November 2029; 

3) 4.50% - up to and including final maturity date

In November 2025, EnQuest entered into an up to $800 million senior secured revolving borrowing base facility ('RBL').

• USD denominated facility;
• Drawings under the RBL in the form of cash facility to $400.0 million and letters of credit to $400.0 million;
• Incorporates uncommitted accordion facility of $800.0 million
• Covenants tested at the half and full year include: (a) ratio of consolidated net financial indebtedness to EBITDA < 3.5x; and (b) liquidity test requiring the Group to have sufficient funds available to meet all of its liabilities over the next 24 months;
• Minimum cash balance of $25 million to be maintained across all periods;
• RBL requires 45% of net entitlement production volumes for the 12 months ahead, and up to 35% of the following 12 months net entitlement production, to be hedged, dependent on the level of RBL drawn.

$465
million

In October 2022, the Group issued a $305 million high yield bond. In October 2024, the Group issued an additional $160 million tap on the existing high yield bond (refinancing a $150 term loan facility), increasing the overall high yield bond to $465 million.

• Subordinated debt sitting behind obligations under the RBL facility
• Optional redemption for:
  • a) Prior to 1 November 2024 up to 40% of the outstanding notes at 111.625% of the principal amount with all or a portion of Equity Offerings
    b) Prior to 1 November 2024 up to 10% of issued notes may be redeemed annually at 103% of the original principal amount
    c) On or after 1 November 2024 all or part of the outstanding notes at perscripted redemption prices

£133.3 million

The 9.00% 2027 GBP Retail bond was issued through an exchange and cash offer.

The offer completed on 20 April 2022, and settled on 27 April 2022, with a principal of £133.3 million generated via £54.0 million of new cash inflows, and £79.3 million of existing 7.00% bonds being exchanged for the new bond.

In 2017, EnQuest NNS Limited entered into a $42.0 million revolving loan facility with a joint operator partner to fund the short-term working capital cash requirements on the acquisition of SVT and other interests.

• The facility was subsequently novated to EnQuest Heather Limited and extended to 2027
• bp has separately provided a guarantee of £42.0 million in relation to the SVT WCF, such guarantee given directly to Deutsche Bank
• bp has agreed to continue to provide its guarantee of such a working capital facility until the earlier of:
  • 1. the date on which production from Magnus permanently ceases; or
  • 2. if the operating agreements for both SVT and the NPS are amended to allow for cash calling, the effective date of such amendment