BP gets Magnus money back

Enquest pays off first loan issued in innovative North Sea financing deal

UK independent Enquest has paid back the loan afforded to it by BP when the latter sold it a 25pc stake in the Magnus field in a January 2017 deal, the firm said when reporting results for the first half of the year. The loan was repaid by Enquest through improved cashflow from Magnus, where the firm has increased production to above purchase case rates and reduced opex by 66pc from $60/bl oe in 2015 to $20/bl oe. "The key driver of our improved cashflow in the [first half of 2019] has been Magnus," says Enquest CFO Jonathan Swinney. "Improved performance from Magnus has accelerated the cashflow from the asset." Enquest secured the 25pc stake in Magnus for a base consideration of $85mn, a pr