Capital Reorganisation THIS ANNOUNCEMENT CONTAINS INSIDE

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News Desk 2018

Oct 13, 2016 at 5:15 AM

Capital Reorganisation

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014). THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING HEREIN SHALL CONSTITUTE AN OFFERING OF HIGH YIELD NOTES, RETAIL NOTES OR NEW ORDINARY SHARES. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY NEW HIGH YIELD NOTES, EXISTING RETAIL NOTES, AMENDED RETAIL NOTES OR NEW ORDINARY SHARES MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE PROSPECTUS OR THE EXPLANATORY STATEMENT (AS APPLICABLE) ONCE PUBLISHED .. COPIES OF THE EXPLANATORY STATEMENT WILL, FOLLOWING DISTRIBUTION ELECTRONICALLY, BE AVAILABLE UPON REQUEST AT THE OFFICES OF ASHURST LLP, BROADWALK HOUSE, 5 APPOLD STREET, LONDON EC2A 2AG AND ON THE COMPANY'S INFORMATION AGENT WEBSITE AT WWW.LUCID.COM/ENQUEST AND THE PROSPECTUS WILL, FOLLOWING PUBLICATION, BE AVAILABLE FROM THE REGISTERED OFFICE OF ENQUEST PLC AND (SUBJECT TO CERTAIN RESTRICTIONS) ON ITS WEBSITE AT WWW.ENQUEST.COM . THE NEW ORDINARY SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE NEW ORDINARY SHARES WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND WILL NOT BE OFFERED OR SOLD TO THE PUBLIC IN THE UNITED STATES. THE NEW HIGH YIELD NOTES TO BE ISSUED PURSUANT TO THE SCHEME WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND WILL BE ISSUED IN RELIANCE UPON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY SECTION 3(a)(10) THEREOF. EnQuest PLC, 13 October 2016 Launch of the proposed financing restructuring of EnQuest PLC Overview The Board of EnQuest PLC today announces the launch of a proposed financial restructuring of the Group (the "Restructuring") which the Company has agreed with its key stakeholders following an extensive period of engagement and negotiation. The Restructuring is comprised of a number of key elements, including the implementation of the Proposed RCF Amendments and the Proposed Note Amendments, the renewal of the Surety Bond Facilities and the Placing and Open Offer (which terms are explained further below). All of these elements are inter -conditional, meaning that none of the elements will become effective if any one of them is not delivered. So the Restructuring would not proceed if for example, the Scheme to effect the Proposed Note Amendments is not approved by the requisite majorities of Scheme Creditors or if the shareholder Resolutions in connection with the Placing and Open Offer are not approved by Shareholders. The Company believes that, if successful, the Restructuring will provide the Group with a stable and sustainable capital structure, reduced cash debt service obligations and greater liquidity. These will all contribute to the continued delivery by the Group of its strategic objectives. Jock Lennox, Chairman of EnQuest, said: "We are very pleased to announce today a comprehensive package of measures to place EnQuest on a strong footing to deliver our Kraken development in H1 2017 and ensure that we are well placed to deliver value to our shareholders in the medium term. Over the last two years, EnQuest has taken action to implement extensive cost saving programmes to refocus the business for the low oil price environment, including reducing and re-phasing both capital and operating expenditures. Simultaneously, EnQuest has been working on a range of other funding and liquidity options, which culminate in the Restructuring announced today. We have agreed a range of improvements on the terms of our debt facilities and we remain grateful to our RCF lenders for their continuing support. We have also reached agreement with approximately 61 per cent of our High Yield Noteholders on the Proposed Note Amendments. The proposed Restructuring, which encompasses amendments to EnQuest’s existing RCF facility, amendments to the High Yield Notes and the Retail Notes, the renewal of the Company’s Surety Bond Facilities and the Placing and Open Offer which is expected to raise £82 million in gross proceeds, will significantly improve the liquidity position of the Company so that EnQuest can deliver first oil from the Kraken development in H1 2017 in accordance with management’s projections. The Kraken development continues to be on track with the FPSO set for sail away in H2 2016. To view the full announcement, please click on the associated PDF document.

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