EnQuest PLC (LSE:ENQ) entered into an agreement to acquire 26.7% stake in Golden Eagle Area Development from Suncor Energy UK limited for approximately $380 million on February 3, 2021. Under the terms of transaction, EnQuest will pay $325 million (which is subject to working capital and other adjustments) in cash and contingent payment of up to $50 million. The contingent consideration is payable in the second half of 2023, if between July 2021 and June 2023 the Dated Brent average crude price equals or exceeds $55/bbl, upon which $25 million is payable, or if the Dated Brent average crude price equals or exceeds $65/bbl, upon which $50 million is payable. EnQuest plans to finance the Transaction through a combination of a new secured debt facility, interim period post-tax cash flows between the economic effective date of January 1, 2021 and completion, and an equity raise. It is anticipated the new secured debt facility, in respect of which the Group is currently working closely with its leading lending banks BNP and DNB, will incorporate the refinancing of the existing outstanding senior credit facility. Further, the Group anticipates raising up to 50 million of equity through a placing and open offer, in which shareholders related to Amjad Bseisu are expected to participate in line with their equity holdings. Amjad Bseisu and/or persons related to him are expected to make financing commitments assuring there will be no funding shortfall in respect of this $50 million. As of June 11, 2021, EnQuest signs new senior secured borrowing base debt facility for $750 million to finance the transaction. As of June 30, 2021 EnQuest PLC intent to raise around $49.99 million (GBP36.1 million) through a placing and open offer, which will go towards part financing the acquisition. Upon completion, this acquisition will add immediate material production and cash flow to EnQuest and will allow us to accelerate use of our substantial tax losses. It also demonstrates our continued commitment to the UK North Sea and diversifies our existing production base. EnQuest paid $3 million which will be forfeited in most circumstances if the Transaction does not complete. Completion of the Transaction is subject to the satisfaction or waiver of various conditions precedent, including putting in place the funding arrangements, approval from EnQuest's shareholders by ordinary resolutions, the approvals of joint venture partners in the Golden Eagle area and receipt of other customary regulatory and third party consents. Transaction is expected to close no later than the third quarter of 2021. As of March 25, 2021, the transaction is expected before the end of the third quarter of 2021. As of May 12, 2021, expected to complete around the end of the third quarter of 2021. As on July 23, 2021, the shareholders of EnQuest approved the transaction. The transaction is expected to complete by the end of September 2021. Jamie Riddell, Barry Meyers and Fraser Jamieson of JPMorgan Cazenove Ltd. acted as Financial advisor to EnQuest PLC in the transaction. John Conlin, Rod Chooramun, Richard Harbot, Victoria Wolf, Alexander Keepin and Brian Mulkerrins of Bryan Cave Leighton Paisner LLP acted as legal advisor to Suncor Energy UK Limited.