EnQuest plc has started a repurchase programme of its ordinary shares of 5 pence each in the company for up to $15 million.
Merrill Lynch International will buy the ordinary shares, as principal and not as agent of the company, to sell and for EnQuest to buy.
The agreement began on 29 April 2024 and will initially run until 30 June 2024.
EnQuest said that Merrill Lynch would make its trading decisions in relation to the ordinary shares independently of, and uninfluenced by, the company.
The company intends to hold in treasury the first 25m ordinary shares purchased.
These will be for issue to the company’s employee benefit trust for future exercise of options and awards made to EnQuest employees and executive directors in accordance with certain of the company’s existing share plans.
After the company has bought the initial 25m ordinary shares, all additional ordinary shares purchased under the programme will be cancelled.
Since the start of the buyback, EnQuest has purchased 156,752 ordinary shares for £25,607.66.
Following the transaction, the company will have 156,752 ordinary shares in treasury and 1,915,767,587 ordinary shares in issue.
EnQuest announced its share buyback in its full year results on 28 March 2024.