International law firm Ashurst has advised EnQuest on the execution of a financing agreement for $175 million with funds managed by Oz Management. The financing is structured on a discrete 15% interest in the Kraken Field, the affiliate transfer for which is subject to normal regulatory approval, with repayment made out of the cash flows from this 15% interest.

Ashurst has advised on the finance, commercial and certain tax aspects of the transaction, working closely with EnQuest's general counsel Stefan Ricketts and senior legal adviser Dawood Ahmed.

The Ashurst team was led by oil and gas financing partner Huw Thomas, supported by partners Nikhil Markanday, Julia Derrick and Paul Miller, and associates Nicole Lim, Ari Garas, Zeina Talhouni, Kavisha Bilimoria, Elle Hansen, Alice Dawson and Shayaan Zaraq Bari.