Corporate finance and legal manoeuvring dominated the small-cap oil and gas space, with a North Sea producer locking in cheaper long-term debt even as a Ukraine-focused explorer fought to protect its international arbitration claim from domestic court interference.
Enwell wins ICSID arbitration protections
Enwell Energy (ENW) secured interim procedural safeguards from an ICSID tribunal designed to shield its treaty arbitration claim from parallel legal proceedings in Ukraine. The protections mark a tactical win for the AIM-listed producer as it pursues its case, with shares easing slightly to 12.5p, down 1.96% on the session.
Serica refinances $750m of debt on improved terms
Serica Energy (SQZ) has signed and completed new six-year reserves-based lending facilities worth $750m, replacing its previous $525m arrangement with improved terms. The North Sea producer's shares rose 3.2% to 257.8p as the market welcomed the strengthened balance sheet and extended debt maturity profile.
