Maturity date extension: High Yield & Retail Notes

ENQUEST PLC

15 October 2020

Automatic extension of maturity date of EnQuest's High Yield Notes and Retail Notes

EnQuest PLC ("EnQuest") today confirms the automatic extension of the maturity date of its 7.00 per cent. Extendable PIK Toggle Notes originally due 2022 (the "Retail Notes") and the anticipated automatic extension of the maturity date of its 7.00 per cent. PIK Toggle Senior Notes originally due 2022 (the "High Yield Notes").

Under the existing terms of the Retail Notes, the maturity date is automatically extended to 15 October 2023 (from 15 April 2022) if EnQuest's senior credit facility is not repaid or refinanced in full by 15 October 2020.  Similarly, under the existing terms of the High Yield Notes, the maturity date is automatically extended to 15 October 2023 (from 15 April 2022) if the senior credit facility is not repaid or refinanced by 30 October 2020.

As previously announced, EnQuest reduced its senior credit facility by $325 million during the financial year ended 31 December 2019 and made a further accelerated voluntary repayment of $35 million in January 2020; no senior credit facility amortisations are due in 2020. At the end of September, the Group's outstanding senior credit facility remained at $425.0 million, excluding payment in kind interest.

Further information:

For further information, please visit the Company's Investor Relations website at www.enquest.com/investors or contact:

Investor Relations

EnQuest PLC

Fifth Floor, Cunard House

15 Regent Street

London SW1Y 4LR

United Kingdom

Tel: +44 (0)20 7925 4900

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