EnQuest, the largest independent UK producer of oil in the UK North Sea, has become the first oil company to launch a retail bond through the Order Book for Retail Bonds of the London Stock Exchange.

The bond pays a fixed gross rate of interest of 5.5 per cent a year, maturing on 15 February 2022. Interest will be paid twice a year, the first coupon payment being due on 15 August. The minimum initial subscription is £2,000 (around $3,150) with multiples of £100 thereafter. The offer period is currently scheduled to close on 8 February 2013.

The bonds are expected to be admitted to trading on the London Stock Exchange’s regulated market and through ORB on 15 February 2013. Numis Securities will act as sole lead manager on this issue.

EnQuest is a FTSE250 company, established through combining the UK North Sea assets and operations of Lundin Petroleum and Petrofac.