EnQuest PLC Completion of Acquisition (0693Y)
December 01 2017 - 1:01AM
UK Regulatory
TIDMENQ
RNS Number : 0693Y
EnQuest PLC
01 December 2017
ENQUEST PLC, 1 December 2017.
ACQUISITION OF 25% INTEREST IN THE MAGNUS OIL FIELD
COMPLETED
EnQuest PLC ('EnQuest') today announces that it has completed
the acquisition of an initial 25% interest in the Magnus oil field
('Magnus'), a 3.0% interest in the Sullom Voe Oil terminal and
supply facility ('SVT') and additional interests in associated
infrastructure from BP as planned. EnQuest is now the operator of
both Magnus and SVT.
This acquisition and the associated details of the transaction
were originally announced on 24 January 2017.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Communications & Investor Relations
Ian Wood
Michael Waring
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Notes to editors
ENQUEST
EnQuest is one of the largest UK independent producers in the UK
North Sea. EnQuest PLC trades on both the London Stock Exchange and
the NASDAQ OMX Stockholm. At the end of June 2017, its operated
assets included Thistle/Deveron, Heather/ Broom, the Dons area, the
Greater Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken;
EnQuest also has an interest in the non-operated Alba producing oil
field. At the end of June 2017, EnQuest had interests in 24 UK
production licences and was the operator of 22 of these
licences.
EnQuest believes that the UKCS represents a significant
hydrocarbon basin, which continues to benefit from an extensive
installed infrastructure base and skilled labour. EnQuest believes
that its assets offer material organic growth opportunities, driven
by exploitation of current infrastructure on the UKCS and the
development of low risk near field opportunities.
EnQuest is replicating its model in the UKCS by targeting
previously underdeveloped assets in a small number of other
maturing regions; complementing its operations and utilising its
deep skills in the UK North Sea. In which context, EnQuest has
interests in Malaysia where its operated assets include the
PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk
Services Contract.
Forward looking statements: This announcement may contain
certain forward looking statements with respect to EnQuest's
expectation and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this presentation should
be construed as a profit forecast. Past share performance cannot be
relied on as a guide to future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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