EnQuest PLC Eagle discovery farm-down (2650Q)
February 25 2021 - 1:00AM
UK Regulatory
TIDMENQ
RNS Number : 2650Q
EnQuest PLC
25 February 2021
EnQuest PLC, 25 February 2021
Eagle discovery farm-down
EnQuest PLC (together with its subsidiaries, 'EnQuest'), an
independent oil and gas production and development company listed
on the London and Stockholm stock exchanges (ENQ.L and ENQ.ST),
today announces that it has signed an agreement with Anasuria
Hibiscus UK Limited to farm-down an 85% working interest in, and
transfer operatorship of, the Eagle discovery located in the UK
North Sea. EnQuest will retain a 15% non-operating working
interest.
Consideration is in the form of a nominal $1 (one dollar)
payment due to EnQuest on completion plus a full carry of all costs
from completion of the transaction through to first oil in relation
to the 15% interest. Completion is expected during the second
quarter of 2021, subject to customary regulatory and third-party
approvals.
EnQuest currently has no gross assets, reserves or profits
attributable to the Eagle discovery.
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925
4900
Ian Wood (Head of Communications & Investor
Relations)
Jonathan Edwards (Senior Investor Relations
& Communications Manager)
Tulchan Communications Tel: +44 (0)20 7353
4200
Martin Robinson
Martin Pengelley
Harry Cameron
Notes to editors
EnQuest currently holds an operated 100% working interest in
Eagle, which is located in Block 21/19a of the UK Continental Shelf
and was discovered through a single exploration well in 2016.
ENQUEST
EnQuest is providing creative solutions through the energy
transition. As an independent production and development company
with operations in the UK North Sea and Malaysia, the Group's
strategic vision is to be the operator of choice for maturing and
underdeveloped hydrocarbon assets by focusing on operational
excellence, differential capability, value enhancement and
financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on
our global operations.
Forward-looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectations 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 announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance.
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END
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