Under the terms of the agreement, which is subject to the approval of Petroliam Nasional Berhad (PETRONAS), EnQuest will acquire interest in the Seligi oil field and the PM8 PSC for a $67m cash consideration, which is subject to an interim period adjustment on completion.
Following completion of acquisition, EnQuest will have approximately 5,000 boepd of net production and 11.0 MMboe of net 2P reserves by taking over operatorship from ExxonMobil.
EnQuest CEO Amjad Bseisu said the acquisition builds on EnQuest’s core skill of enhancing value from maturing fields.
"This acquisition follows from our recent partnership with PETRONAS on the Tanjong Baram field and is a significant expansion to our Malaysian operation," Bseisu added.
EnQuest and Petronas Carigali will each hold a 50% participating interest, upon completion of the transcation.
For continuing development and production of petroleum resources from the PM8 PSC and Seligi oil field until 2033, EnQuest will sign an agreement with PETRONAS.
