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.