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EnQuest Expands Footprint in Malaysia Through Acquisition


Posted: 13th June 2014 09:13

EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, ("EnQuest" or the "Company") is pleased to announce the agreement to acquire ExxonMobil Exploration and Production Malaysia Inc.'s ("ExxonMobil") interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia.  The agreement is subject to the approval of Petroliam Nasional Berhad ("PETRONAS") and satisfaction of certain conditions precedent.
 
This acquisition is another step in the execution of the Company's strategy to extend its international footprint in Malaysia.  Following completion, the acquisition will contribute approximately 5,000 Boepd of net production and 11.0 MMboe of net 2P reserves to EnQuest.  EnQuest has extensive experience in creating value from late stage maturing assets in the North Sea, now being extended to enhance recovery from these Malaysian assets.
 
Highlights

The current PM8 PSC is due to expire on 30 June 2014. It is a condition to completion that the Company will enter into an agreement with PETRONAS for the continuing development and production of petroleum resources from the PM8 PSC and Seligi oil field until 2033.
 
EnQuest's CEO Amjad Bseisu said:
 
"I am delighted to announce this acquisition which builds on our 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.  I look forward to deepening our relationship with PETRONAS and adding further opportunities in Malaysia."

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