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EnQuest to acquire 25% of Magnus field

24 January 2017 09:11

EnQuest has agreed to acquire from BP an initial 25% interest in the Magnus oil field as well as a 3.0% interest in the Sullom Voe oil terminal and supply facility, 9.0% of Northern Leg Gas Pipeline, and 3.8% of Ninian Pipeline System.

Magnus represents around 15.9 MMboe of additional net 2P reserves (gross reserves of 63.4 MMboe) with net production of 4.2 Mboe/d in 2016 (gross production 16.6 Mboe/d)

EnQuest currently has existing interests of 3.0% in SVT, 5.9% in NLGP and 2.7% in NPS.

EnQuest will become the operator of the assets.

The transaction is subject to certain regulatory, government authority, counterparty and partner consents.

The transition for the change in operatorship is anticipated to take between 6 and 12 months.

The consideration for these interests is $85 million (subject to working capital and other adjustments), which will be funded by deferred consideration payable from the cash flow of the assets.

At 9:11am: (LON:ENQ) EnQuest Plc share price was +1.13p at 50.38p

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