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(Sharecast News) - Independent oil and gas production and development company EnQuest has been awarded the Block PM409 production sharing contract (PSC) in Malaysia, in partnership with Petronas Carigali (PCSB) by Petronas, it announced on Wednesday.
The London-listed firm said that under the terms of the contract, it would operate the block with a participating interest of 85.0%, with PCSB owning the remaining 15.0%.
It said Block PM409 measures around 1,700 square kilometres, and is located offshore peninsular Malaysia in water depths of between 70 and 100 metres.
The block is in a proven hydrocarbon area, containing several undeveloped discoveries, and is contiguous to the group's existing PM8 Seligi PSC, providing low-cost tie-back opportunities to its existing Seligi main production hub.
Within the initial four-year exploration term of the contract, the partners were committed to the drilling of one well, the company said.
"We are delighted to have been awarded the Block PM409 PSC and to expand our presence in Malaysia," said chief executive officer Amjad Bseisu.
"The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development.
"We would like to thank Petronas for their confidence in awarding us this block and we look forward to continuing our productive partnership with Petronas Carigali."
At 1102 GMT, shares in Enquest were up 1.02% at 17.78p.
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