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EnQuest Farms Down 85% Stake In Eagle Discovery To Anasuria Hibiscus

Thu, 25th Feb 2021 11:42

(Alliance News) - Oil & gas firm EnQuest PLC on Thursday said it has agreed with Anasuria Hibiscus UK Ltd to farm-down an 85% working interest in, and transfer operatorship of, the Eagle discovery located in the UK North Sea.

Anasuria Hibiscus is a part of Malaysia-based oil & gas exploration and production company Hibiscus Petroleum Bhd, which has assets in the UK and Australia.

EnQuest said it will retain a 15% non-operating working interest.

The London-based company said consideration is in the form of a nominal USD1 payment plus a full carry of all costs from completion of the transaction through to first oil in relation to the 15% interest.

Completion of the deal is expected during the second quarter of 2021.

EnQuest noted that it currently has no gross assets, reserves or profits attributable to the Eagle discovery.

EnQuest shares were trading 1.9% lower in London on Thursday morning at 20.12 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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