Enquest signs production sharing contract for offshore Malaysia asset

(Alliance News) - Enquest PLC on Thursday said that its Malaysian affiliate has signed a production sharing contract offshore from the Asian country's peninsula.

EnQuest Petroleum Production Malaysia Ltd will carry on the Cendramas contract in partnership with Medco Asia Pacific Ltd and Dialog Resources Sdn Bhd.

Under the terms of the agreement which the oil and gas company with operations in the UK and Malaysia signed with Malaysia's national company Petroliam Nasional Berhad through Malaysia Petroleum Management, EnQuest will hold a participating interest of 25% in the production sharing contract of the offshore oil and gas asset.

Dialog will hold a further 25% interest, while the remaining 50% will be held by Medco, which is also the production's operator.

The production sharing contract will be effective from September 23, and strengthens EnQuest's presence in Malaysia.

Enquest shares were up 3.8% to 20.30 pence each on Thursday morning in London.

By Martin Miraglia, Alliance News reporter

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