(Alliance News) - EnQuest PLC has purchased the Bentley oil discovery in the UK's North Sea from Whalsay Energy Holdings Ltd, it announced on Monday.
Oil & gas firm EnQuest will pay up to USD2 million in certain accrued costs for the entire equity interest in the proven Bentley heavy-oil discovery. No other upfront consideration is payable although EnQuest may make deferred payments to Whalsay based on future revenues generated, which are capped at USD40 million.
The Bentley oil discovery is within 15 kilometres of EnQuest's existing Kraken and Bressay operated interests, offering long-term potential development opportunities.
The transaction will take place through the acquisition of Whalsay's subsidiary, Whalsay Energy Ltd, which holds the Bentley discovery licence as its only asset, on a cash, liability and debt free basis.
Shares in EnQuest were up 3.3% at 16.50 pence in London on Monday morning.
By Will Paige; willpaige@alliancenews.com
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Enquest (ENQ)