Last checked at 16 Jul 2012 12:24
16 July 2012
EnQuest PLC ('EnQuest')
Result of Extraordinary General Meeting ('EGM')
The Board of Directors of EnQuest announce that at the EGM held earlier today, the required majority of EnQuest shareholders voted in favour of the proposed acquisition by EnQuest Dons Limited (a wholly owned subsidiary of EnQuest), of a further 15% interest in UKCS blocks 9/2b and 9/2c including the Kraken oil discovery from First Oil and Gas Limited, for a total consideration of up to US$144 million by way of a development carry. Completion of the acquisition is subject to final regulatory and partner consents.
The resolution put to the EGM, convened in accordance with the Notice of EGM set out in the circular to shareholders dated 28 June 2012, was passed with details of the votes being as follows:
Number of shares voted | Number of shares voted for the resolution | Number of shares voted against the resolution | Number of shares in respect of which a vote was withheld
| |
Totals | 430,014,754 | 430,009,293 | 5,461 | 4,960,593 |
Percentage of shares voted | 99.99% | 0.01% | ||
The Company's issued share capital consists of 802,660,757 Shares with voting rights. Each Share carries the right to vote.
A copy of the resolution has been submitted to the UK Listing Authority and will shortly be available for inspection via the Financial Services Authority's National Storage Mechanism, located at www.hemscott.com/nsm.do.
ENDS
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Michael Waring (Head of Communications & Investor Relations)
Paul Waters (Company Secretary)
RLM Finsbury Tel: +44 (0)20 7251 3801
James Murgatroyd
Conor McClafferty
Dorothy Burwell
Notes to editors
EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. It is a constituent of the FTSE 250 index. Its assets include the Thistle, Deveron, Heather, Broom, West Don, Don Southwest and Conrie producing fields and the Alma and Galia development. At the end of 2011, EnQuest had interests in 22 production licences covering 27 blocks or part blocks in the UKCS, of which 19 licences were operated by EnQuest.
EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low-risk region, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.
Forward looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectation and plans, strategy, management's objectives, future performance, production, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.