Enquest PLC (AIM:ENQ) said a key pre-emption hurdle has been cleared for its proposed Malaysian acquisitions, keeping the transaction on track for expected completion at the end of 2026.
The company said existing PSC partners have waived their rights of pre-emption over Package 2, which covers a 50% operated participating interest in the D35-D21-J4 production sharing contract. Package 1 and Package 3 were not subject to any pre-emption rights.
Subject to remaining completion conditions, EnQuest will acquire a 90% operated interest in the Balingian PSC and a 100% operated interest in the SK8 PSC under Package 1, alongside the Package 2 interest and a 30% non-operated interest in the PM6-12 PSC under Package 3.
The proposed acquisitions together constitute a reverse takeover under UK Listing Rules. EnQuest said a combined shareholder circular and prospectus will be published in due course, with completion anticipated on 31 December 2026.
