Enquest (LON:ENQ) and Cairn Energy (LON:CNE) have increased their interests in the Kraken oil field development project as their partner First Oil has run into trouble.
The London listed oil firms are to share First Oil’s 15% stake in the oil field.
Cairn is to receive an additional 4.5% of Kraken, taking its stake to 29.5%.In return, it will waive its right to reclaim $3mln of cash calls it paid on First Oil’s behalf in January and February.
Enquest, meanwhile, will waive its right to $7mln and it will gain an extra 10.5% stake, giving it 70.5% of Kraken.