EnQuest Plc (LON:ENQ) has picked up an operated 85% stake in new exploration project offshore Malaysia.
The company and partner PETRONAS has been issued the Block PM409 Production Sharing Contract covering some 1,700 square kilometres in a proven hydrocarbon area, which features several undeveloped discoveries.
It begins with an initial four-year exploration term the partners are committed to drilling one well.
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"We are delighted to have been awarded the Block PM409 PSC and to expand our presence in Malaysia,” said Amjad Bseisu, EnQuest chief executive.
“The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development.
“We would like to thank PETRONAS for their confidence in awarding us this block and we look forward to continuing our productive partnership with PETRONAS Carigali."