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EnQuest buys stake in Equinor’s UK offshore Bressay field

The firm will pay £2.2mln payable as a carry against 50% of Equinor's net share of costs

Enquest Plc - EnQuest buys stake in Equinor’s UK offshore Bressay field

EnQuest PLC (LON:ENQ) has announced a sale and purchase agreement with Equinor for a 40.81% equity interest in the UK offshore Bressay oil field.

The oil and gas producer will pay £2.2mln payable as a carry against 50% of Equinor's net share of costs of the northern North Sea field, as well as a contingent payment of US$15mln when the authorities approve the development of the project.

READ: EnQuest output at top end of previously downgraded guidance

Under the terms of the deal, EnQuest becomes operator of the licences following the plugging and abandonment of the 3/28-1 well by Equinor.

Bressay holds estimated oil resources of 600-1,050mln barrels, while EnQuest sees potential to add another 115mln barrels at a low cost.

EnQuest shares advanced 3% to 13.52p on Friday morning.

Quick facts: Enquest Plc

Price: 10.46 GBX

AIM:ENQ
Market: AIM
Market Cap: £177.38 m
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