EnQuest To Acquire Stakes In Four Offshore PSCs From Petronas For US$833 Mln
KUALA LUMPUR, June 10 (Bernama) -- EnQuest PLC's wholly owned subsidiary EnQuest Petroleum Production Malaysia Ltd is acquiring three separate packages that include interests in four offshore production sharing contracts (PSCs) in Malaysia for US$833 million (US$1=RM4.06) from Petronas.
The British energy company said in a statement that the acquisitions involve the EnQuest Petroleum Production Malaysia entering into three separate farmout agreements (FOAs) with Petronas Carigali Sdn Bhd and E&P Malaysia Venture Sdn Bhd, which is a key subsidiary of Petronas.
EnQuest chief executive officer Amjad Bseisu said the acquisitions reflects the company's clear focus on building a larger, more diversified portfolio, while maintaining its discipline in pursuing opportunities that enhance value, strengthen cash generation and support long-term shareholder returns.
"This is an exciting moment for EnQuest that expands our Southeast Asia position, strengthens our global portfolio, provides a material milestone in the delivery of our growth strategy.
"I thank Petronas Carigali for its continued trust in EnQuest as a strategic partner and high-performing operator, and very much look forward to working with our partners to realise the full potential of these new additions to our portfolio," he said.
The acquisitions, should it be completed, will together constitute a reverse takeover for the purposes of the UK Listing Rules (UKLRs) of the Financial Conduct Authority (FCA) and are therefore notifiable in accordance with UKLR 7.5.1R(1).
In addition, the acquisition of Package 1 alone (regardless of whether Package 2 or Package 3 completes) constitutes a reverse takeover under the UKLRs.
Earlier in separate statement, Petronas said it entered into several agreements involving selected producing upstream assets in Peninsular Malaysia and Sarawak.
Under the agreements, EnQuest Petroleum Production Malaysia will assume operatorship and participating interests (PI) in the Balingian PSC, SK8 PSC and D35 PSC, while participating as a non-operating partner in the PM6/12 PSC.
-- BERNAMA