EnQuest Exercises Magnus and Thistle Options

Source: www.gulfoilandgas.com 10/4/2018, Location: Europe

EnQuest PLC, an independent oil and gas production and development company listed on the London and Stockholm stock exchanges, is pleased to announce that following Shareholder approval at the Company’s General Meeting on 1 October 2018, it has exercised its options with BP relating to the Magnus field and associated infrastructure and the Thistle and Deveron fields.

The Magnus acquisition, which is targeted for completion by year-end 2018, subject to requisite regulatory and third party consents, is expected to add approximately $500 million of net present value to the Group with a significant increase to both existing 2P reserves and annual production.

Exercising the Thistle option results in EnQuest receiving $20 million in cash in exchange for increasing its total payment obligation of BP’s decommissioning costs of the Thistle and Deveron fields to 7.5% from 4.5% previously. The cap on EnQuests total payment obligation also increases by £42 million to £99 million. The funds are expected to be received from BP within 10 business days.


United Kingdom >>  6/16/2022 - A consortium of Aker Solutions, Siemens Energy and Doosan Babcock has been awarded the front-end engineering and design (FEED) contract for SSE Therma...
United Kingdom >>  6/13/2022 - Anasuria Operating Company has granted Petrofac, a prominent provider of services to the global petroleum business, an Integrated Services Provider (I...

Norway >>  6/1/2022 - Aker Solutions has secured a significant[1] three-year contract extension to an existing framework agreement for work at North Sea fields operated by ...

Related Categories: Belt Filters  Filter Belts/Cloth  Filter Media  Filter Presses  Filters & Filtration Equipment  General  Oil Separator  Screens  Separators  Separators, Oil/ Water  Skimmers 

Related Articles: Filter Media  Filters & Filtration Equipment  General  Oil Separator  Screens  Separators  Separators, Oil/ Water 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.