EnQuest Plc, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd., is pleased to report the agreement to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia. The agreement is subject to the approval of Petronas and satisfaction of certain conditions precedent.
This acquisition is another step in the execution of the company’s strategy to extend its international footprint in Malaysia. Following completion, the acquisition will contribute approximately 5,000 Boepd of net production and 11.0 MMboe of net 2P reserves to EnQuest. EnQuest has extensive experience in creating value from late stage maturing assets in the North Sea, now being extended to enhance recovery from these Malaysian assets.
The current PM8 PSC is due to expire on June 30. It is a condition to completion that the company will enter into an agreement with Petronas for the continuing development and production of petroleum resources from the PM8 PSC and Seligi oil field until 2033.