EnQuest exits from investment in Tunisia

EnQuest Plc has exited from its small investment in Tunisia. In May 2013, EnQuest agreed to acquire interests in the Didon producing oil field and the Zarat permit, from PA Resources AB and certain of its subsidiaries (PAR), and PAR was to retain a partial interest in the assets following EnQuest’s acquisition.

EnQuest’s completed the acquisition of Didon in July 2014, and the consideration of $23 million was to be kept in escrow pending an appropriate response from the Tunisian authorities. The backstop date for the transaction has now passed, and the parties have elected not to extend it. Accordingly the interest previously acquired by EnQuest has been returned to PAR, the $23 million has been returned to EnQuest, and EnQuest has no future obligation to complete any acquisition pursuant to the May 2013 agreement with PAR.

In its recent Group Trading and Operations update, EnQuest noted provisional oil production of an average of 28,267 Boepd for 2014; the finalized EnQuest production figure for 2014 will now exclude the 372 Boepd that was in relation to production from Didon. In that update, EnQuest also provided outlook figures for 2015, including production and capital expenditure where there was no material contribution from Tunisia.

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