EnQuest's wholly owned subsidiary, EnQuest Britain Limited, has agreed with CIECO Energy UK to acquire two of its affiliate companies which together hold a total of eight per cent non-operated interest in the producing oil field Alba.
The acquisition will further diversify EnQuest's asset base.
EnQuest Britain will pay a base consideration of £18.75m in cash, plus a further deferred cash consideration of up to £0.5m contingent on certain project milestones.
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During the year 2012, the Alba field had produced up to 6.4m barrels of oil by the end of September.
The Alba field contains around 1.0bn barrels of oil in place and has so far produced around 400m barrels. It produces heavy oil from Eocene turbidite sandstones.
Alba is operated by Chevron, which has a 23.37% interest. Other partners are Mitsui (13.3%), Endeavour (25.68%), Statoil (17%) and Centrica 12.65%.
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