EnQuest, the largest UK independent oil producer in the North Sea, has completed the acquisition of a stake in the Kraken oil discovery, together with interests in the surrounding exploration acreage.
The transaction, first proposed on January 24th, will see EnQuest buy a 25% interest blocks 9/2b and 9/2c, including Kraken, from Nautical Petroleum which have a gross contingent resource estimate of 160m barrels of oil equivalents (MMboe).
As previously announced, the deal is worth between $150m and $240m, dependent on how much oil is shown to be in the blocks after testing.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm will also acquire surrounding exploration acreage and has the option to earn a 45% farm-in interest in block 9/1a in return for paying up to 90% of the gross cost of drilling up to two wells to appraise the Ketos discovery, which has the potential to be tied back to the Kraken field.
BC
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
