EnQuest announces entry into North Africa

EnQuest has announced its entry into North Africa through a 70 per cent acquisition of interest in and operatorship of the offshore Tunisian assets of PA Resources.

EnQuest has announced its entry into North Africa through a 70 per cent acquisition of interest in and operatorship of the offshore Tunisian assets of PA Resources.

Assets include 2.0m barrels of oil equivalent (mmboe) of net producing proven and probable oil reserves (2P) in the Zarat Field.

The company said a further two wells in the Didon oil field should add extra reserves in the near future.

EnQuest will pay a cash consideration of $23m upon completion of the transaction. The group has also offered carry consideration of up to $93m payable following its sanctioning of the Zarat field development.

"This opportunity is ideal for EnQuest and our new partners, allowing us to deploy our operating and development expertise in these permits and also adds 2.0 mmboe of net 2P reserves, 41 mmboe of contingent resources, and approximately 1,000 boepd [barrels of oil equivalent per day] net to EnQuest with additional production and 2P reserves coming from a two well in-fill drilling programme in the Didon field in the near future," said Chief Executive Officer, Amjad Bseisu.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
House prices: from boom to even bigger boom
House prices

House prices: from boom to even bigger boom

UK house prices have risen to new to record highs, says Nicole Garcia Merida. Demand continues to outpace supply, but continued low interest rates, th…
9 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021