EnQuest Offered Eleven New North Sea Licences
EnQuest PLC (“EnQuest”), the largest independent UK producer of oil in the UK North Sea, is pleased to announce that it has been offered eleven licences in the 27th Oil and Gas Licensing Round of the UK’s Department of Energy and Climate Change. EnQuest applied for fourteen blocks, it has been offered eleven of those fourteen with the results of two applications not as yet announced.
The licenses offered to EnQuest yesterday include
2/4b - obligations to drill or drop
2/10a, 3/6 & 11c - (100%) - obligations to drill or drop
8/5 & 9/1b - West of Kraken - obligations to drill or drop
9/2d - (100%) - East of Kraken - obligations to drill or drop
15/17c - (100%) - Kilravock - obligations to drill or drop
21/7a - West of Scolty - obligations to drill or drop
21/17b - (100%) - Winchat - obligations to drill or drop
21/26 & 27c, 28/2b & 3 - (100%) - Elke/Pilot area - obligations to drill or drop
Not EnQuest Operated
22/11b - Contingent well
14/30c - Buffalo - obligations to drill or drop
20/14,19 & 20 - Cromwell - obligations to drill or drop
All of these licences are ‘Traditional’.
Amjad Bseisu, EnQuest CEO said:
“We are pleased by the offer of these licences which complement and build on the strength of our existing portfolio in the North Sea. Having secured so many of the applications we made, yesterday’s successes in this 27th round provide us with a raft of interesting new opportunities for growth.”
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)
RLM Finsbury Tel: +44 (0)20 7251 3801
Notes to editors
EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. It is a constituent of the FTSE 250 index. Its assets include the Thistle, Deveron, Heather, Broom, West Don, Don Southwest and Conrie producing fields and the Alma and Galia development. At the end of June 2012, EnQuest had interests in 29 production licences covering 36 blocks or part blocks in the UKCS, of which 22 licences are operated by EnQuest.
EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low risk region, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.
Forward looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest’s expectation and plans, strategy, management’s objectives, future performance, production, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance.