ACQUISITION OF 25% OF MAGNUS OIL FIELD
ENQUEST PLC, 24 January 2017. ACQUISITION OF 25% OF MAGNUS OIL FIELDENQUEST TO TAKE OVER OPERATORSHIP OF MAGNUS, SULLOM VOE TERMINAL AND ASSOCIATED INFRASTRUCTURE WITH NO CASH OUTLAY EnQuest PLC (together with its subsidiaries, "EnQuest"), is pleased to announce an agreement to acquire from BP an initial 25% interest in the Magnus oil field ("Magnus") representing c.15.9 MMboe of additional net 2P reserves (gross reserves of 63.4 MMboe) with net production of 4.2 Mboe/d in 2016 (gross production 16.6 Mboe/d) as well as a 3.0% interest in the Sullom Voe oil terminal and supply