EnQuest plc today announced it had signed an agreement with Anasuria Hibiscus UK Ltd to farm down an 85% working interest in the Eagle discovery in the UK North Sea.
EnQuest, which will retain a 15% non-operating working interest, will also transfer the operatorship.
Consideration is in the form of a nominal $1 payment due to EnQuest on completion.
This is in addition to a full carry of all costs from completion of the transaction through to first oil in relation to the 15% interest.
EnQuest said completion was expected during the second quarter of 2021, subject to customary regulatory and third-party approvals.
The group currently has no gross assets, reserves or profits attributable to the Eagle discovery.
EnQuest is an independent production and development company with operations in the UK North Sea and Malaysia.
Anasuria Hibiscus UK Ltd is wholly owned by Malaysian company Hibiscus Petroleum Berhad.
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