EnQuest Boosts Magnus Stake to 100%
Independent oil and gas production and development company, EnQuest plc, revealed Monday that it has completed the acquisition of a 75 percent interest in the North Sea Magnus oil field from BP plc.
EnQuest now has a 100 percent equity stake in the field. The company highlighted Monday that the addition of Magnus is expected to add approximately 60 million barrels of oil equivalent (MMboe) of 2P reserves and approximately 10 MMboe of 2C resources.
EnQuest CEO, Amjad Bseisu, said the company is “delighted to have completed the acquisition of Magnus”.
“The addition of Magnus is expected to add material production and cash flow from the addition of significant low-cost 2P reserves,” Bseisu said in a company statement.
“These cash flows will help facilitate the planned reductions in the group’s debt. We continue to assess further value accretive, short-cycle opportunities that have been identified at Magnus,” he added.
As of June 30, the group’s net debt stood at $1.9 billion. EnQuest’s revenue in the first half of the year was $548.3 million, which marked an increase from the $294.8 million recorded during the first half of 2017.
EnQuest announced in December last year that it had completed the acquisition of an initial 25 percent interest in the Magnus oil field.
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