EnQuest PLC, 21 October
2024
EnQuest awarded DEWA Complex
Cluster Small Field Asset PSC in Malaysia
EnQuest PLC, an independent oil and
gas production and development company, listed on the London stock
exchange, is pleased to announce its wholly-owned affiliate,
EnQuest Petroleum Production Malaysia Ltd ('EnQuest') has been awarded the DEWA
Complex Cluster Small Field Asset ('SFA') Production Sharing
Contract ('PSC') in partnership with Petroleum Sarawak Exploration
& Production Sdn Bhd ('PSEP') and Longboat Energy (DEWA) Ltd
('Longboat') by Petroliam
Nasional Berhad (PETRONAS) ('PETRONAS') through Malaysia Petroleum Management (MPM).
Under the terms of the PSC, EnQuest will be
operator of the block with largest participating interest of 42.0%,
effective from 21 October 2024.
The DEWA Complex Cluster SFA PSC
consists of twelve (12) discovered fields in an area approximately
50 kilometres off the coast of Sarawak, offshore Malaysia in water
depths of 40 to 50 metres. The block is in a proven hydrocarbon
area containing undeveloped discoveries, providing potential
low-cost development options to provide gas supply into the Sarawak
gas system.
Within the initial two-year
pre-development term of the SFA PSC, the partners are committed to
completing the resource assessment of the fields and submitting a
Field Development and Abandonment Plan ('FDAP') for the first
cluster of fields, which could hold up to 500 Bscf of gas in
place.
EnQuest Chief Executive, Amjad Bseisu, said:
"We are delighted to have been
awarded the DEWA Complex Cluster SFA PSC, especially on our
10th anniversary in Malaysia and marking our return to
Sarawak after the Tanjong Baram Small Field Risk Service
Contract. The block contains several undeveloped discoveries
providing future opportunities for EnQuest to demonstrate its
proven capabilities in innovative and cost-effective
development. We would like to thank PETRONAS for their confidence
in awarding us this PSC and are pleased to have our first
joint venture with PSEP."
Ends
For further information please
contact:
EnQuest PLC
|
Tel: +44 (0)20 7925 4900
|
Amjad Bseisu (Chief Executive
Officer)
|
|
Jonathan Copus (Chief Financial
Officer)
|
|
Craig Baxter (Head of Investor
Relations and Corporate Affairs)
|
|
|
|
Teneo
|
Tel: +44 (0)20 7353 4200
|
Martin Robinson
|
|
Harry Cameron
|
|
Notes to editors
ENQUEST
EnQuest is providing creative
solutions through the energy transition. As an independent energy
company with operations in the UK North Sea and Malaysia, the
Group's strategic vision is to be the partner of choice for the
responsible management of existing energy assets, applying its core
capabilities to create value through the transition.
EnQuest PLC trades the London Stock
Exchange.
Please visit our website
www.enquest.com
for more information on our global
operations.
Forward-looking statements: This announcement may contain certain forward-looking
statements with respect to EnQuest's expectations and plans,
strategy, management's objectives, future performance, production,
reserves, 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 announcement should be construed as a profit forecast. Past
share performance cannot be relied upon as a guide to future
performance.