EnQuest (LSE:ENQ), the North Sea and South East Asia-focused independent oil and gas company, has confirmed that existing partners in the D35-D21-J4 production sharing contract have waived their pre-emption rights, removing the final procedural obstacle to its three-package Malaysian acquisition announced on 10 June.
With the waiver secured, EnQuest will proceed to acquire a 90% operated interest in the Balingian PSC and a 100% operated interest in the SK8 PSC under Package 1, a 50% operated interest in D35-D21-J4 under Package 2, and a 30% non-operated interest in PM6-12 under Package 3, all through farm-out agreements signed with PETRONAS CARIGALI SDN. BHD. and E&P Malaysia Venture Sdn. Bhd.
Package 1 and Package 3 carried no pre-emption rights and were not at risk of partial blocking.
Completion of the three acquisitions, which together constitute a reverse takeover under UK listing rules, remains subject to customary conditions and is targeted for 31 December.
