4th Dec 2019 08:56
(Alliance News) - EnQuest PLC on Wednesday said it has been awarded the block PM409 production sharing contract in Malaysia, in partnership with Petronas Carigali Sdn Bhd.
Under the terms, EnQuest said it will operate the block with a participating interest of 85%, with state-owned Petronas owning the remaining 15%.
The oil & gas production and development company said block PM409, offshore peninsular Malaysia, is about 1,700 square kilometres in water depths of 70 to 100 metres. The block is located in a "proven" hydrocarbon area, EnQuest said, and contains several undeveloped discoveries.
Within the initial four-year exploration term, the partners are committed to the drilling of one well, the company said.
"We are delighted to have been awarded the block PM409 PSC and to expand our presence in Malaysia. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development," said EnQuest Chief Executive Amjad Bseisu.
The stock was trading 1.4% higher in London on Wednesday morning at 17.85 pence a share.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Enquest