2nd Feb 2015 07:47
LONDON (Alliance News) - Oil and gas company EnQuest PLC on Monday said it has withdrawn from its investment in the Didon oil field and Zarat permit in Tunisia.
The company struck a deal in May 2013 to buy interests in the two prospects from PA Resources AB, with PAR to have retained a partial interest in the assets following the acquisition.
In August, EnQuest said the acquisition of Didon was completed and the consideration of USD23 million would be held in escrow until the Tunisian authorities had approved the deal.
The backstop date for the transaction has now passed, and EnQuest and PA have decided not to extend it, meaning the interest acquired by Enquest has now been returned to PA, while the USD23 million consideration goes back to Enquest.
Enquest added its final production figures for the entire group will be slightly cut due to the withdrawal from the Didon deal. The full-year figure will now exclude the 372 barrels of oil per day from Didon, meaning its 2014 production will be an average of 27,895 barrels per day. The withdrawal does not impact EnQuest's spending plans for 2015, it added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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