10th Jul 2026 13:27
EnQuest PLC - oil and gas producer in the UK and Malaysia - The agreement EnQuest announced last month to buy interests in four offshore production-sharing contracts in Malaysia via a reverse takeover will go ahead in full, it says on Friday, after the existing partners in one of the PSCs decided against exercising their pre-emption rights. EnQuest Petroleum Production Malaysia Ltd in June entered three separate farm-out agreements with Petronas Carigali Sdn Bhd and E&P Malaysia Venture Sdn Bhd. Petronas Carigali is the upstream arm of Petroliam Nasional Bhd, or Petronas, the state oil company of Malaysia.
The first package is a 90% operated participating interest in the Balingian PSC and a 100% operated interest in SK8 PSC. The second package is a 50% operated interest in D35-D21-J4 PSC, and the third is a 30% non-operated interest in PM6-12 PSC. Only the second package was subject to pre-emption rights, and these have now been waived. EnQuest says it expects to complete the acquisitions on December 31. EnQuest has a GBP407.6 million market capitalisation, so the maximum consideration for the Malaysia deals of USD833 million means they constitute a reverse takeover.
Current stock price: 22.12 pence
12-month change: up 73%
By Tom Waite, Alliance News editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Enquest