[UK] Bressay

[escveritas]

Sale of 15% interest in Bressay and EnQuest Producer FPSO

EnQuest PLC (‘together with its subsidiaries, ‘EnQuest’), an independent energy company with operations in the UK North Sea and Malaysia, is pleased to announce that it has today reached agreement with Viaro Energy’s subsidiary, RockRose UKCS 10 Ltd (‘RockRose’), to sell a 15% working interest in each of the Bressay field and the EnQuest Producer floating production, storage and offloading vessel (‘FPSO’), both located in the UK North Sea.

Under the terms of the agreement, total consideration in respect of the Bressay field and FPSO is £46.0 million and will involve an initial payment by RockRose to EnQuest of £34.75 million, which will be used for general corporate purposes, with the remaining £11.25 million to be paid from future Bressay cash flows. RockRose will pay its equity share of capital expenditure associated with the Bressay development, pursuant to an agreed schedule and approvals.

Steve Bowyer, GM North Sea for EnQuest said, “We continue to progress the development of the wider Kraken area, including a Bressay gas tie-back solution to reduce Kraken emissions, as well as an early production solution project at Bressay. We look forward to working with Rockrose, Waldorf (our Kraken JV partner) and the NSTA to move the project forward.”