EnQuest has agreed to acquire two companies owned by Canamens, thereby gaining entry to the Kraken heavy oil field in the UK northern North Sea.
Offshore staff
LONDON – EnQuest has agreed to acquire two companies owned by Canamens, thereby gaining entry to the Kraken heavy oil field in the UK northern North Sea.
The farm-in involves an initial payment of $45 million, with a similar amount to be paid on approval of the Kraken development plan by the UK’s Department of Energy and Climate Change.
The transaction, EnQuest will acquire a 20% interest in blocks 9/2b and 9/2c, including the Kraken discovery.
Operator Nautical Petroleum estimates gross contingent resources for the blocks at 160 MMboe. EnQuest also has potential exploration upside in blocks 3/22a and 3/26 (a 40% interest) and in blocks 9/6a and 9/7b (35%).
