Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
EnQuest said it had been awarded the block PM409 production sharing contract located offshore Malaysia in partnership with Petronas.
Under the terms of the production sharing contract, EnQuest would operate the block with a participating interest of 85%, with Petronas owning the remaining 15%.
The partners committed to the drilling of one well during the initial four-year exploration term of the contract.
Block PM409 measured approximately 1,700km squared and was located offshore Peninsular Malaysia in water depths of 70 to 100 metres.
The block was in a 'proven hydrocarbon area containing several undeveloped discoveries and is contiguous to the group's existing PM8/Seligi PSC, providing low-cost tie-back opportunities to the group's existing Seligi main production hub,' EnQuest said.
At 9:07am: (LON:ENQ) EnQuest Plc share price was +0.19p at 17.79p