EnQuest acquires Harbour Energy's Vietnamese business.

Exploration and production firm EnQuest has agreed to acquire Harbour Energy's Vietnamese operations, which includes a 53.125% equity interest in the Chim Sáo and Dua production fields.

EnQuest
22 January 2025 09:23:23

Source: Sharecast

EnQuest said on Wednesday that the transaction was scheduled to be completed during Q225, with a headline value of $84.0m and, net of interim period cash flows, said it was expected to pay roughly $35.0m for the business.

"This transaction aligns with the group's strategic aim to grow its international operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity," said the London-listed firm

Enquest will operate the Chim Sáo and Dua fields from completion, deploying its "proven late life and FPSO asset management expertise" to maximise value and progress discovered resources into reserves. As of 1 January, net 2P reserves and 2C resources across the fields totalled 7.5m and 4.9m 5m barrels of oil, respectively.

As of 0920 GMT, Enquest shares were up 2.87% at 13.64p.

Reporting by Iain Gilbert at Sharecast.com

N/A

ISIN: N/A

Exchange: N/A

Sell:

N/A

Buy:

N/A

Change:

Date:

Prices delayed by at least 15 minutes

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

View our accounts

Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.