EnQuest PLC Malaysia PSC Award

RNS Number : 9388I

EnQuest PLC

21 October 2024

 

EnQuest PLC, 21 October 2024

EnQuest awarded DEWA Complex Cluster Small Field Asset PSC in Malaysia

 

EnQuest PLC, an independent oil and gas production and development company, listed on the London stock exchange, is pleased to announce its wholly-owned affiliate, EnQuest Petroleum Production Malaysia Ltd ('EnQuest') has been awarded the DEWA Complex Cluster Small Field Asset ('SFA') Production Sharing Contract ('PSC') in partnership with Petroleum Sarawak Exploration & Production Sdn Bhd ('PSEP') and Longboat Energy (DEWA) Ltd ('Longboat') by Petroliam Nasional Berhad (PETRONAS) ('PETRONAS') through Malaysia Petroleum Management (MPM).  Under the terms of the PSC, EnQuest will be operator of the block with largest participating interest of 42.0%, effective from 21 October 2024.

 

The DEWA Complex Cluster SFA PSC consists of twelve (12) discovered fields in an area approximately 50 kilometres off the coast of Sarawak, offshore Malaysia in water depths of 40 to 50 metres. The block is in a proven hydrocarbon area containing undeveloped discoveries, providing potential low-cost development options to provide gas supply into the Sarawak gas system.

 

Within the initial two-year pre-development term of the SFA PSC, the partners are committed to completing the resource assessment of the fields and submitting a Field Development and Abandonment Plan ('FDAP') for the first cluster of fields, which could hold up to 500 Bscf of gas in place.

 

EnQuest Chief Executive, Amjad Bseisu, said:

"We are delighted to have been awarded the DEWA Complex Cluster SFA PSC, especially on our 10th anniversary in Malaysia and marking our return to Sarawak after the Tanjong Baram Small Field Risk Service Contract. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in innovative and cost-effective development. We would like to thank PETRONAS for their confidence in awarding us this PSC and are pleased to have our first joint venture with PSEP."

 

Ends

 

For further information please contact:

 

EnQuest PLC	Tel: [phone]
Amjad Bseisu (Chief Executive Officer)
Jonathan Copus (Chief Financial Officer)
Craig Baxter (Head of Investor Relations and Corporate Affairs)
Teneo	Tel: [phone]
Martin Robinson
Harry Cameron

 

Notes to editors

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.

EnQuest PLC trades the London Stock Exchange.

Please visit our website www.enquest.com for more information on our global operations.

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.

 

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