EnQuest makes pitch for Stratic

Offshore staff

LONDON -- EnQuest PLC has agreed to acquire the entire issued share capital of Stratic Energy, increasing its North Sea proven and probable reserves by 7.27 MMboe.

Assuming approval from Stratic’s shareholders, the deal will also net EnQuest’s a further 17.25% working interest in the producing West Don field in the UK northern North Sea, and a 19% interest in the probable Crawford field re-development in block 9/28a.

The terms of the share offer value Stratic at around $45.7 million.

EnQuest CEO Amjad Bseisu said: “The acquisition of Stratic is in line with our strategy to deliver sustainable growth in shareholder value through the exploitation of existing reserves and pursuit of selective acquisitions.”

This year, the newly established EnQuest – comprising the UK interests of Lundin Petroleum and Petrofac –aims to produce around 18,000 b/d. Stratic’s stake in West Don should add a further 900 b/d to this total.

Crawford provides 4.93 MMbbl of 2P reserves, based on a development focusing on the deeper-lying Triassic and shallower Tertiary (Sele) reserves. EnQuest expects operator Fairfield Energy to submit a field development plan towards the end of this year.

Stratic would bring interests elsewhere on the UK shelf, including the Cairngorm and Bowmore discoveries, and the Horizon West field in the Dutch North Sea.


08/03/2010