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RNS Number : 5290W  EnQuest PLC  26 August 2025

 

 

EnQuest PLC, 26 August 2025

 

Indonesia - Gaea and Gaea II PSC execution

 

EnQuest is pleased to confirm that it has, together with its joint venture
partners and the Government of Indonesia, signed Production Sharing Contracts
('PSCs') for the Gaea and Gaea II exploration blocks, located in Papua Barat,
Indonesia.

Under the PSC terms, EnQuest has a 40% participating interest in the blocks
and is the PSC operator, alongside its partners, the Tangguh Joint Venture
(40% participating interest, comprising BP Exploration Indonesia Limited, MI
Berau B.V. (an INPEX and Mitsubishi joint venture company), CNOOC Southeast
Asia Limited, ENEOS Xplora Inc., Indonesia Natural Gas Resources Muturi, Inc.
(an LNG Japan Corporation), and KG Wiriagar Petroleum Ltd (a Mitsui & Co.,
Ltd)), and PT Agra Energi Indonesia (20% participating interest), through
their respective newly established entities.

The Gaea and Gaea II blocks present a multi-Tscf unrisked resource potential
for EnQuest, estimated to be in excess of 100 Tscf by the Ministry of Energy
and Mineral Resources (see Notes to Editors below) and are located in
proximity to the bp-operated Tangguh LNG facility, as shown below:

 

The signing of these PSCs marks EnQuest's entry into Indonesia. It also aligns
EnQuest to work closely with the joint venture partners to realise the
potential within the blocks.

Commenting on the signing of the PSCs, EnQuest Chief Executive Officer, Amjad
Bseisu said:

"We are very proud to have been selected as the operating partner on the Gaea
and Gaea II PSC blocks. This award is a testament to the trust the Indonesian
government has placed in EnQuest, and we are committed to working with the
Tangguh Joint Venture and PT Agra Energi Indonesia to unlock the full
potential of these blocks."

The PSCs' prospectivity may add significant upside to EnQuest's established
South East Asia portfolio, a region from which the Group expects to deliver
more than 35,000 Boepd of production by 2030.

EnQuest will provide a further update on Gaea and the Group's broader South
East Asian and North Sea operations at its half year results on 24 September
2025.

Ends

 

For further information please contact:

 

 EnQuest PLC                                                      Tel: +44 (0)20 7925 4900
 Amjad Bseisu (Chief Executive Officer)
 Jonathan Copus (Chief Financial Officer)
 Craig Baxter (Head of Investor Relations and Corporate Affairs)

 Teneo                                                            Tel: +44 (0)20 7353 4200
 Martin Robinson
 Harry Cameron

 

 

NOTES TO EDITORS

 

Extract from Ministry of Energy and Mineral Resources Bidding Round 2024
presentation

 

 

 

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an
independent energy company with operations in the UK North Sea and South East
Asia, 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 on the London Stock Exchange.

Please visit our website www.enquest.com (http://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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