REG - EnQuest PLC - Malaysia PSC Award

EnquestAnnouncement

21/10/2024 08:30

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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: +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

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 (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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