One-Page Deal Sheet
EnQuest Farms-out Alma/Galia Development
Kuwait Foreign Petroleum Exploration Company Enquest
Announced Date
May 30,2012
Effective Date
January 01,2012
Close Date
May 30,2012
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
500
Asset/Basin:
{"UK North Sea"}
Transaction Details: Subscribe to see
EnQuest PLC today announces an agreement with the Kuwait Foreign Petroleum Exploration Company (‘KUFPEC’), by which EnQuest will farm out a 35% interest in EnQuest’s Alma and Galia oil field developments (‘Alma/Galia’) to KUFPEC. Under the agreement, which is subject to regulatory approvals, KUFPEC is to invest a total of approximately US$500m in cash (around £300m), comprised of up to $182m in future contributions for past costs and a development carry for EnQuest, and of KUFPEC’s direct share of the development costs.
Amjad Bseisu, Chief Executive of EnQuest PLC, said
“EnQuest is pleased to…
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