Enquest to sell 15% interest in Bressay field and production vessel

(Alliance News) - EnQuest PLC on Friday said it has agreed to sell a 15% working interest in its Bressay field and floating production, storage and offloading vessel in the North Sea.

The London-based oil and gas producer with assets in the UK and Malaysia said the deal is with RockRose UKCS 10 Ltd, a subsidiary of Viaro Energy.

The company noted that RockRose will pay GBP46.0 million for interest in both assets, with an initial payment of GBP34.78 million, which will be used for general capital purposes.

It said the remaining GBP11.3 million will be paid from future cash flows from the Bressay field.

EnQuest General Manager Steve Bowyer said: "We continue to progress the development of the wider Kraken area, including a Bressay gas tie-back solution to reduce Kraken emissions, as well as an early production solution project at Bressay. We look forward to working with Rockrose, Waldorf (our Kraken JV partner) and the NSTA to move the project forward."

Enquest shares rose 12% to 16.00 pence each on Friday morning in London.

By Harvey Dorset, Alliance News reporter

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