EnQuest has today announced an agreement to acquire a 26.69% equity share in the Golden Eagle development, in addition to issuing an operations update ahead of its 2020 full year results announcement scheduled for 25 March 2021.
Commenting on the acquisition, EnQuest Chief Executive, Amjad Bseisu said: “We are delighted to have agreed the acquisition of a material interest in Golden Eagle, a high-quality, low-cost UK North Sea development. Upon completion, this acquisition will add immediate material production and cash flow to EnQuest and will allow us to accelerate use of our substantial tax losses. It also demonstrates our continued commitment to the UK North Sea and diversifies our existing production base. The assets have a strong safety record and a lower than average CO2e emissions intensity ratio. We look forward to a productive partnership with the operator, CNOOC and our future joint venture partners, NEO Energy and ONE DYAS.”