General – Acquisition
EnQuest announced it has completed the acquisition of Harbour Energy’s business in Vietnam.
Harbour Energy holds a 53.125% equity interest in (and operatorship of) the Chim Sáo and Dua production fields (‘Block 12W’).
Completion confirms EnQuest as operator and represents another key step in delivering the Group’s diversified growth across South East Asia and aligns with its strategic aim to expand its operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity.
The headline value of the transaction is $85.1 million and, net of interim period cash flows (generated since the effective date of 1 January 2024), the consideration paid by EnQuest was circa $25.7 million.
As at 1 January 2025, net 2P reserves and 2C resources across the fields totalled 7.5 million boe and 4.9 million boe, respectively.
EnQuest intends to assess additional Block 12W prospectivity and deploy its proven late-life and FPSO asset management expertise to maximise value and translate discovered resources into reserves at the fields (which are spread across three gas discoveries and several additional targets), to extend the Production Sharing Contract beyond its current end date of November 2030.
Since signing the transaction, the Vietnam asset team has completed a planned annual maintenance shutdown (on time and within budget) and executed three of six scheduled well intervention scopes, which have added c.1,200 boepd of gross production.
Net asset production in the first half of 2025 averaged 5.7 kboepd, with the potential for further in-year upside relating to well intervention activity and performance and the positive impact of a production-enhancing chemical soaking process undertaken during the shutdown.