EnQuest buys into Tunisian offshore assets
Tunis, May 29, 2013
Global oil and gas explorer EnQuest said it would buy a majority interest in Swedish company Par Resources AB's offshore assets in Tunisia, diversifying further from the UK North Sea region.
EnQuest will acquire a 70 per cent participating interest and operatorship of the Didon oil field and Zarat permit in the Gulf of Gabes on Tunisia's east coast for up to $226 million and an additional upfront cash payment of $23 million.
The deal is expected to add about 1,000 barrels of oil equivalent a day to the company's production.
PA Resources will retain a 30 per cent participating interest in the offshore permits while retaining full ownership of the onshore permits.
The company said separately on Wednesday that it was carrying out a review of its assets and strategy. With debt payments due in October, it is also reviewing alternatives to secure long-term financing.
EnQuest, which specialises in extending the life of old oil fields, has focussed on Britain since being spun-out of Petrofac in 2010.
The company forayed outside its core British production area in November 2012 when it acquired Malaysia's Nio Petroleum.-Reuters