EnQuest signs agreement to acquire equity interest in the Golden Eagle development
04 Feb 2021 EnQuest PLC (together with its subsidiaries, ‘EnQuest’), an independent oil and gas production and development company listed on the London and Stockholm stock exchanges (ENQ.L and ENQ.ST), is pleased to announce it has signed an agreement with Suncor Energy UK Limited (’Suncor’) to purchase Suncor’s entire 26.69% non-operated equity interest in the Golden Eagle area, comprising the producing Golden Eagle , Peregrine and Solitaire fields (‘the Transaction’) for an initial consideration of US$325 million. Highlights Adds immediate incremental production of c.10 kboepd, c.18 MMbbls to net 2P reserves and c.5MMbbls to net 2C resources1 Provides significant value enhancement in excess of US$100 million NPV(10)1 at a long-term oil price of US$50/bbl, primarily related to accelerated partial use of EnQuest’s tax losses Low cost structure with 2021 unit operating expenditure expected to be c.US$5/Boe and life of field operating and capital expenditure anticipated to be c.US$20/