The acquisition increases EnQuest’s North Sea 2P reserves by 7.27mmboe, and consolidates the company’s 27.7% position in West Don field with an additional 17.25% working interest.
It also provides EnQuest with a substantial 19% interest in the Crawford field development.
It was announced in August 2010 that as part of the transaction, EnQuest is refinancing Stratic’s $74.7m net debt (as at 30 June 2010).
Stratic Energy is a Canadian incorporated oil and gas company currently focused primarily on the UK North Sea.
