EnQuest has bought the stake in Alba field, by acquiring two of CIECO Energy’s affiliates CIECO Energy (UKCS) and CIECO Energy (CNS), which together held the 8% interest in the field.
As a part of the deal, which is subject to regulatory approvals, EnQuest will have to pay £18.75m in cash, as well as deferred cash consideration of about £0.5m contingent on certain project milestones.
Once the deal is complete, it will add reserves and producing barrels as well as diversify EnQuest’s asset base, while the acquired 8% interest had net remaining 2P reserves of 5.9 MMboe attributable.
The Alba field is located in block 16 / 26, 130 miles north-east of Aberdeen at a water depth of about 138m. It contains one billion barrels of oil and recoverable reserves of about 400 million barrels, and has produced about 6,400,000 barrels of oil by the end of September 2012.
Alba field’s main produce includes heavy oil from Eocene turbidite sandstones in block 16/26 in the UK North Sea and from the Alba Northern platform.
