The transaction will see the company buy two subsidiaries of oil and gas explorer Canamens, whose assets include the 20% stake in the Kraken discovery.
The Canamens units – Canamens Energy North Sea and Canamens UK 814 and 815 – hold a 20% interest in blocks 9/2b and 9/2c, including the Kraken discovery.
EnQuest will pay an initial consideration of $45m in cash and a further $45m, contingent upon approval of the Kraken field development plan by the UK Department of Energy and Climate Change.
Nautical Petroleum, the operator of Kraken, estimates gross contingent resources of 160mmboe for blocks 9/2b and 9/2c.
Kraken is a large heavy oil accumulation located in the East Shetland basin in the North Sea.
