Oil and gas firm EnQuest has agreed to divest its 48.75% interest in the Petisovci project in Slovenia, in return for a 22.5% equity stake in Ascent Resources.
EnQuest acquired its interest in the project through its recent acquisition of Stratic Energy.
EnQuest also has a nil-cost option to acquire a further 29,686,000 new ordinary shares in Ascent, subject to certain criteria related to the successful development of the project.
The company said that the option will potentially allow EnQuest to benefit from the future success of the project.
On completion of this transaction, EnQuest will transfer its existing interest in the Petisovci project to Ascent, increasing Ascent’s stake in the Petisovci concession from 26.25% to 75%.
EnQuest has committed to a 12-month lock-in and a subsequent 12-month orderly market agreement on all of its shares in Ascent, including those resulting from any exercise of the option.