- Enquest said Monday it had completed the acquisition of the remaining 75% stake in Magnus, an additional 9.0% stake in the Sullom Voe Oil terminal and supply facility and additional interests in associated infrastructure from BP.

The Magnus transaction, as previously announced, was expected to add around $500m of additional net present value to Enquest and an additional 60 MMboe and 10 MMBoe of 2P reserves and 2C reserves, respectively, the company said.

Following the transaction, EnQuest now had a 100% equity stake in Magnus, 15.1% in Sullom Voe Oil terminal and supply facility, 18.0% in the Ninian Pipeline System and 41.9% in the Northern Leg Gas Pipeline, the company added.

'We are delighted to have completed the acquisition of Magnus, the Sullom Voe Terminal and associated infrastructure from BP. These assets are a strong strategic fit for EnQuest to which we can apply our life extension expertise and deliver value for all our stakeholders,' said EnQuest CEO, Amjad Bseisu.

'The addition of Magnus is expected to add material production and cash flow from the addition of significant low-cost 2P reserves. These cash flows will help facilitate the planned reductions in the Group's debt. We continue to assess further value accretive, short-cycle opportunities that have been identified at Magnus.'

'We are on track to deliver around £50 million of cost savings in our first year as operator, and plan further savings in 2019 while exploring opportunities for new business to maximise the terminals value.'

At 10:02am: [LON:ENQ] EnQuest Plc share price was +0.8p at 23.35p

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