StockMarketWire.com - Oil and gas production and development company EnQuest said it had signed a share purchase agreement with Whalsay Energy to purchase their 100.00% stake in the P1078 licence containing Bentley heavy-oil discovery.

'This discovery is within c.15 kilometres of the group's existing Kraken and Bressay operated interests, offering further long-term potential development opportunities and other synergies,' the company said.

Completion of the deal would be depend on the satisfaction of a number of conditions precedent, including the UK Oil and Gas Authority granting an extension of the existing licence term, which is currently due to expire 30 June 2021, and the receipt of other third party approvals.






At 9:15am: [LON:ENQ] EnQuest Plc share price was 0p at 10.74p



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