EnQuest in driving seat at Bentley

摘要

UK-LISTED operator EnQuest is set to acquire the undeveloped Bentley heavy oil field, a North Sea asset that four years ago swapped hands for just $1. An agreement signed with Cayman Islands-registered Whalsay Energy Holdings (WEHL) early this week will see EnQuest buy the entire 100% equity in the P1078 licence, which contains Bentley, located 150 kilometres east of the Shetland Islands. The transaction is being carried out through the acquisition of a WEHL subsidiary called Whalsay Energy Limited, which holds the licence as its only asset "on a cash, liability and debt free basis", EnQuest said. EnQuest said it will "fund certain accrued costs and obligations", expected to amount to less than $2 million. No other upfront payment will be made.