(Alliance News) - EnQuest PLC on Wednesday announced the acquisition of Harbour Energy PLC's business in Vietnam.
The oil and gas company with operations in the UK and Malaysia said the deal, which includes the 53% equity interest in the Chim Sao and Dua production fields, should complete during the second quarter of 2025.
EnQuest said the headline value of the transaction is USD84 million and, net of interim period cash flows, the consideration to be paid is expected to equal around USD35 million.
"This transaction aligns with the group's strategic aim to grow its international operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity," the firm said in a statement.
Shares in EnQuest were 2.6% higher at 13.60 pence each in London on Wednesday. Harbour Energy was 1.0% lower at 287.30p.
EnQuest will operate the Chim Sao and Dua fields, Block 12W, from completion. As at January 1 2025, net 2P reserves and 2C resources across the fields total 7.5 million barrels of oil equivalent and 4.9 million boe, respectively.
Chief Executive Officer Amjad Bseisu said the entry into Vietnam is "highly complementary" to EnQuest's well-established Malaysia business and "significantly enhances" the scale of operations in South East Asia.
"The region is key to EnQuest's growth and diversification strategy and we are excited by the potential to deploy our proven expertise and operating capability to optimise and enhance the Block 12W assets," he added.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2025 Alliance News Ltd. All Rights Reserved.