Indonesia – PSC award

EnQuest is pleased to announce that the Ministry of Energy and Minerals of Indonesia has confirmed EnQuest (and its joint venture partners) as the winning bidder(s) for two Production Sharing Contract (‘PSC’) blocks in Papua Barat, Indonesia: Gaea and Gaea II.

These blocks present a multi-Tscf unrisked resource potential for EnQuest and its joint venture partners, and are located as shown above.

Subject to the execution of the PSC, EnQuest will be designated as the PSC operator with a 40% working interest, working with its joint venture partners, the Tangguh Joint Venture (40% working interest, comprising BP Exploration Indonesia Limited, MI Berau B.V. (an INPEX and Mitsubishi joint venture company), CNOOC Southeast Asia Limited, ENEOS Xplora Inc., Indonesia Natural Gas Resources Muturi, Inc. and KG Wiriagar Petroleum Ltd (a Mitsui company)) and PT Agra Energi Indonesia (20% working interest). 

The announcement marks EnQuest’s entry into Indonesia, a country that offers a broad range of growth opportunities that span the full upstream lifecycle. This step further expands EnQuest’s South East Asian footprint, adding to the Group’s growing momentum in the region, having recently secured an extension to its gas production in Malaysia and signing of an acquisition of Harbour Energy’s Vietnam business. 

For more information on the licences and their prospectivity, please visit this link. 

Ends

For further information please contact:

EnQuest PLC
Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive Officer)
Jonathan Copus (Chief Financial Officer) 
Craig Baxter (Head of Investor Relations and Corporate Affairs)

Teneo
Tel: +44 (0)20 7353 4200
Martin Robinson
Harry Cameron

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com for more information on our global operations.

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest’s expectations and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.

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