EnQuest

Latest EnQuest News

• Sterling will acquire Enquest's 10 percent interest in its F-Quad and L-Quad licences in the Dutch North Sea.
• Enquest will acquire Sterling's 50 percent interest in the Cairngorm licence (Block 16/3d) in the UK North Sea.

• Production from 1 January to 30 April 2012 averaged 20,976 Boepd, in line with expectations.

• Today's agreement is subject to the normal regulatory and partner consents and is also conditional on EnQuest shareholder approval.
• Prior to the proposed transaction being announced today, EnQuest had a total interest in Kraken of 45%.

• EnQuest, performed strongly in 2011, with a 12.5% increase in production over pro-forma 2010.
• Performance in Q1 2012 is on track for EnQuest's previously announced full year 2012 production target of between 20,000 Boepd and 24,000 Boepd.

• Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, comprising a $150 million firm carry and a contingent carry of up to $90 million.

• Nautical Petroleum announce that it has agreed with EnQuest to divest a 25% interest in United Kingdom Petroleum Production Licence P1077, North Sea Blocks 9/2b & 9/2c, which contain the Kraken discovery.

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