EnQuest to acquire majority equity stake and assume operatorship of both Crawford and Porter developments

EnQuest PLC is pleased to announce a farm in agreement with Fairfield Acer Limited (‘Fairfield’) for UKCS Block 9/28a - Area B, which contains the Crawford oil field and the 9/28a – 18 Porter oil discovery. EnQuest already holds a 19% interest in the block, through its acquisition of Stratic Energy Corporation (‘Stratic’) and with this agreement it will acquire a further 32% interest in return for carrying Fairfield for certain development costs, up to a maximum of £34.85 million. The Crawford field and Porter had gross 2P reserves of 26.8 MMboe as determined at the end of 2010. The transaction is subject to government and partner approvals.