Petroleum Africa
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Thursday, May 30, 2013
PA Resources and EnQuest have come to an agreement whereby EnQuest will acquire a 70% participating interest in and operatorship of PA Resources’ offshore Tunisia assets. The agreement includes the producing Didon oil field and the Zarat field. PA Resources will retain a 30% participating interest in the offshore permits.
The acquisition will be effective upon satisfaction of certain conditions precedent, and involves upfront cash consideration of $23 million payable upon completion of the transaction. EnQuest has also offered carry consideration of up to $93 million payable following its sanctioning of the Zarat field development. Additional consideration of up to $133 million is payable in relation to the potential developments in the Zarat and Elyssa fields if the capital cost of 2P reserves is to be no greater than $18/boe, with the top end of the range of such additional consideration achievable if such capital costs are to be no more than $13/boe or upon achievement of certain project revenue targets. The maximum amount of consideration above the initial $23 million with completion payment will not exceed $226 million.
EnQuest’s CEO Amjad Bseisu said: “I am pleased to announce our first international production acquisition giving us an operating platform in Tunisia. I am also pleased to have PA Resources as a partner in the Didon oil field and the potential developments at Zarat and Elyssa, with over 100 MMboe of gross contingent resources and additional exploration and appraisal opportunities. This opportunity is ideal for EnQuest and our new partners, allowing us to deploy our operating and development expertise in these permits and also adds 2 MMboe of net 2P reserves, 41 MMboe of contingent resources, and approximately 1,000 boepd net to EnQuest with additional production and 2P reserves coming from a two well in-fill drilling program in the Didon field in the near future.”
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