EnQuest Plans to Enter the Kraken Heavy Oil Field

Offshore Magazine reported that EnQuest (LSE:ENQ) will acquire two companies owned by Canamens in order to enter the Kraken heavy oil field in the UK northern North Sea.

As quoted in the market news:

The farm-in involves an initial payment of $45 million, with a similar amount to be paid on approval of the Kraken development plan by the UK’s Department of Energy and Climate Change. The transaction, EnQuest will acquire a 20% interest in blocks 9/2b and 9/2c, including the Kraken discovery.

Click here to read the full Offshore Magazine report.