Heavy Oil Investing News » EnQuest Plans to Enter the Kraken Heavy Oil Field

EnQuest Plans to Enter the Kraken Heavy Oil Field

January 10, 2012 @ 1:22 pm In Heavy Oil Market News

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. ^[1]

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[1] Click here to read the full Offshore Magazine report.: http://www.offshore-mag.com/index/article-display/0102906575/articles/offshore/regional-reports/north-sea-northwest-europe/2012/january/enquest-joins_kraken.html