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EnQuest's Malaysian Subsidiary Agrees to Buy Offshore Interests for $833 Million

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EnQuest's (ENQ.L) Malaysian subsidiary agreed to buy participating interests in production sharing contracts offshore Malaysia for $833 million.

The deal comprises three packages covering interests in four offshore production sharing contracts, according to a Wednesday filing. EnQuest Petroleum Production Malaysia will enter into three farm-out agreements with Petronas Carigali and E&P Malaysia Venture.

Of the total consideration, $554 million is payable at completion, expected on Dec. 31. The transaction would constitute a reverse takeover under UK listing rules.

The deal remains subject to customary completion conditions.

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