EnQuest acquires Harbour Energy’s Vietnam business
EnQuest has signed a Sale and Purchase Agreement to acquire Harbor Energy’s business in Vietnam, which includes the 53.125% equity interest in the Chim Sáo and Dua production fields. The transaction has an effective date of 1 January 2024 and is scheduled to complete during the second quarter of 2025.
The headline value of the transaction is $84 million and, net of interim period cash flows, the consideration to be paid by EnQuest on completion is expected to be $35 million.
EnQuest will operate the Chim Sáo and Dua fields (Block 12W) from completion. As of 1 January 2025, net 2P reserves and 2C resources across the fields total 7.5 million boe and 4.9 million boe, respectively.
Block 12W production has responded positively to the drilling of three infill wells during 2023 and a series of well interventions in 2023-2024, with the combined impact of these scopes contributing 3.0 million boe to 2P reserves.
The Block 12W Production Sharing Contract runs to November 2030, with an opportunity to extend the contract. Additional Block 12W prospectivity is spread across three gas discoveries and several additional targets; potential upside that EnQuest intends to investigate.
