EnQuest has announced it will buy one of the North Sea’s largest undeveloped discoveries in a deal worth up to $42million (£30m).
The North Sea operator will buy Bentley from Whalsay Energy.
It will acquire a 100% stake in the field through a newly-signed share purchase agreement in the P1978 licence.
Bentley, once estimated to be able to produce up to 300million barrels using enhanced recovery techniques, lies within 10miles of the EnQuest Kraken field and its newly-acquired Bressay asset.
EnQuest is paying less than $2million (£1.4m) in upfront costs for Bentley to fund “certain accrued costs and obligations” of Whalsay.
It will then make deferred payments based on future revenues generated by Bentley, capped at $40million.
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