EnQuest buys stake in Tunisian assets, forays into North Africa

Wed May 29, 2013 2:59am EDT

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May 29 (Reuters) - Oil producer EnQuest Plc said it would buy a majority interest in Swedish company Par Resources AB's offshore assets in Tunisia, diversifying further from the UK North Sea region.

EnQuest said it would acquire a 70 percent participating interest and operatorship of the Didon oil field and Zarat permit in the Gulf of Gabes on Tunisia's east coast for up to $226 million and an additional upfront cash payment of $23 million.

The deal is expected to add about 1,000 barrels of oil equivalent a day to the company's production.

PA Resources will retain a 30 percent participating interest in the offshore permits while retaining full ownership of the onshore permits.

The company said separately on Wednesday that it was carrying out a review of its assets and strategy. With debt payments due in October, it is also reviewing alternatives to secure long-term financing.

EnQuest, which specialises in extending the life of old oil fields, has focussed on Britain since being spun-out of Petrofac in 2010.

The company forayed outside its core British production area in November 2012 when it acquired Malaysia's Nio Petroleum.

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