May 29 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
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
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
The company forayed outside its core British production area
in November 2012 when it acquired Malaysia's Nio Petroleum.