B&C helps EnQuest's $833m acquisition and re-admission by way of an RTO

24/08/2026

We’re delighted to have helped EnQuest PLC with its proposed $833m acquisition of offshore Malaysian assets & re-admission of shares to the LSE Main Market by way of a Reverse Takeover.

The deal will more than double EnQuest’s production to over 100,000 barrels of oil equivalent per day, with share re-admission to the London Stock Exchange expected in January 2027.

Transaction and Asset Breakdown

• Structure: Three separate farm-out packages covering participating interests in four offshore production sharing contracts (PSCs).
• Financials: Maximum total consideration of $833m, featuring an upfront cash-and-debt funded payment of $554m at completion.

Strategic & Operational Impact

• Production & Reserves: Enlarged output projected above 100,000 boepd (a 130%+ increase), with 2P reserves scaling roughly 85% to 300 million boe.
• Cost Efficiency: Targeted unit operating costs reduced to approximately $16/boe.
• Diversification: Mitigates exposure to mature UK North Sea assets and the domestic Energy Profits Levy.

Timeline & Re-admission Process

• Shareholder Approval: Granted at the general meeting on August 11, 2026.
• Target Completion: December 31, 2026, with an effective economic date of January 1, 2027.
• LSE Main Market Re-admission: Anticipated on or around January 4, 2027, maintaining the ticker symbol.

Our thanks to our wonderful clients at the company and advisors Ashurst Perkins Coie & Peel Hunt.

If you'd like to find out how we can help ensure the success of your most prestigious corporate actions, chat with us today: hello@blackandcallow.com

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