UK oil and gas producer EnQuest has acquired a further 25 per cent stake in the Kraken oil discovery from Nautical Petroleum.
EnQuest will pay up to $240 million for the stake, together with interests in surrounding exploration acreage, based on the determination of gross reserves.
The acquisition will bring EnQuest’s stake in Kraken up to 45 per cent, following its previous purchase of a 20 per cent stake from oil and gas explorer Canamens earlier this month. Nautical retains a 25 per cent interest, with First Oil holding the remaining 30 per cent.
