Ashurst advises EnQuest on proposed $833 million acquisition of Malaysian assets
Global law firm Ashurst is advising EnQuest plc, an independent energy company listed on the London Stock Exchange, on its proposed acquisition of participating interests in four offshore production sharing contracts in Malaysia from PETRONAS CARIGALI SDN BHD.
The maximum total consideration payable by EnQuest in connection with the acquisition, which comprises three separate farmout agreements, is $833 million, of which $554 million is payable upon completion, expected to occur on 31 December 2026, subject to customary completion conditions, including the waiver or expiry of applicable pre-emption rights associated with one particular package to be acquired. The proposed acquisitions will deliver a step change in EnQuest's production, reserves and cash flow, as well as providing significant organic opportunities for future growth.
The proposed acquisitions together will constitute a reverse takeover for the purposes of the UK Listing Rules, and as such, are subject to, among other things, shareholder approval.
The Ashurst team is being led by corporate partners Karen Davies (London) and Jin Kok Ong (Singapore), supported by senior associates Louise Johnson and Maria McAlister and associates Sylvia Lloyd-Morris and Vienna Linley.
