By OGJ editors
HOUSTON, Aug. 3 -- EnQuest PLC will acquire Stratic Energy Corp., Calgary, for $135 million (Can.) under a definitive agreement approved by both boards.
EnQuest, formed in April from the demerged UK North Sea assets of Petrofac Ltd. and Lundin Petroleum AB, has interests in Thistle, Deveron, Heather, Broom, Don Southwest, and West Don fields and stakes in 16 production licenses covering 26 blocks or part blocks in the UK Continental Shelf, of which is operates 15.
EnQuest said in May that it is on track to produce 18,000 b/d in 2010. In March it reported net proved and probable oil and natural gas liquids reserves of 80.5 million bbl as of Jan. 1.
Stratic’s board plans to recommend that its shareholders approve the merger. Stratic has assets in West Don field and a near-term development opportunity at the Crawford discovery.
