EnQuest moves to buy all of Magnus oil field from BP

|About: EnQuest PLC (ENQUF)|By:, SA News Editor

EnQuest (OTCPK:ENQUF) launches a $138M rights issue to help it to buy the rest of the Magnus oil field in the U.K. North Sea it does not already own from BP.

If successful, EnQuest plans to exercise its option to acquire the remaining 75% interest in the Magnus field, after BP sold 25% of its interest in the field to EnQuest last year.

The rights issue announcement comes as EnQuest reports a nearly 50% improvement in H1 profit to $43M as its Kraken field increased production.

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