EnQuest PLC has signed a Share Purchase agreement (SPA) with Whalsay’s subsidiary, Whalsay Energy Limited (WEL) to purchase their entire 100.00% equity interest in the P1078 licence containing the proven Bentley heavy-oil discovery.

Bentley is a heavy oil field in the UK North Sea located in 113 metres water depth, 15 kilometres east of the Kraken heavy oil field and 8 kilometres southeast of the Bressay field, both of which are operated by EnQuest. 

Upon completion, EnQuest will fund certain accrued costs and obligations of Whalsay Energy Limited, which are expected to be less than US$ 2 million. The company will make deferred payments to Whalsay based on future WEL revenue, that do not exceed US$ 40 million.