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EnQuest has completed the acquisition of an additional 15% interest in blocks 9/2b and 9/2c, including the Kraken oil discovery in the UK North Sea, from First Oil, EnQuest reported.
With the completion of the transaction, operatorship of blocks 9/2b and 9/2c formally transfers to EnQuest.
The transaction brings EnQuest’s total interest in Kraken to 60%. EnQuest proposed to pay First Oil between US $90 million and $144 million by way of a development carry in relation to First Oil’s remaining 15% interest in Kraken.