IN BRIEF: EnQuest clears steps towards Malaysia purchase completion

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EnQuest PLC - oil and gas producer in the UK and Malaysia - All conditions to complete its proposed acquisition of participating interests in four Malaysian production sharing contracts, have been satisfied in full, EnQuest says. This follows approval of the deal by EnQuest shareholders at the company's general meeting on Tuesday, and by Petroliam Nasional Bhd, or Petronas. The farm-out agreement was signed in June between Petronas Carigali Sdn Bhd, the upstream business of Petronas, and EnQuest's local subsidiary, EnQuest Petroleum Production Malaysia Ltd. Petronas is Malaysia's state oil company.

EnQuest says it still expects to complete the acquisition on December 31. The scale of the USD833 million agreement relative to EnQuest's own market value means it is classified as a reverse takeover under London listing rules, so EnQuest's shares will be readmitted to trading on the London Main Market on or around January 4.

Current stock price: 24.55 pence

12-month change: up 93%

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