London-listed independant exploration and production company, Enquest has been awarded operatorship for Block PM409, offshore Peninsular Malaysia.
In the announcement made today, Enquest said that the PSC awarded by Petronas is in partnership with Petronas Carigali Sdn Bhd (PCSB). Under the PSC terms, Enquest will operate with participating interest of 85% and PCSB holding the remaining 15%.
PM409
Block PM409 measures approximately 1,700 km2 and is located offshore Peninsular Malaysia in water depths of 70 to 100 meters. The block is in a proven hydrocarbon area containing several undeveloped discoveries and is contiguous to the group’s existing PM8/Seligi PSC, providing low-cost tie-back opportunities to the group’s existing Seligi main production hub.
Within the initial four-year exploration term of the PSC, the partners are committed to the drilling of one well.
In June 2014, Enquest acquired ExxonMobil stakes in 2 producing field offshore Peninsular Malaysia namely Seligi oil field and PM8 Production Sharing Contract (PSC).
