September 7, 2018 / 6:13 AM / a month ago

EnQuest plans $138 mln rights issue to buy all of Magnus oil field

LONDON, Sept 7 (Reuters) - UK-focused oil company EnQuest , which already owns a quarter of the Magnus oil field, is planning a rights issue for $138 million to help it buy the rest from BP, it said on Friday.

If successful, the deal, which would see EnQuest pay $100 million, would bring 60 million barrels of reserves to EnQuest’s portfolio.

It has the right to buy the stake from BP by Jan. 15 2019. (Reporting by Shadia Nasralla; Editing by Mark Potter)

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