UK-focused oil company EnQuest which already owns a quarter of the Magnus oil field, is planning a rights issue for $138 million (107 million pounds) 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.
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