Under
the
deal
Enquest’s
wholly-owned
subsidiary,
EnQuest
Britain,
will
pay
a
base
consideration
of
£18.75
million
($29.66
million)
in
cash,
plus
a
further
deferred
cash
payment
of
up
to
£500,000,
depending
on
certain
project
milestones
being
met.
In
exchange
EnQuest
will
take
control
of
two
of
CEICO’s
affiliate
companies
which
hold
a
combined
8%
non-operated
interest
in
the
field.
EnQuest
said
the
8%
stake
of
the
field
still
had
net
remaining
proven
plus
probable
reserves
of
5.9
million
barrels
of
oil
equivalent
The
two
companies
being
acquired
by
EnQuest
are
CIECO
Energy…
