UK-listed operator EnQuest is set to acquire the undeveloped Bentley heavy oil field, a North Sea asset that four years ago swapped hands for $1.

An agreement signed with Cayman Islands-registered Whalsay Energy Holdings (WEHL) will see EnQuest buy the entire 100% equity in the P1078 licence, which contains Bentley, located 150 kilometres east of the Shetland Islands.

The transaction is being carried out through the acquisition of a WEHL subsidiary called Whalsay Energy Limited, which holds the licence as its only asset “on a cash, liability and debt free basis”, EnQuest said.