Completion of Vietnam acquisition

EnQuest PLC ("EnQuest" or "the Group") is pleased to announce that it has completed the acquisition of Harbour Energy's business in Vietnam, which holds a 53.125% equity interest in (and operatorship of) the Chim Sáo and Dua production fields ('Block 12W'). Completion confirms EnQuest as operator and represents another key step in delivering the Group's diversified growth across South East Asia and aligns with its strategic aim to expand its operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity.

The headline value of the transaction is $85.1 million and, net of interim period cash flows (generated since the effective date of 1 January 2024), the consideration paid by EnQuest was circa $25.7 million.

As at 1 January 2025, net 2P reserves and 2C resources across the fields totalled 7.5 million boe and 4.9 million boe, respectively. EnQuest intends to assess additional Block 12W prospectivity and deploy its proven late-life and FPSO asset management expertise to maximise value and translate discovered resources into reserves at the fields (which are spread across three gas discoveries and several additional targets), with a view to extending the Production Sharing Contract beyond its current end date of November 2030.

Since signing the transaction, the Vietnam asset team has successfully completed a planned annual maintenance shutdown (on time and within budget) and executed three of six scheduled well intervention scopes, which have added c.1,200 boepd of gross production. Net asset production in the first half of 2025 averaged 5.7 kboepd, with the potential for further in-year upside relating to well intervention activity and performance and the positive impact of a production-enhancing chemical soaking process undertaken during the shutdown.

Robust operational performance and the resulting free cash flow underpin Chim Sáo and Dua's value, making them strong anchor assets for EnQuest's entry into Vietnam. Alongside the recent successful award of PSCs in Indonesia, the Group continues to expand its South East Asian footprint beyond Malaysia, where EnQuest recently celebrated ten years of successful operations and was named Operator of the Year by Petronas for a second successive year.

Commenting on the acquisition, EnQuest Chief Executive Officer, Amjad Bseisu said:

"South East Asia is key to EnQuest's growth and diversification strategy, and we are excited by the opportunity to utilise our proven operating expertise to optimise, enhance and extend the Block 12W assets in Vietnam. We are impressed with the talent and attitude displayed by our new colleagues as we welcome the Vietnam asset team into the Group, and we are committed to working with our partners, Bitexco and PetroVietnam Exploration Production Corporation Ltd, to explore future value-accretive opportunities within the fields."

VIETNAM

Vietnam has significant potential for oil and gas development beyond its established 4.4 billion boe reserves, with an increase in deepwater exploration in the hydrocarbon-rich South China Sea driving projects which seek to replace the production from mature offshore fields. In addition, there is significant opportunity for late life asset managers, such as EnQuest, to acquire producing assets as established operators have PSCs nearing their end dates.

Vietnam is investing in infrastructure to support oil and gas production, including offshore drilling rigs, pipelines, refineries, and storage facilities. The development of these facilities is vital for enhancing production capacity and ensuring the country's energy security.

Vietnam has also invested in expanding its refining capacity and petrochemical industry. The Dung Quat Refinery and the Nghi Son Refinery are examples of this effort to process domestically produced crude oil and to reduce reliance on imports.

ENQUEST

EnQuest PLC trades on the London Stock Exchange.

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