Enquest Plc · LSE:ENQ
Enquest — Merger or Acquisition (June 2026)
22 slides from Enquest's merger presentation, Jun 10, 2026
Slide 1: Strategic Acquisition of Malaysian Production Assets
Strategic Acquisition of Malaysian Production Assets 10 June 2026
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, including the slides, the information contained in the slides, any question and answer session, any oral presentation and any written or oral material discussed or distributed during the presentation meeting (together, the "Presentation"). This
Slide 3: Transformational Acquisition of Malaysian Production Assets
Transformational Acquisition of Malaysian Production Assets Transaction highlights – impact on Enlarged Group Delivers on EnQuest strategy c. 1 billion boe total 2P reserves and 2C resources Transformational production increase >100 kboepd net working interest production Strong value creation $1.8 b
Slide 4: Participating Interests Summary
Participating Interests Summary Significant established production with growth upside in Sarawak and Peninsula Malaysia Package 1 Package 2 Balingian PSC D35-D21-J4 PSC Participating interest 90% (operated) Participating interest 50% (operated) Primary commodity Oil Existing Production Assets Primar
Slide 5: Transaction checklist
Transaction checklist Disciplined, value-accretive acquisition, delivering transformational growth Transaction Enlarged Impact Group 1 Deliver step change in production +134% + >100 kboepd Net WI production 2 Material increase in reserves and resources +85% +56% c.1 billion boe Net WI 2P and 2C 3 Lo
Slide 6: Acquisition structure and consideration
Acquisition structure and consideration Maximum total consideration of $833 million for all packages Overview Upfront • Acquisition of three asset packages: total maximum consideration of $833 million $554 million Consideration • Each asset package is subject to a separate acquisition agreement c.$5
Slide 7: Capital discipline maintained
Capital discipline maintained Enlarged Group Modest leverage, simplified capital structure and strong liquidity RBL refinanced at $800 million in Q4 2025 2025 Net Debt • $400 million loan tranche (undrawn @ 31 Dec 25) $434 million RBL being increased to $700 million via accordion • Further enhancing
Slide 8: Indicative timeline to completion
Indicative timeline to completion Completion expected 31 December 2026 Announcement Publication of Completion of the of signed FOAs Prospectus and Proposed Acquisitions 10 June 2026 Shareholder 31 December 2026 Circular July 2026 Completion of conditions precedent associated with the Proposed Acquis
Slide 9: Step Change Increase in Production
Enlarged Group production to Step Change Increase in Production >100 Kboed remain in excess of 100 Kboed through to the end of the decade Enlarged Group Production South East Asia Production 120.0 120.0 110.0 110.0 100.0 100.0 90.0 90.0 80.0 80.0 Net Kboed Net Kboed 70.0 70.0 60.0 60.0 50.0 50.0 40.
Slide 10: A tangible reserves foundation with significant upside potential
A tangible reserves foundation with significant upside potential 2P Reserves 2C Resources Further Upside 500 138 MMboe 208 MMboe 65-100 MMboe Improved recovery 400 Development opportunities Net PI Volumes (MMboe) Notes: 300 (1) All Upside volumes are subject to further techno-commercial evaluation (
Slide 11: Strategic Rationale
Strategic Rationale Step change in scale that transforms the shape of the Group and delivers on growth strategy 1 Creates stable production base in excess of 100 kboepd (+134%) Strategic rescaling Combined reserves and resources of c. 1 billion boe, with 96% operating control and diversification Div
Slide 12: Transformational Production Uplift
Transformational Production Uplift EnQuest firmly established within FTSE 250 peer group 2025 Production (kboepd) 181.0 Key FTSE 250 Peers 180 154.0 160 140 119.0 Production 2025 120 100.4 134% (kboepd) 100 increase in 80 production 60 42.9 41.6 40.4 40 27.6 20.0 19.8 19.5 20 5.4 - PARTICIPATING INT
Slide 13: EnQuest re-scaled and refocused
EnQuest re-scaled and refocused Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growth United Kingdom 2025 Production YE 2025 2P Reserves Kboed (pro forma) MMboe (pro forma) 31% 57% Vietnam 45% 41%
Slide 14: Thank you
Thank you @nQuest
Slide 15: Appendix
Appendix
Slide 16: South East Asia – central to EnQuest growth
South East Asia – central to EnQuest growth Top quartile operating expertise, driving asset optimisation and life extension 1 Track Record of Operational Excellence • 12-year track record of successful operations in Malaysia • Safety at the core of all decisions – Three years and eight million man h
Slide 17: Asset Summary
Asset Summary Significant established production with growth upside • Total 2025 gross Balingian SK8 D35-D21-J4 PM6-12 production of Location Sarawak Sarawak Sarawak Peninsular Malaysia c.57.4 kboepd (net PI) Water depth (m) 28 - 35 90 - 129 48 - 174 60 - 70 • c.350 MMboe 2P/2C Number of fields 4 2
Slide 18: Portfolio Overview
Portfolio Overview Strategically located nearby EnQuest’s existing Malaysian operations Sarawak Assets Peninsular Malaysia Assets SK8 PSC PM6 PM8/Seligi PM12 OGT Dewa Cluster D35-D21-J4 PSC Balingian PSC Bintulu EnQuest PLC Strategic Acquisition - June 2026 18
Slide 19: Balingian PSC
Balingian PSC Overview Asset location Four producing fields (Bayan, D18, D28, Temana): − 2025 gross liquids production: 22 kbbl/d − 2025 gross sales gas: 87 mmscf/d Crude from the fields is exported via the Bintulu Crude Oil Terminal (‘BCOT’) − BCOT is operated by PCSB Gas is processed at the
Slide 20: SK8 PSC
SK8 PSC Overview Asset location Two producing fields (Jintan and Cili Padi): − 2025 gross liquids production: 1 kbbl/d − 2025 gross sales gas: 58 mmscf/d Jintan hydrocarbons are evacuated via the M1 Hub operated by PCSB Cili Padi production is evacuated via the F23 Hub operated by Sarawak Shel
Slide 21: D35-D21-J4 PSC
D35-D21-J4 PSC Overview Asset location Three producing fields (D35, D21, J4): − 2025 gross liquids production: 10 kbbl/d − 2025 gross sales gas: 25 mmscf/d Crude from the fields is exported via the Bintulu Crude Oil Terminal (‘BCOT’) via the Balingian (Bayan) infrastructure Gas is exported to
Slide 22: PM6-12 PSC
PM6-12 PSC Overview Asset location Three producing fields (Duyong, Gansar, Resak): − 2025 gross liquids production: 2 kbbl/d − 2025 gross sales gas: 92 mmscf/d Beranang is a discovered field in pre-development PM6 phase, with the likely evacuation route being the nearby Resak facilities Hydroc