British oil producer EnQuest Plc has sealed a deal with explorer Seapulse Ltd. that will put it first in line to help develop over four billion barrels' worth of prospective resources the company is investigating, Seapulse said.
EnQuest, which at a market cap of around $437 million is saddled with over $1.7 billion in debt, will be the first oil producer to get access to discoveries made by private-equity backed Seapulse as part of its 12-well exploration campaign.
It can then bid to develop them in exchange for equity stakes.
The approach mirrors Seapulse's partnership with Maersk Drilling AS for its global two-year well campaign, whereby it commits to a partner on a large scale and early in the process to save money by avoiding the need to hire their own drilling and engineering staff.
"They're recognized as one of the leanest developers," Seapulse chief Scott Aitken said of EnQuest, which expects to produce between 63,000-70,000 barrels of oil equivalent per day this year.
Seapulse, which is backed by private equity fund Seacrest, has said its drilling campaign prioritizes prospects that have a potential to contain at least 300 million barrels. (US$1 = 0.7553 pounds)
Recommended Reading
Espada E&P Startup Nabs Carnelian Backing for Onshore M&A Run
2025-06-16 - Espada Energy Partners, backed by Carnelian funds, joins a new wave of startup E&Ps hunting for M&A opportunities.
Money Talks: Juniper Capital Carves Own Momentum Amid Volatility
2025-06-16 - Private equity firms with longtime loyalty to the oil and gas industry are raising funds that are steadily adding to their coffers, accumulating billions of dollars’ worth of dry powder.
Energy Executives Plan EQV Group’s Second Blank-Check IPO
2025-06-13 - The $350 million of funds raised will go into escrow alongside the $350 million raised from EQV Group’s first SPAC IPO as the 10-month-old prospective M&A buyer has not yet done a deal.
IPAA Seeking New CEO as Eshelman to Take New Role
2025-06-12 - IPAA’s chairman Mike Hillebrand told members in an email that the next CEO would be “a visionary, dynamic leader who understands the unique challenges and opportunities facing our diverse membership.”
Granite Ridge Stock Stumbles Upon CEO’s Departure
2025-06-12 - Dallas-based E&P Granite Ridge Resources did not report a reason for President and CEO Luke Brandenberg’s departure but wrote in the announcement that the “leadership transition is unrelated to the company’s performance or operations.”