Fairfield completes farm down of Crawford and Porter developments to EnQuest
30 June 2011
Fairfield Acer Limited (‘Fairfield’) is pleased to confirm the completion of its farm out agreement with EnQuest PLC for UKCS Block 9/28a - Area B, which contains the Crawford oil field and the 9/28a -18 Porter oil discovery. This agreement was announced on 10 May 2011. Prior to this farm out, Fairfield held a 52% interest in the block. EnQuest will acquire a 32% interest from Fairfield in return for carrying Fairfield for certain development costs up to a maximum of £34.85 million. EnQuest’s combined working interest has now increased to 51% and EnQuest has become the operator. Fairfield retains a 20% interest in the block, the remaining 29% interest is held by Valiant Exploration Limited.
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