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Enquest PLC (AIM:ENQ) said a key pre-emption hurdle has been cleared for its proposed Malaysian acquisitions, keeping the transaction on track for expected completion at the end of 2026. The company said existing PSC partners have waived their rights of pre-emption over Package 2, which covers a 50% operated participating interest in the D35-D21-J4 production sharing contract.

EnQuest (ENQUF) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Shore Capital sees more than 100% upside in Enquest PLC (AIM:ENQ) after the oil and gas producer struck a Malaysian acquisition that the broker said could transform the group's scale and cash generation. The broker reiterated its ‘Buy' rating and 39p target price on the shares, compared with a current price of 19p, implying upside of 104%.

Enquest PLC (AIM:ENQ) said it has agreed a proposed US$833 million acquisition of offshore Malaysian oil and gas interests that would more than double group production and tilt the business further towards South East Asia. The deal, which is big enough to qualify as a reverse takeover, will cover participating interests in four production sharing contracts through three farm-out agreements with PETRONAS.

North Sea-focused oil producer EnQuest agreed on Wednesday to buy interests in ​four offshore contracts in Malaysia for up to $833 million ‌from state-run Petronas, as the British company expands its South East Asian presence.