ENQUEST COMPLETES ACQUISITION OF STRATIC ENERGY CORPORATION Not for release, publication or distribution, in whole or in part, in or into or from Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction Independent oil and gas production & development company, EnQuest PLC (“EnQuest”) announced on 3 August 2010 that it had entered into an Arrangement Agreement (the “Arrangement Agreement”) to acquire the entire issued share capital of Stratic Energy Corporation (“Stratic”) (the “Acquisition”). EnQuest now reports that it has completed this acquisition. HIGHLIGHTS OF THE ACQUISITION · EnQuest has acquired Stratic in a transaction recommended by Stratic's Board · the acquisition increases EnQuest's North Sea 2P reserves by 7.27MMboe · at the time of the announcement in August, the purchase price equated, adjusted for tax, to paying US$11.2 per barrel of 2P reserves · the acquisition consolidates EnQuest's 27.7% position in West Don with an additional 17.25% working interest · it provides EnQuest with a substantial 19% interest in the Crawford field development EnQuest has completed the acquisition of 272,635,224 common shares of Stratic, being all of the outstanding shares of Stratic, through a plan of arrangement (the “Plan of Arrangement”) effective 5 November 2010 under the Business Corporations Act (Yukon). As announced on 3 August 2010, Stratic shareholders receive 0.089626 EnQuest Ordinary shares per Stratic share. Based on EnQuest's average closing price on the London Stock Exchange between 28 July to 2 August 2010, this equated to an offer of 17.00 Canadian cents for each existing Stratic share, and valued the issued and to be issued share capital of Stratic at approximately US$45.7 million. It was also announced on 3 August 2010 that as part of the transaction EnQuest is refinancing Stratic's US$74.7 million net debt (as at 30 June 2010). Stratic shareholders receive a total of 24,434,983 EnQuest ordinary shares and it is expected that at 8:00 AM Monday 8 November 2010, these will be admitted to the Official List and to trading on the London Stock Exchange. Following admission of these shares, EnQuest's issued share capital will consist of 799,462,905 shares with voting rights. The transaction constitutes a change of control of Stratic for the purposes of Stratic's outstanding convertible notes and convertible debentures, requiring Stratic to make offers to purchase such securities in accordance with their terms. EnQuest intends to cause Stratic to make such offers and acquire such securities for cash consideration. All outstanding stock options of Stratic were cancelled on closing pursuant to stock option termination agreements entered into with holders of all outstanding Stratic options. As a result of the Acquisition, EnQuest has become a reporting issuer in British Columbia, Alberta and Ontario. EnQuest is subject to the reporting requirements of the Financial Services Authority of the United Kingdom and the ongoing requirements of the London Stock Exchange (collectively, the “UK Requirements”). EnQuest will comply with the UK Requirements in connection with its oil and gas activities rather than the requirements of the Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Ends For Stratic shareholders who may require assistance on processes surrounding this acquisition, please contact Equity Transfer & Trust Company at +1 (416) 361 0152 or Capita Registrars Limited at +44 (0) 208 639 3399. For further information please contact: EnQuest PLC Tel: +44 (0)20 7925 4900 Amjad Bseisu (Chief Executive Officer) Jonathan Swinney (Chief Financial Officer) Michael Waring (Head of Communications & Investor Relations) Finsbury Tel: +44 (0)20 7251 3801 Andrew Mitchell Conor McClafferty
ENQUEST COMPLETES ACQUISITION OF STRATIC ENERGY CORPORATION
| Source: EnQuest PLC