ENQUEST OFFERED FOUR NEW NORTH SEA LICENCES

ENQUEST OFFERED FOUR NEW NORTH SEA LICENCES

28 October 2010

Oil production & development company, EnQuest PLC (“EnQuest”) is pleased
to announce that its subsidiary Lundin Heather (now EnQuest Heather),
has been offered four licences in the 26th Oil and Gas Licensing Round
of the UK's Department of Energy and Climate Change. 

The licenses offered to EnQuest yesterday include: 

3/1b (Split) - Obligations to; obtain and reprocess 3D (firm), drill or
drop (contingent)
21/27a (Part) & 28/2 (Part) - Obligations to; obtain 3D (firm), drill or
drop (contingent)
30/24 (Split) - Obligations to; obtain 3D (firm), drill or drop
(contingent)
30/24 (Split) & 30/25 (Split) - Obligations to be confirmed. 

All of these licences are ‘Traditional' and are offered to EnQuest as
Operator and with a 100% interest. 

EnQuest is also a partner in licence 3/17 offered yesterday to Apache as
Operator - Obligations to; obtain and reprocess 3D (firm), drill or drop
(contingent). 

Amjad Bseisu, EnQuest CEO said: 

“We are pleased by the offer of these licences which complement and
build on the strength of our existing portfolio in the North Sea. 
EnQuest participated in this 26th round shortly after our IPO in April
this year.  Yesterday's success in every one of our 26th round
applications provides us with new opportunities for growth.” 

Ends 

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 

Notes to editors 

EnQuest Background  

EnQuest PLC (www.enquest.com (http://www.enquest.com/)) is an
independent oil and gas production and development company focused on
the UK Continental Shelf (“UKCS”).  Its assets include the Thistle,
Deveron, Heather, Broom, West Don and Don Southwest fields.  Gaffney,
Cline & Associates (“GCA”) certified that as at 1 January 2010,
EnQuest's assets had total net proved plus probably oil and NGL reserves
of 80.5MMBbl.  As at 1 January 2010, GCA has also net certified oil and
gas best estimate (2C) contingent resources for individual assets.  The
aggregate of the oil 2C contingent resources on an unrisked basis is
67.5MMBbl, and of the gas contingent resources is 30.6Bcf (See Note 1
below.) 

On 6 April 2010, EnQuest was formed from the demerged UK North Sea
assets of Petrofac Limited and Lundin Petroleum AB.  EnQuest was
admitted to trading on both the London Stock Exchange and the NASDAQ OMX
Stockholm.  On listing, EnQuest PLC went into the FTSE 250 index and OMX
Nordix Index.  Its assets include the Thistle, Deveron, Heather, Broom,
West Don and Don Southwest fields.  It has interests in 16 production
licences covering 26 blocks or part blocks in the UKCS, of which 15
licenses are operated by EnQuest.  

EnQuest believes that the UKCS represents a significant hydrocarbon
basin in a low-risk region, which continues to benefit from an extensive
installed infrastructure base and skilled labour.  EnQuest believes that
its assets offer material organic growth opportunities, driven by
exploitation of current infrastructure on the UKCS and the development
of low-risk near field opportunities, rather than exploitation of
high-risk exploration opportunities. 

EnQuest intends to deliver sustainable growth in shareholder value by
focusing on exploiting its existing reserves, commercialising and
developing discoveries, converting its significant contingent resources
into reserves and pursuing selective acquisitions.  EnQuest is focused
on increasing production from its existing assets in its core hub areas.
It believes that it has excellent operational, execution, subsurface and
integration skills and it seeks to become the development partner of
choice in the UKCS. 

EnQuest believes that it has the technical skills, the operational scale
and the financial strength to achieve its objectives and to take
advantage of the production and development opportunities in the UKCS. 

Note (1) GCA warns that there may be a significant risk that
accumulations containing contingent resources will not achieve
commercial production and that it is inappropriate to aggregate
contingent resources.