Acquisition of additional interest in Kraken

ENQUEST PLC, 22 February 2016.
Acquisition of an additional 10.5% interest in the Kraken development from First
Oil.

EnQuest PLC ('EnQuest') announces the acquisition of an additional 10.5%
interest in the Kraken development for nominal consideration. The acquisition
from First Oil PLC ('First Oil') brings EnQuest's total interest to 70.5%.
EnQuest and Cairn Energy PLC ('Cairn'), the other current participant in the
Kraken development, are both taking up First Oil's interests pro-rata, in
proportion to their holdings prior to the transaction.  EnQuest has also waived
its right to reclaim approximately $7 million of cash calls paid on behalf of
First Oil in January and February 2016.  EnQuest acquires the reserves and
resources associated with the additional interest.  In 2012, when EnQuest
originally acquired its Kraken assets from First Oil, part of the consideration
was in the form of a contingent development carry, based on the determination of
the level of reserves.   This contingent carry provision now ceases to be
effective. Further, EnQuest is not reimbursing First Oil in respect of costs
incurred by First Oil to date.

Further information

In December 2015, in its Operations Update, EnQuest highlighted that the Kraken
development project was on schedule for first oil production in H1 2017 and that
full cycle gross project costs had been reduced by c.10%.  The additional Kraken
net capex to EnQuest is anticipated to be approximately $90 million to first
production.  In December 2015, EnQuest issued a 2016 cash capex guidance range
of $700 million to $750 million. Since then further additional reductions have
been made.  Consequently EnQuest expects to absorb the capex resulting from
today's transaction without any net increase in its previous 2016 guidance
range.   Further details will be included in EnQuest's 2015 full year results
announcement, on 17 March.

EnQuest expects that the additional reserves it is acquiring through this
transaction will incrementally increase the amount available to it under its
bank facility to $1.2billion (from $1,137 million as reported in August 2015).

In its most recent annual report, for 2014, EnQuest highlighted gross (100%)
Kraken 2P reserves of 140 MMboe.

Prior to the transaction, EnQuest had a total interest in Kraken of 60% and
Cairn had 25%.  Following completion, EnQuest will have a 70.5% interest and
Cairn a 29.5% interest.

The Kraken Development

EnQuest is the operator.  The two Kraken fields are located in block 9/2b, 350
km north east of Aberdeen, in a water depth of c.110m.  The Field Development
Plan includes 25 wells.  First production is expected in H1 2017.  The project
has a long field life, of approximately 25 years. A comprehensive update on the
project's progress was included in EnQuest's Operations Update and associated
Capital Markets Day presentations to investors on 8 December 2015.  Details
available on EnQuest's website.  http://www.enquest.com/investors/investor
-presentations/2015.aspx

Ends

For further information please contact:

EnQuest
PLC
            Tel: +44 (0)20 7925 4900

Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor
Relations)

Tulchan
Communications
   Tel: +44 (0)20 7353 4200

Martin Robinson
Martin Pengelley

Notes to editors
EnQuest is the largest UK independent producer in the UK North Sea.  EnQuest PLC
trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its
operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the
Greater Kittiwake Area and Alma/Galia, also the Kraken and the Scolty/Crathes
developments; EnQuest also has an interest in the non-operated Alba producing
oil field.

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.

EnQuest is replicating its model in the UKCS by targeting previously
underdeveloped assets in a small number of other maturing regions; complementing
our operations and utilising our deep skills in the UK North Sea.  In which
context, EnQuest has interests in Malaysia where its operated assets include the
PM8/Seligi Production Sharing Contract and the Tanjong Baram development.

EnQuest is paying £0.70 for the increased stake. Based on the 30 June 2015 half
yearly report, the equivalent value of the gross assets the subject of the
transaction are $114 million as at 30 June 2015.  There are no profits
attributable to the assets the subject of the transaction.

Forward looking statements: This announcement may contain certain forward
-looking statements with respect to EnQuest's expectation and plans, strategy,
management's objectives, future performance, production, reserves, costs,
revenues and other trend information.  These statements and forecasts involve
risk and uncertainty because they relate to events and depend upon circumstances
that may occur in the future.  There are a number of factors which could cause
actual results or developments to differ materially from those expressed or
implied by these forward looking statements and forecasts.   The statements have
been made with reference to forecast price changes, economic conditions and the
current regulatory environment.  Nothing in this presentation should be
construed as a profit forecast.  Past share performance cannot be relied on as a
guide to future performance.