EnQuest acquires 8% of the Alba oil field

EnQuest PLC (‘EnQuest’) today announces that EnQuest’s wholly owned subsidiary,
EnQuest Britain Limited ("EBL") has agreed with CIECO Energy (UK) Limited
(‘CIECO’) to acquire two of its affiliate companies which together hold a total
of an 8% non-operated interest in the producing oil field Alba, in the UK
Continental Shelf. The agreement is subject to the normal regulatory consent.
This acquisition adds reserves and producing barrels and further diversifies
EnQuest’s asset base.

EBL will pay a base consideration of £18.75m in cash, plus a further deferred
cash consideration of up to £0.5m contingent on certain project milestones. The
acquired 8% interest had net remaining 2P reserves of 5.9 MMboe attributable as
at the economic date.

Further information:

The base consideration has an economic date at 1.1.2012 and is subject to
working capital at the 1.1.2012 economic date, and tax and other adjustments
with respect to the period from 1.1.2012 to the date of completion of the
acquisition. During the year 2012, the Alba field had produced up to 6,400,000
barrels of oil by the end of September, the last available published production
volumes from DECC.

The Alba field contains around 1 billion barrels of oil in place and has so far
produced around 400 million barrels. It produces heavy oil from Eocene turbidite
sandstones in block 16/26 in the UK North Sea and produces from the Alba
Northern platform. Alba is operated by Chevron which has a 23.37% interest.
Other partners are Mitsui, 13.3%, Endeavour, 25.68%, Statoil 17% and Centrica
12.65%.

The two CIECO Energy (UK) Limited affiliate companies which EBL is acquiring are
CIECO Energy (UKCS) Limited and CIECO Energy (CNS) Limited. The reported profit
before tax for these companies for the year ended 31 December 2011 were
respectively £28m and £4.8m. The total assets of these companies as at 31
December 2011 were respectively £117.4m and £19.8m.

ENDS
For further information please contact:

EnQuest PLC

Tel: +44 (0)20 7925 4900

Michael Waring (Head of Communications & Investor
Relations)

RLM Finsbury
                                 Tel: +44 (0)20 7251 3801

James Murgatroyd

Conor McClafferty

Dorothy Burwell

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.  It is a
constituent of the FTSE 250 index.  Its assets include the Thistle, Deveron,
Heather, Broom, West Don, Don Southwest and Conrie producing fields and the Alma
and Galia development.  At the end of June 2012, EnQuest had interests in 29
production licences covering 36 blocks or part blocks in the UKCS, of which 22
licences 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.

CIECO is a member of London based oil and gas E&P group of companies operated
through CIECO Exploration and Production (UK) Limited (“CIECO E&P”) and a wholly
owned subsidiary of ITOCHU Corporation. Since its establishment in 1992, CIECO
E&P has conducted asset management operations and pursued business development
opportunities in the UKCS.   Its website is located at www.cieco.co.uk

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, 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.

Please see PDF of the release attached.