Petrofac Limited - Proposed Demerger of the UK Continental Shelf Oil & Gas Assets of Petrofac Energy Developments to Create Enquest PLC

ENPNewswire-4 March 2010-Petrofac Limited - Proposed Demerger of the UK Continental Shelf oil & gas assets of Petrofac Energy Developments to create EnQuest PLC(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 04032010 - The Board of Petrofac ('the Board') today announces its intention to demerge Petrofac Energy Developments Limited ('PEDL') from the Petrofac group and combine it with the UK Continental Shelf oil & gas assets of Lundin Petroleum AB ('Lundin') to form a new company, EnQuest PLC ('EnQuest') (the 'Demerger'). PEDL is the subsidiary within Petrofac's Energy Developments business unit which holds Petrofac's UK Continental Shelf assets, including a 27.7 per cent. interest in the West Don field, a 60 per cent. interest in the Don Southwest field (of which 5 per cent. is held through PEDL's subsidiary, Petrofac Energy Development Oceania Limited ('PEDOL')) and a 100 per cent. interest in the Elke discovery (together the 'PEDL Assets').