EnQuest bosses said today that the company had received the all-clear from shareholders to increase its stake in the Magnus field.
Consent was granted at the company’s general meeting on October 1.
The London-listed exploration and production company initially acquired stakes in Magnus from BP as part of a deal announced in January 2017.
The transaction closed in December 2017, making EnQuest the operator. The deal also contained a number of options to increase ownership.
EnQuest has now exercised the option of raising its Magnus stake to 100% from 25%, adding 60 million barrels of oil equivalent to its reserve base, and £385m of net present value.
The firm expects the deal to go through before the end of 2018.
Shareholders have also backed EnQuest’s decision to undertake decommissioning activities on the Thistle and Deveron fields and cover a higher percentage of BP’s costs in exchange for £15m.
The funds are expected to be received from BP within 10 business days.