EnQuest buys bigger slice of Kraken field

ENQUEST has raised its stake in the Kraken oil discovery in the UK North Sea by acquiring a 25 per cent interest from Nautical Petroleum for up to £154m.

EnQuest, which bought a 20 percent interest in the Kraken discovery from oil and gas explorer Canamens earlier this month, will become the operator of the field.

The 25 per cent interest in Kraken provides 40m barrels of oil of contingent resources to EnQuest.

Nautical shares jumped five per cent on the news.