THIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR PROSPECTUS AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS. A COMBINED CIRCULAR AND PROSPECTUS IN RELATION TO THE PROPOSED ACQUISITIONS DESCRIBED IN THIS ANNOUNCEMENT WILL BE PUBLISHED IN DUE COURSE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

10 July 2026

EnQuest PLC

("EnQuest", "the Company" or "the Group")

Update on Significant Acquisition in Malaysia

Further to the announcement made on 10 June 2026 (the "FOA Announcement"), EnQuest is pleased to confirm that, following the signing of three separate conditional farm‑out agreements with PETRONAS CARIGALI SDN. BHD. ("CARIGALI") and E&P Malaysia Venture Sdn. Bhd. ("EPMV") (as applicable), confirmation has been received that the existing PSC partners have waived their rights of pre-emption in relation to Package 2. Package 1 and Package 3 were not subject to any pre-emption rights.  

As a result, and subject to satisfaction of the Completion conditions outlined in the FOA Announcement, the Company will acquire the entirety of the Participating Interests being: i) a 90% operated participating interest in Balingian PSC and 100% operated participating interest in SK8 PSC (Package 1); ii) a 50% operated participating interest in D35-D21-J4 PSC (Package 2); and iii) a 30% non-operated participating interest in PM6-12 PSC (Package 3).

Further information relating to the Proposed Acquisitions will be included in the combined shareholder circular and prospectus, which are expected to be published in due course. The Company will make a further announcement upon publication.

Completion of the Proposed Acquisitions is anticipated, subject to the satisfaction of certain customary completion conditions, to be on 31 December 2026.

Unless otherwise defined, all definitions used in this announcement have the same meanings as described in the Company's FOA Announcement on 10 June 2026.

Contacts:

Additional Information

The Proposed Acquisitions together constitute a reverse takeover for the purposes of the UKLRs and are therefore notifiable in accordance with UKLR 7.5.1R(1). In addition, the acquisition of Package 1 alone (regardless of whether the acquisitions of Package 2 or Package 3 complete) constitutes a reverse takeover under the UKLRs. Pursuant to UKLR 7.5.1R(2), the Prospectus in connection with the Proposed Acquisitions will be published in due course. Peel Hunt LLP is acting as the Company's sponsor and Ashurst LLP is acting as the Company's legal counsel in connection with the publication of the Prospectus.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication of this announcement, this inside information will be considered to be in the public domain. The person responsible for the release of this announcement is Kate Christ, Company Secretary.

Notes to editors

EnQuest is unlocking value from energy assets. Responsibly. As an independent energy company with operations in the UK North Sea and across South East Asia, the EnQuest Group's strategic vision is to lead as a safe, efficient operator of mature and underinvested oil and gas assets; sustainably extending field lives and delivering superior value across the asset lifecycle, as part of a just energy transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.EnQuest.com for more information on our global operations

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations 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 announcement should be construed as a profit forecast or estimate and no statement in this announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the EnQuest Group or the Enlarged Group, as appropriate, for the current or future years would necessarily match or exceed the amount set out in any forward-looking statement or historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the EnQuest Group or the Enlarged Group, as appropriate. Past share performance cannot be relied upon as a guide to future performance.

Important Notices: Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for the Company as Sponsor and no one else in connection with the Proposed Acquisitions and it will not regard any other person as a client in relation to the Proposed Acquisitions and neither Peel Hunt nor any of its affiliates (nor any of their partners, directors, officers, employees, advisers or agents) will be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Proposed Acquisitions or any other transaction, matter, or arrangement referred to in this announcement.

This announcement has been issued by, and is the sole responsibility of, the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability whatever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) is or will be accepted by Peel Hunt or any other advisers to the Company or by any of their respective affiliates, partners, directors, officers, employees, advisers or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

The contents of this announcement are for information purposes only and are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice, respectively.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.