Energy firm EnQuest Plc has secured a four-year extension to the Block 12W production sharing contract, awarded by PetroVietnam.
EnQuest said the extension, granted on the contract's existing terms, runs to July 2034 and will provide the firm and its partners the opportunity to access upside across Block 12W, with prospectivity spread across three gas discoveries and several additional targets.
Since the completion of the acquisition of Block 12W in July 2025, EnQuest has completed three proactive well interventions that boosted fourth quarter production to 10,400 barrels of oil per day.
EnQuest added that the PSC extension had enabled its to initiate plans to progress discovered resources into reserves.
Radzif Ahmed, general manager of EnQuest's South East Asia unit, said: "We are pleased with the production enhancements made during the early period of EnQuest's operatorship and, with this PSC extension, we see opportunities to unlock significant value within the Block. I thank PetroVietnam for putting its trust in EnQuest to lead the next phase of growth for Block 12W."
As of 0945 GMT, YouGov shares were up 1.22% at 208p.
Reporting by Iain Gilbert at Sharecast.com