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EnQuest plans $138 million rights issue to buy all of Magnus oil field

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EnQuest plans $138 million rights issue to buy all of Magnus oil field

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LONDON (Reuters) - UK-focused oil company EnQuest <ENQ.L>, which already owns a quarter of the Magnus oil field, is planning a rights issue for $138 million (107 million pounds) to help it buy the rest from BP <BP.L>, it said on Friday.

If successful, the deal, which would see EnQuest pay $100 million, would bring 60 million barrels of reserves to EnQuest's portfolio.

It has the right to buy the stake from BP by Jan. 15 2019.

(Reporting by Shadia Nasralla; Editing by Mark Potter)

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