Lundin and Petrofac unitesSwedish company Lundin and Petrofac has formed a joint venture called EnQuest, that will manage and operate the two company's oil and gas shares in UK. Lundin Petroleum will own 55 percent of the new company, while Petrofac will control the remaining 45 percent. EnQuest will apply for listing on London Stock Exhange, and a secondary listing on Nasdaq Stockholm. The agreement will be complete during second quarter of 2010, and will be subject to the approval of the UK governments and Lundin Petroleum's shareholder. Lundin reports of a revised proven and probable reserves to 177 million barrels of oil equivalents, down from 255,9 million boe following the spin-off of its UK assets.
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