PETALING JAYA: Hibiscus Petroleum Bhd ’s indirect wholly owned subsidiary, Anasuria Hibiscus UK Ltd (AHUK), has entered into a conditional non-binding term sheet to acquire Licence P2366 consisting of Blocks 15/18d and 15/19b from United Oil & Gas Plc and Swift Exploration Ltd for US$5mil (RM20.6mil).

The blocks are located offshore in the United Kingdom sector of the North Sea, about 250 km north-east of Aberdeen.

“The blocks include the Crown Discovery, which is based on information provided by United, consists of 2C contingent resources of eight million barrels of oil and six billion cubic feet of associated gas,” said Hibiscus in a statement.

This acquisition could potentially increase Hibiscus’ 2C contingent oil resources by eight million barrels and six billion cubic feet of associated gas.

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