Hibiscus buys O&G rights in North Sea worth RM21m

TheEdge Thu, Jul 18, 2019 10:29am - 4 years View Original


KUALA LUMPUR: Independent oil and gas (O&G) exploration and production company Hibiscus Petroleum Bhd is acquiring O&G rights offshore in the UK sector of the North Sea worth US$5 million (RM20.6 million).

In a filing with Bursa Malaysia yesterday, Hibiscus said its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd had entered into a conditional non-binding term sheet to acquire Licence P2366 from United Oil & Gas plc and Swift Exploration Ltd.

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

It includes the Crown Discovery, which 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.

The blocks are also located 12km south-east of the Marigold field, which together with the Sunflower field, was acquired by Anasuria Hibiscus in October 2018.

“The proposed consideration was arrived at on a similar basis to the consideration paid for the Marigold and Sunflower fields as they are seen as being additive to the existing Marigold and Sunflower development,” Hibiscus said.

Hibiscus noted that United and Swift were awarded Licence P2366 as part of the UK’s Oil and Gas Authority’s 30th Licensing Round, in August 2018, and that they each hold 95% and 5% participating interests respectively.

Hibiscus shares yesterday closed down one sen or 0.94% at RM1.05, with a market capitalisation of RM1.67 billion.

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