HIBISCS

2.540

-0.02 (-0.8%)

OTHERS HIBISCUS PETROLEUM BERHAD ("Hibiscus Petroleum" or "the Company") Licence P2366

HIBISCUS PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
HIBISCUS PETROLEUM BERHAD ("Hibiscus Petroleum" or "the Company")
Licence P2366

Reference is made to the Company’s disclosures on 17 July 2019, 7 October 2019, 12 December 2019, 4 December 2020, 26 August 2021, 4 October 2021 and 10 November 2021 (“Earlier Announcements”).

 

Following determination of Licence P2366 on 30 September 2021 pursuant to the decision of the United Kingdom’s Oil and Gas Authority (“OGA”) not to extend the licence to allow time for Ithaca Energy Limited and Anasuria Hibiscus UK Limited (“AHUK”) to reach a consensus for a common offtake solution for the Marigold and Sunflower fields in the Central North Sea after the OGA’s suspension of review of the Field Development Plan for the area, the Company wishes to disclose that its indirect wholly-owned subsidiary, AHUK has entered into an agreement with United Oil & Gas PLC (“United”) on 23 March 2022 for purposes of addressing remaining matters in respect of United’s interest in the earlier executed sale and purchase agreement of 7 October 2019  (“Close Out Deed”).

 

AHUK had previously completed the acquisition of Licence P2366 containing the Crown discovery on 4 December 2019.

Whilst the terms of the Close Out Deed are confidential, a payment of USD2.5 million shall be made in 3 instalments in accordance with the agreed timeline. The payment is being made to settle the outstanding amount under the SPA.

Further announcements will be made upon completion of the arrangement under the Close Out Deed and/or at the appropriate time(s), where relevant.

 

 

This announcement is dated 23 March 2022.






Announcement Info

Company Name HIBISCUS PETROLEUM BERHAD
Stock Name HIBISCS
Date Announced 23 Mar 2022
Category General Announcement for PLC
Reference Number GA1-23032022-00007