HIBISCS

2.800

(%)

OTHERS Hibiscus Petroleum Offered Awards of 2 Blocks/Part Blocks in Tranche 2 of the 33rd United Kingdom ("UK") Offshore Licensing Round

HIBISCUS PETROLEUM BERHAD

Type Announcement
Subject OTHERS
Description
Hibiscus Petroleum Offered Awards of 2 Blocks/Part Blocks in Tranche 2 of the 33rd United Kingdom ("UK") Offshore Licensing Round

We refer to our earlier announcement dated 30 October 2023 in relation to the first tranche of the 33rd UK Offshore Licensing Round(“Licensing Round”).

 

Pursuant to the above, Hibiscus Petroleum wishes to announce that its indirect wholly-owned subsidiary, Anasuria Hibiscus UK Limited (“AHUK”), has been offered awards of two blocks/part blocks in Tranche 2 of the Licensing Round by the UK North Sea Transition Authority (“NSTA”) on 31 January 2024.

 

The Licensing Round offered blocks in mature, producing areas close to existing infrastructure, under flexible terms of the Innovate Licence (“Licence”). This form of licence enables companies like AHUK to define a licence duration and phasing that would result in the execution of an optimal work programme.

 

The blocks offered for award are located in Quad 15 of the Central North Sea, namely:

 

  • 15/13c – Contains hydrocarbon leads northwest of the Marigold Field. This block is located between AHUK’s block 15/12a (P.2518), and blocks 15/13a and 15/13b (Licence P.198). 
  • 15/18c – Contains the Cross prospect. This block is adjacent to AHUK’s block 15/13a containing the Marigold Field.

 

Vide this offer, AHUK have secured a contiguous block in Quad 15 containing stranded oil discoveries, hydrocarbon leads and prospects that will support the commercial viability of the ongoing development planning of Marigold and Sunflower oil fields. AHUK plan to continue to work together with partners and the NSTA to maximise the recovery of these resources in the Quad 15 area.

 

The next stage of this award process is for AHUK to receive further documentation from the NSTA in order to finalise and execute the Licences for the award of these blocks.

 

Further announcements will be made at the appropriate time(s), where relevant.

 

This announcement is dated 2 February 2024.






Announcement Info

Company Name HIBISCUS PETROLEUM BERHAD
Stock Name HIBISCS
Date Announced 02 Feb 2024
Category General Announcement for PLC
Reference Number GA1-01022024-00010