KUALA LUMPUR: Hibiscus Petroleum Bhd, through its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd, is acquiring more oil and gas rights from United Oil & Gas plc and Swift Exploration Ltd for up to US$5 million (RM20.95 million) cash. The latest two blocks are located offshore in the UK sector of the North Sea, 250km north-east of Aberdeen.

Hibiscus on July 17 signed a sale and purchase agreement to acquire Licence P2366, comprising North Sea Blocks 15/18d and 15/19b, from United and Swift. The two firms were awarded Licence P2366 as part of the UK’s Oil and Gas Authority’s 30th Licensing Round, in August 2018, and they hold 95% and 5% participating interest respectively.

“The blocks include the Crown Discovery, which consists of 2C contingent resources that range between four million and eight million barrels of oil,” it said.