KUALA LUMPUR (Jan 20): Hibiscus Petroleum Bhd said today that the UK Oil and Gas Authority (OGA) had yesterday (Tuesday, Jan 19) advised that two of the three licence agreements pursuant to the OGA’s offer for award received by Hibiscus’ indirect wholly‐owned subsidiary Anasuria Hibiscus UK Ltd (AHUK), have been fully executed.

In a filing with Bursa Malaysia today, Hibiscus said the licence agreement for the third offer involving the award for licence P2532 is in the process of being fully executed. 

Hibiscus said Licence P2532 involves offshore oil and gas blocks 21/19c and 21/20c while the two licence agreements which have been fully executed involve License P2535 for block 21/24d and License P2518 for Block 15/17a.

"These licences are located in mature, producing areas close to existing infrastructure, under flexible  terms of the innovate licence which enables companies like AHUK to define a licence duration and  phasing that would result in the execution of an optimal work programme.   

"The licence terms commenced from 1 December 2020 for a period of 4 years (Field Development Plan (FDP) phase) with a subsequent term (production phase) to begin for a period of 18 years from the  completion of the FDP phase,” Hibiscus said.

According to Hibiscus, the three licence agreements are pursuant to the OGA’s offer for award received by AHUK at the 32nd UK Offshore Licensing Round.

On Bursa today, Hibiscus’ share price finished up 0.5 sen or 0.86% at 58.5 sen, which values the company at about RM1.01 billion.

The stock saw 10.21 million shares traded.