Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (July 17): Independent oil and gas exploration and production (E&P) company Hibiscus Petroleum Bhd is acquiring oil and gas rights offshore in the United Kingdom sector of the North Sea worth US$5 million (approximately RM20.59 million).

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

The blocks are located offshore in the United Kingdom sector of the North Sea, approximately 250km northeast of Aberdeen.

It includes the Crown Discovery, which based on information provided by United, consists of 2C contingent resources of 8 million barrels of oil and 6 billion cubic feet of associated gas.

The blocks are also located 12km south-east of 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 License 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 interest respectively.  

Shares of Hibiscus today closed down 1 sen or 0.94% at RM1.05 for a market capitalisation of RM1.668 billion.

      Print
      Text Size
      Share