KUALA LUMPUR: Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Anasuria Hibiscus UK Ltd (AHUK), has completed the acquisition of North Sea Blocks 15/18d and 15/19b (Licence P2366 or Blocks) from United Oil & Gas PLC and Swift Exploration Ltd for up to US$5 mil (RM20.79 mil) cash.
In a filing with Bursa Malaysia on Dec 12, Hibiscus Petroleum said the completion of the acquisition occurred after approval from the UK’s Oil and Gas Authority (OGA) for the assignment of Licence P2366 to AHUK from the sellers and the appointment of AHUK as exploration operator on Dec 4, 2019.
It said that in line with the terms of the conditional sale and purchase agreement, a further US$900,000 has been paid upon achieving completion of the acquisition.
“The blocks are located offshore in the UK sector of the North Sea, about 250km northeast of Aberdeen, that include the Crown Discovery which ranges from four to eight million barrels of oil, subject to an independent third party expert assessment.
“The blocks are located 12km southeast of Marigold field, which together with the Sunflower field, was acquired by AHUK in October 2018,” it said.
United and Swift were awarded Licence P2366 as part of the OGA’s 30th Licencing Round in August 2018, and they each hold 95% and 5% participating interest respectively, it said. – Bernama
