Hibiscus Petroleum buys stake in North Sea blocks

  • Business
  • Wednesday, 10 Oct 2018

Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira

PETALING JAYA: HIBISCUS PETROLEUM BHD is buying a 50% stake in two oil and gas blocks in the North Sea for US$37.5mil (RM156mil) from Caldera Petroleum (UK) Ltd.

It said its unit, Anasuria Hibiscus UK Ltd had inked a conditional sale and purchase agreement with Caldera to buy a 50% stake in Block 15/13a and Block 15/13b.

Hibiscus, an oil and gas exploration and production company, said the blocks are located offshore in the UK sector of the North Sea, about 250km of Aberdeen.

Block 15/13a consists of a significant oil bearing discovered field, while block 15/13b which lies northeast of block 15/13a consists of a smaller discovered field.

Hibiscus said based on an independent report by AGR TRACS International Ltd, the gross contingent oil resources in the blocks is about 60 million barrels of oil (30 million barrels of oil net to AHUK).

Managing director Kenneth Pereira (pic), said: “We are excited by this acquisition. It is a key component of our 2021 mission to secure 100 million barrels of proved and probable reserves.

“Furthermore, the blocks are located in an area that is close to other discoveries and existing infrastructure.

“We look forward to working closely with the UK regulators as well as with our new partner to optimally monetise the resources within these blocks and deliver shareholder value.”

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