Hibiscus Petroleum to commence drilling of GUA-P1 side track well by 1H19

Hibiscus Petroleum Bhd MD Dr Kenneth Gerard Pereira(filepic) said the benchmark Brent crude oil, currently trading at US$63 per barrel, was a strong indication of underlying demand due to growing world population.

KUALA LUMPUR: Hibiscus Petroleum Bhd’s jointly controlled operating company, Anasuria Operating Company Ltd (AOC), is set to commence the drilling of the Guillemot A GUA-P1 side-track well in the United Kingdom North Sea’s Anasuria Cluster by the first half of 2019.

In a statement today, it said GUA-P1 was targeted to unlock about 1.7 million barrels of oil from the current net proven and probable (2P) oil reserves.

Hibiscus Petroleum said AOC would assume the services of Stena Spey Services Ltd’s semi-submersible offshore drilling unit for a minimum of 45 days to drill GUA-P1 following its rig sharing agreement with Ping Petroleum UK Ltd on Feb 28, 2019.

“As AOC’s appointed well operator, Petrofac will be responsible for drilling the GUA-P1 side-track project and for all existing wells in the Teal, Teal South abd Guillemot A fields,” it said.

Hibiscus Petroleum managing director Dr Kenneth Pereira said the GUA-P1 project would be funded from internally generated funds.

“The GUA-P1 side-track project follows the successful drilling of the GUA-P2 side-track project which was completed in the third quarter of 2018 and has contributed significantly to enhanced production in Anasuria Cluster,” he said.

Pereira added that GUA-P1 was also part of its series of production enhancement projects, which were targeted to increase net production to 5,000 barrels of oil per day by the 2020 financial year. - Bernama