Hibiscus expands Anasuria oil and gas production with US$5mil purchase


  • Business
  • Wednesday, 17 Jul 2019

KUALA LUMPUR: HIBISCUS PETROLEUM BHD said indirect wholly owned unit Anasuria Hibiscus UK Ltd (AHUK) has agreed to acquire new blocks in the North Sea for US$5mil.

The blocks, the company told Bursa Malaysia today, includes the Crown Discovery, which consists of 2C contingent resources of eight million barrels of oil and six billion cubic feet of gas.

"The blocks are located 12km south east of Marigold  field, which  together with  the  Sunflower field, was acquired by AHUK in October 2018," Hibiscus said.

Hibiscus said AHUK entered into a conditional non-binding term sheet to acquire the blocks from United Oil & Gas Plc and  Swift  Exploration  Ltd.

"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.

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


   

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