Hibiscus unit offered three licences in UK


In a filing with Bursa Malaysia, the oil and gas (O&G) company said the first licence offered blocks in mature, producing areas close to an existing infrastructure, under flexible terms of the innovate licence

PETALING JAYA: Hibiscus Petroleum Bhd’s unit Anasuria Hibiscus UK Ltd (AHUK) has been offered three licences as part of the 32nd United Kingdom Offshore Licensing Round launched by the UK Oil and Gas Authority in July 2019.

In a filing with Bursa Malaysia, the oil and gas (O&G) company said the first licence offered blocks in mature, producing areas close to an existing infrastructure, under flexible terms of the innovate licence that enabled companies like AHUK to define a licence duration and phasing that would result in the execution of an optimal work programme.

Hibiscus said the license for AHUK included Block 21/24D that contained the Teal West discovery, which is contiguous to the Teal field and is located about 4 km from the Teal manifold of the Anasuria Cluster.

“A 70% interest in Block 21/24D has been offered for award to Anasuria with the remaining 30% to be held by Zennor Petroleum Ltd.

“AHUK bid for this licence as we believe the Teal West discovery to be a potential tieback candidate to the Anasuria floating production and offloading facility, in which AHUK has significant interests, ” Hibiscus said.

Another licence is for Block 21/19C and Block 21/20C, which are contiguous with the Cook field. “The blocks offered for award will reflect a similar equity holding as that of the Cook Field – AHUK has been offered 19.3%, Ithaca Energy UK Ltd has been offered 61.4%, and Ping Petroleum UK Ltd 19.3% in each of both blocks, ” it said.

The third licence was for 100% Block 15/17A located 8 km from the Marigold field which is currently operated by AHUK.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Business News

RAM Ratings optimistic on digital bank licences in its rated portfolio
Maybulk's net profit falls to RM8.44mil in 1Q
Hap Seng posts higher net profit of RM156.30mil in 1Q
IJM Corp net profit jumps 82% to RM795mil in FY22
Cnergenz 1Q net profit at RM3.64mil
MSM posts RM28mil net loss in 1Q
Boustead 1Q profit soars 573% on land disposal
Ringgit gains momentum to end higher versus US dollar
Axiata appoints joint acting group CEOs as Izzaddin Idris steps down
Escalating costs a drag on Tuju Setia’s earnings

Others Also Read