Hibiscus secures two blocks of mature, producing areas in Central North Sea

KUALA LUMPUR: Hibiscus Petroleum Bhd' wholly owned subsidiary Anasuria Hibiscus UK Ltd (AHUK) has secured two blocks/part blocks of mature, producing areas in Central North Sea from the UK North Sea Transition Authority (NSTA).

The blocks are close to existing infrastucture.

Malaysia's first independent oil and gas exploration and production company said the licensing round offered blocks in mature, producing areas close to existing infrastructure, under flexible terms of the innovate licence.

In a filing with Bursa Malaysia Securities Bhd today, Hibiscus said this form of licence enables companies like AHUK to define a licence duration and phasing that would result in the execution of an optimal work programme.

It said the blocks offered for award are located in Quad 15 of the Central North Sea.

Hibiscus said through this offer, AHUK had secured a contiguous block in Quad 15 containing stranded oil discoveries, hydrocarbon leads and prospects that will support the commercial viability of the ongoing development planning of the Marigold and Sunflower oil fields.

The company said AHUK plans to continue to work together with partners and the NSTA to maximise the recovery of these resources in the Quad 15 area.

The next stage of this award process is for AHUK to receive further documentation from the NSTA in order to finalise and execute the licences for the award of these blocks.

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