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Hibiscus Petroleum arm fully executes two UK licence agreements, third in process

20 Jan 2021 / 22:41 H.

PETALING JAYA: Two licence agreements pursuant to the UK Oil and Gas Authority’s (OGA) offer for award received by Hibiscus Petroleum Bhd’s indirect wholly‐owned subsidiary Anasuria Hibiscus UK Ltd (AHUK) for three licences at the 32nd UK Offshore Licensing Round have been fully executed.

The licence agreement for the third offer for award for Licence P2532 (Block 21/19c and Block 21/20c), contagious to the Cook field, is in the process of being fully executed.

These licences are located in mature, producing areas close to existing infrastructure, under flexible terms of the innovate licence which enables companies like AHUK to define a licence duration and phasing that would result in the execution of an optimal work programme.

The licence terms commenced from Dec 1, 2020 for a period of four years (field development plan or FDP phase) with a subsequent term (production phase) to begin for a period of 18 years from the completion of the FDP phase.

For License P2535 (Block 21/24d), the block which has an area size of 57.86 sq km contains the Teal West discovery, which is contiguous to the Teal field and is 4km from the Teal manifold of the Anasuria Cluster. The block will be held by AHUK (70%) and Zennor Petroleum Ltd (30%).

The Teal West discovery is expected to be a potential tieback candidate to the Anasuria floating production and offloading facility in which AHUK has significant interests. AHUK is to prepare a FDP for the Teal West Discovery for OGA’s approval by end 2022, as part of the terms of the agreement.

For License P2518 (Block 15/17a), this block of 9 sq km is located 8km from the Marigold field and will be wholly held by AHUK. It contains part of the Kildrummy discovery plus a minor part of the Beaumaris discovery and the Udny prospect.

It is hoped that the Kildrummy discovery may become a potential tieback candidate to infrastructure implemented as part of the Marigold development.

As part of the terms of the agreement, AHUK is to provide a technical update to the OGA by December 2022, pursuant to carrying out seismic interpretation work.

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