Hibiscus Petroleum buys 50pc stake in two oil blocks in UK
Published on: Wednesday, October 10, 2018

Kuala Lumpur: Anasuria Hibiscus UK Ltd has entered into a conditional sale and purchase agreement with Caldera Petroleum (UK) Ltd to acquire a 50 per cent participating interest in Block 15/13a and Block 15/13b in the United Kingdom, under Production Licence P198, for US$37.5 million.Hibiscus Petroleum Bhd said the proposed acquisition of the blocks is subject to, amongst others, the written consent of the United Kingdom Oil and Gas Authority for the assignment of interests and the transfer of operatorship to its indirect wholly-owned subsidiary, Anasuria Hibiscus.

Commenting on the proposed acquisition, Hibiscus Petroleum's Managing Director, Dr Kenneth Pereira, said the group looked forward to working closely with the UK regulators as well as its new partner to optimally monetise the resources within the blocks and deliver shareholder value.

"We are excited by this acquisition. It is a key component of our 2021 mission to secure 100 million barrels of proved and probable reserves. Furthermore, the blocks are located in an area that is close to other discoveries and existing infrastructure," he said in a statement today.

The group expects the acquisition to complete on or before Oct 16, 2018, upon which Anasuria Hibiscus and Caldera Petroleum will each own a 50 per cent participating interest in the blocks.

At 10.25am, Hibiscus Petroleum jumped eight sen to RM1.28, with 12.472 million units changing hands. – Bernama

Photo Source: Bernama


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