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Hibiscus Petroleum acquires oil and gas rights in North Sea worth RM21m

Hibiscus Petroleum Bhd, an independent oil and gas exploration and production (E&P) has acquired oil and gas rights offshore of the United Kingdom’s sector in the North Sea, worth USD5 million.

Hibiscus mentioned that its indirect wholly-owned subsidiary, Anasuria HIbiscus UK Ltd, has entered a conditional non-binding term sheet during a filing with Bursa Malaysia today. This was to acquire License P2366 from United Oil & Gas PLC and Swift Exploration Ltd.

The locations of the blocks are in the United Kingdom sector of the North Sea, about 250km northeast of Aberdeen.

According to information provided by United, it includes the Crown Discovery which consists of 2C contingent resources of 8 million barrels of oil and 6 billion cubic feet of associated gas.

Source: The Edge Markets MY

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