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Hibiscus Petroleum to acquire discovered oil fields offshore UK

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Oilfield Technology,

The company has announced that its indirect wholly-owned subsidiary, Anasuria Hibiscus UK Limited (‘AHUK’), has entered into a conditional sale and purchase agreement with Caldera Petroleum (UK) Limited (‘Seller’) to acquire a 50% participating interest in Block 15/13a and Block 15/13b under the Production License P198 (‘Blocks’), for a purchase consideration of US$37.5 million.

The Blocks are located offshore in the United Kingdom sector of the North Sea, approximately 250 km northeast of Aberdeen. Block 15/13a consists of a significant oil bearing discovered field, whilst Block 15/13b which lies northeast of Block 15/13a consists of a smaller discovered field. Based on an independent report by AGR TRACS International Limited, the gross contingent oil resources (‘2C Oil Resources’) in the Blocks is estimated to be 60.0 million bbls(30 million bbls net to AHUK). Prior to this transaction, the Group’s proved and probable oil reserves (‘2P Oil Reserves’) and 2C Oil Resources in its current portfolio are 46.0 million bbls and 38.5 million bbls, respectively.

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 AHUK. Hibiscus Petroleum expects this acquisition to complete on or before 16 October 2018, upon which AHUK and the Seller will each own a 50% participating interest in the Blocks.

Commenting on the proposed acquisition, Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, “We are excited by this acquisition. It is a key component of our 2021 mission to secure 100 million bbls of proved and probable reserves. Furthermore, the blocks are located in an area that is close to other discoveries and existing infrastructure. We look forward to working closely with the UK regulators as well as with our new partner to optimally monetise the resources within these blocks and deliver shareholder value.”

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