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Author: kltrader   |   Latest post: Fri, 23 Aug 2019, 10:15 AM

 

Hibiscus Petroleum Acquires More Oil and Gas Rights in North Sea

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Independent oil and gas exploration and production (E&P) company Hibiscus Petroleum (Hibiscus) announced in a filing with Bursa Malaysia that it is acquiring oil and gas rights offshore in a sector in the North Sea for approximately RM20.6mil. Hibiscus shares fell 0.9% to RM1.05 yesterday.

Expansion of Anasuria’s oil and gas production

Hibiscus’ indirect wholly owned unit Anasuria Hibiscus UK (AHUK) has entered into a conditional non-binding term sheet to acquire License P2366 from United Oil & Gas and Swift Exploration, for a total cash consideration of up to USD5mil (or approximately RM20.6mil).

Further according to Hibiscus’ filing to Bursa yesterday evening (17 July), they’ve noted that the North Sea blocks are located offshore in the United Kingdom sector of the North Sea, approximately 250km northeast of Aberdeen.

This acquisition adds to AHUK’s existing oilfields, i.e. the Marigold and Sunflower field, which is 12km north west from the new blocks. Hibiscus, in its filing, said, “The proposed consideration was arrived at on a similar basis to the consideration paid for the Marigold and Sunflower fields as they are seen as being additive to the existing Marigold and Sunflower development.”

Source: Macquarie Research - 18 Jul 2019

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