KUALA LUMPUR (March 20): The Fyne Field oil field development licence for Hibiscus Petroleum Bhd's unit has been extended by 30 months by the UK's North Sea Transition Authority (NSTA).

Hibiscus’ indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd owns a 42.5% stake in the licence, with Ping Petroleum UK Plc, an indirect subsidiary of Dagang NeXchange Bhd, holding another 42.5% interest. Rapid Oil Production Ltd owns the remaining 15%.

NSTA approved the extension request for the second term of the licence from March 31, 2024 to Sept 30, 2026.

“A condition of the licence extension is that by Sept 30, 2026, the NSTA expects that the company will have achieved an approved Field Development Plan and Production Consent,” said Hibiscus in a stock exchange filing on Wednesday.

Hibiscus and Ping Petroleum bought into the licence in November last year, and the first oil is expected in 2026, whereupon Anasuria Operating Company Ltd — equally owned by Anasuria Hibiscus and Ping Petroleum — will take over as operator of the Fyne production from Anasuria Hibiscus.

Shares of Hibiscus gained six sen or 2.4% to RM2.58 on Wednesday, giving it a market capitalisation of RM2.08 billion.