Hibiscus Acquires Operatorship of the Eagle Area in the UK North Sea
Malaysian independent E&P company Hibiscus Petroleum Bhd has entered into a Sale and Purchase Agreement (SPA) with a subsidiary of EnQuest Plc to acquire an 85% operated interest in the Eagle pre‐producing area located in the UK North Sea.
Anasuria Hibiscus UK Ltd., a wholly-owned subsidiary of Hibiscus Petroleum, will acquire the interest in exchange for a nominal consideration of US$1 payable on completion, plus the cost of carrying EnQuest’s remaining 15% through to first oil, currently estimated to be approximately US$7.5 million.
The Eagle discovery was made in 2016 within license P238 (Block 21/19a), and is situated approximately 6.4 km to 15 km from various facilities currently operated by Anasuria Hibiscus. The field’s proximity to these facilities facilitates a potential subsea tie back to the Anasuria FPSO, which could extend the economic life of the FPSO and associated infrastructure.
Listed on Bursa Malaysia (KLSE), Hibiscus Petroleum is currently engaged in upstream operations in Malaysia, Australia, and the UK North Sea.
The transaction, which is subject to the receipt of regulatory and third-party approvals, is expected to be completed in Q2-2021.