KUALA LUMPUR, Malaysia – Hibiscus Petroleum subsidiary Anasuria Hibiscus UK has a conditional agreement to acquire license P2366 in the UK central North Sea from United Oil & Gas and Swift Exploration for up to $5 million.
The license blocks 15/18d and 15/19b are roughly 250 km (155 mi) northeast of Aberdeen and 12 km (7.5 mi) southeast of the Marigold field. They include ConocoPhillips’ 1998 Crown discovery, thought to hold 2C resources of 8 MMbbl of oil and 6 bcf of associated gas.
United and Swift were awarded the license last August under the UK Oil and Gas Authority’s 30th Licensing Round. They hold respective interests of 95% and 5%.
Hibiscus is interested in a combined development of Crown with the Marigold and Sunflower fields.
The acquisition remains subject to the OGA’s approval.