Hibiscus Petroleum to acquire stake in Eagle field in UK

first_imgEagle Field’s proximity to Anasuria facilities to facilitate a potential subsea tie back to the Anasuria FPSO The Eagle field is located around 6.4km to 15km from different Anasuria facilities.(Credit: C Morrison from Pixabay) Anasuria Hibiscus UK (AHUK), the indirect wholly-owned subsidiary of Hibiscus Petroleum Berhad, has agreed to purchase an 85% stake in Eagle field from EnQuest Heather.The companies have entered into a sale and purchase agreement on certain interests in the UK continental shelf petroleum production licence number P238 Block 21/19a, Eagle Pre‐Producing Area  or Eagle Field.The Eagle field is located around 6.4km to 15km from different Anasuria facilities. The proximity is said to facilitate a potential subsea tie back of the field to the Anasuria FPSO, which is expected to extend the latter’s economic life.Hibiscus Petroleum stated: “Under the terms of the SPA, the consideration for AHUK’s acquisition of 85% in the Eagle Field from EnQuest is a nominal USD1 due to EnQuest on SPA completion plus the the cost representing AHUK’s carry of EnQuest’s remaining 15% from completion of the SPA through to first oil.“Such costs of the carry is presently estimated to be approximately USD7.5 million.”The terms of the deal terms also consist of the transfer of the operatorship of the licence to AHUK.The completion of the transaction is subject to customary regulatory and third-party approvals.In October last year, Hibiscus Petroleum secured an approval for a joint venture with 3D Oil (TDO) for an exploration permit in Gippsland Basin, off the coast of Victoria, Australia.The 1,006 km² VIC/P74 permit is located on the southern side of the Gippsland Basin, which also includes the Omeo gas and condensate discovery.Based in Kuala Lumpur, Hibiscus Petroleum is an independent oil and gas exploration and production company, which has development and production assets in Malaysia, the UK and Australia.last_img read more