Hibiscus to acquire Anasuria Cluster oilfield stake

Hibiscus Petroleum Bhd will purchase a 50 % stake in Anasuria Cluster oil and gas fields.

The deal amounts to US$52.5mil (RM199.1mil).

The acquisition includes a floating production storage and offloading (FPSO) facility.

Hibiscus, an independent oil and gas exploration and production (E&P) company, is buying the fields via its wholly-owned unit, Anasuria Hibiscus UK Ltd. The remaining 50% stake will be taken up by Ping Petroleum Ltd.

Bermuda-incorporated Ping Petroleum is an independent upstream company that focuses on shallow water offshore production and development opportunities in South-East Asia. It has operating offices in Malaysia and Texas, the United States.

Hibiscus was suspended yesterday and will resume trading today. Its last traded price was 87 sen.

The stock has been on an uptrend since June, when it started climbing from the 68 sen level.

The Anasuria cluster has been producing oil since 1996 and as such has a proven and producing resource base. It averaged approximately 5,500 barrels per day in 2014.

The cluster has total reserves of 45 million barrels.

The former owners of the Anasuria Cluster fields are Shell UK Ltd, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited.

“The acquisition of the Anasuria Cluster is subject to regulatory approvals, and third party consents, including the UK Government’s approval and Hibiscus shareholder approval,” said Hibiscus.

The cluster is located about 175km east of Aberdeen in the UK Central North Sea, consists of a 100% interest in the Anasuria FPSO and four producing fields which are Teal, Teal South, Guillemot A and a 38.65% interest in the Cook field.

In a statement, Ken Pereira, managing director of Hibiscus commented: “This acquisition will complete our company’s strategy of acquiring a balanced portfolio of assets which includes exploration, development and producing assets within five years of listing our company. We will be able to cut our teeth as operator in conjunction with Ping in one of the world’s foremost oil and gas production basins.

“The Anasuria Cluster has development potential for a company of the size of Hibiscus and provides us with an excellent foundation upon which we can build a significant North Sea presence.”

Hibiscus was floated on the Main Market of Bursa Malaysia on July 25, 2011 as Malaysia and South-East Asia’s first special-purpose acquisition company.

Following the completion of the acquisition of a 35% stake in Lime Petroleum Plc in April 2012, Hibiscus become a full-fledged oil and gas E&P company.

It has exploration assets and licences in the Middle East, Norway, South Asia, East Asia and Oceania regions.

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