KUALA LUMPUR (Sept 15): Hibiscus Petroleum Bhd’s wholly owned unit Anasuria Hibiscus UK Ltd (AHUK) has entered into a unitisation and unit operating agreement (UUOA) to develop the Marigold field located in the Central North Sea.

AHUK holds a 87.5% interest in Licence P198 Block 15/13a, which contains the Marigold West field, with Caldera Petroleum (UK) holding the remaining 12.5%, having joined forces with Ithaca Oil and Gas Ltd to jointly develop the field.

British oil and gas company Ithaca Energy (UK) Ltd holds 100% in Licence P2158 Block 15/18b, adjacent to the Marigold West field and containing the Marigold East field.

Unitisation of Marigold West and Marigold East will allow an optimal field development solution to be implemented, the company said in a filing to Bursa Malaysia on Friday.

A Marigold field development plan (FDP) is expected to be submitted by early 2024.

“An integrated project team led by AHUK, comprising AHUK personnel and Ithaca secondees will develop the FDP”, Hibiscus said.

The Marigold oil field, along with a smaller discovery like the Sunflower field, lies northeast of Block 15/13a, forming a part of the Marigold cluster asset.

The Sunflower field, located in Block 15/13b and being part of Licence P198, will be developed by AHUK and Caldera as a subsea tie-in to the Marigold Project infrastructure, and the FDP will be submitted separately.

The Marigold cluster is estimated to contain 28.9 million barrels of undeveloped petroleum reserves.

Hibiscus shares were up one sen or 0.93% to close at RM1.09 on Friday, valuing the company at RM2.19 billion.