KUALA LUMPUR (Oct 13): Hibiscus Petroleum Bhd's wholly-owned unit Anasuria Hibiscus UK Ltd has received conditional approval for its proposed acquisition of a 42.5% stake in Rapid Oil Production Ltd’s licence for an undeveloped oil field known as Fyne Field.
In a bourse filing on Friday, Hibiscus said the approval by the North Sea Transition Authority (NSTA) is subject to the legal transfer of the farm-in-interest being done in a form approved by the authority.
It is also subject to the acquisition being completed by Jan 9, 2024.
“Upon completion of the deal, the parties of the licence are Anasuria Hibiscus (42.5%), Ping Petroleum UK Plc (42.5%) and Rapid Oil (15%),” Hibiscus added.
In September, Anasuria Hibiscus and Dagang NeXchange Bhd’s Ping Petroleum UK Plc each entered into separate but identical farm-in agreements to acquire the 42.5% equity interest in the licence for Fyne Field, which holds an estimated 75 MMboe STOOIP (stock tank oil initially in place).
Hibiscus said that upon the completion of the respective stake takeover, Anasuria Hibiscus is to be appointed as operator of the field development.
"First oil is expected in 2026, whereupon Anasuria Operating Company Ltd (equally owned by Anasuria Hibiscus and Ping Petroleum) will take over as operator of the Fyne production from Anasuria Hibiscus," the group added.
Shares in Hibiscus ended two sen or 1.8% lower at RM1.09, giving the group a market capitalisation of RM2.19 billion.