KUALA LUMPUR (Feb 2): Hibiscus Petroleum Bhd said its unit Anasuria Hibiscus UK Ltd (AHUK) was offered awards of two blocks/part blocks in Tranche 2 of the licensing round by the UK North Sea Transition Authority (NSTA) on Wednesday.
In a bourse filing on Friday, the company said the licensing round offered blocks in mature, producing areas close to existing infrastructure, under flexible terms of the innovate licence.
Hibiscus said this form of licence enables companies like AHUK to define a licence duration and phasing that would result in the execution of an optimal work programme.
It said the blocks offered for award are located in Quad 15 of the Central North Sea, namely:
- 15/13c, which contains hydrocarbon leads northwest of the Marigold Field. This block is located between AHUK’s Block 15/12a (P.2518), and Blocks 15/13a and 15/13b (Licence P.198).
- 15/18c, which contains the Cross prospect.
This block is adjacent to AHUK’s Block 15/13a containing the Marigold Field.
Hibiscus said through this offer, AHUK had secured a contiguous block in Quad 15 containing stranded oil discoveries, hydrocarbon leads and prospects that will support the commercial viability of the ongoing development planning of the Marigold and Sunflower oilfields.
The company said AHUK plans to continue to work together with partners and the NSTA to maximise the recovery of these resources in the Quad 15 area.
The next stage of this award process is for AHUK to receive further documentation from the NSTA in order to finalise and execute the licences for the award of these blocks.