PETALING JAYA: Oil and fuel exploration and manufacturing group Hibiscus Petroleum Bhd together with with Ping Petroleum UK PLC have every entered right into a separate however similar farm-in agreements to take a 42.5% fairness curiosity every in Licence P2451 with Fast Oil Manufacturing Ltd.
Hibiscus stated in its submitting with Bursa Malaysia at this time the licence holds an undeveloped oil discipline, Fyne Area, situated within the Central North Sea, UK, with an estimated 75 million barrels of oil equal (MMboe) of inventory tank oil initially in place.
The sector has a water depth of about 90m and is roughly 16km from Hibiscus’ Anasuria floating manufacturing storage and offloading (FPSO) vessel.
Underneath the phrases of the settlement, its oblique wholly-owned Anasuria Hibiscus and Ping Petroleum (an oblique subsidiary of Dagang NeXchange Bhd or DNeX) shall individually purchase the equal fairness curiosity within the licence, with the steadiness 15% remaining with Fast Oil.
“The plan is to initially tie-back a single effectively improvement to the FPSO vessel. Upon completion of the proposed acquisition, Anasuria Hibiscus shall be appointed as operator of the sector improvement,” Hibiscus stated in its submitting..
It expects first oil in 2026, whereupon Anasuria Working Firm Ltd (equally owned by Anasuria Hibiscus and Ping Petroleum) will take over as operator of the Fyne manufacturing from Anasuria Hibiscus.
The addition of the Fyne Area is anticipated to extend the worth and lengthen the sector lifetime of the prevailing Anasuria cluster of property, it added.
The Anasuria cluster contains a portfolio of manufacturing, appraisal and exploration licences within the UK North Sea, 175km east of Aberdeen.
The cluster contains Teal, Teal South, Guillemot A the place Hibiscus and Ping Petroleum UK maintain 50% curiosity in every discipline by means of Anasuria Working Firm Ltd, and Prepare dinner discipline the place the events have a 19.3% curiosity.
These fields are serviced by the Anasuria FPSO host platform, situated at a water depth of 94m. Each events even have an equal stake of fifty% within the possession of the Anasuria FPSO
In a separate assertion, Ping Petroleum managing director Zainal Abidin Jalil stated the acquisition of the Fyne Area asset is a major contribution to the corporate’s portfolio.
He highlighted how Fyne’s integration into their current infrastructure at Anasuria extends the sector life, improves the worth of its ongoing integrity and asset life-extension work.
“We additionally look ahead to increasing our long-term partnership with Hibiscus Petroleum, in addition to working with our new three way partnership accomplice Fast Oil,” Zainal added.
The deal is topic to approval by the North Sea Transition Authority.
At closing at this time, Hibiscus Petroleum was up 6.5 sen or 6.81% to RM1.02 with a market capitalisation of RM2.04 billion.
DNeX additionally closed increased by 1.5 sen or 3.33% at 46 sen with a market capitalisation of RM1.47 billion.