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Hibiscus takes on UK North Sea License for $5 million

08/10/2019
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Anasuria Hibiscus, a subsidiary of Hibiscus Petroleum, has entered into an agreement to acquire License P2366 in the North Sea from United Oil & Gas and Swift Exploration Limited for cash consideration of up to $5 million.

Anasuria Hibiscus will take over the Crown Discovery, which is thought to contain 4-8 million barrels of oil equivalent
(Image via Anasuria Hibiscus

The license covers blocks 15/18d and 15/19b in the UK sector of the North Sea, roughly 250km northeast of Aberdeen and 12km southeast of the Marigold field. It includes the Crown Discovery, which consists of 2C contingent resources ranging between 4 to 8 million barrels of oil.

The proposed acquisition will begin with a non-refundable payment of $0.1 million to United and Swift, followed by a further $0.9 million upon completion of the SPA.

Subject to further milestones being achieved, an additional sum of $3 million will be paid within seven business days of the actual date of approval of the Marigold field development plan which is expected to be received by the end of 2020. Then an additional sum of $1 million will be paid once the field is on production.

The deal is subject to regulatory OGA approval and is expected to complete later this year.

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Hibiscus takes on UK North Sea License for $5 million - Time to read 2 min
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