HIBISCS (5199) - Hibiscus' Norway entity to buy 30% stake in North Sea oil well
KUALA LUMPUR (Feb 24): Hibiscus Petroleum Bhd ’s jointly-controlled entity Lime Petroleum Norway AS (Lime Norway) is acquiring a 30% stake in PL338C, located in the North Sea, from Lundin Norway AS.
Lundin is the operator at PL338C.
In a statement today, Hibiscus Petroleum (fundamental: 0.6; valuation: 0.3) said it has signed an agreement with Lundin for the proposed stake acquisition.
"Contingent on regulatory approval for the transfer of the 30% stake being received and upon acquisition completion, the parties in the licence will be Lundin (50%), OMV (Norge) AS (20%) and Lime Norway (30%).
"At such time, Hibiscus Petroleum’s portfolio of licences in Norway will increase to 15," it added.
Hibiscus Petroleum noted that the PL338C licence contains the Gemini prospect which is located about 10km from the Edvard Grieg production platform. According to Lundin’s presentation, the estimated gross unrisked prospective resources is 93 million barrels of oil equivalent (mmboe), with a chance of geological success of 24%.
"Additionally, the licence contains proven oil in the Rolvsnes oil discovery made in weathered basement, scheduled for further appraisal," it said.
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc, which in turn is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.
Hibiscus Petroleum shares were down 0.55% to 91 sen in morning trade, with a market capitalisation of RM815.85 million.
http://www.theedgemarkets.com/my/article/hibiscus-norway-entity-buy-30-stake-north-sea-oil-well
http://www.theedgemarkets.com
KUALA LUMPUR (Feb 24): Hibiscus Petroleum Bhd ’s jointly-controlled entity Lime Petroleum Norway AS (Lime Norway) is acquiring a 30% stake in PL338C, located in the North Sea, from Lundin Norway AS.
Lundin is the operator at PL338C.
In a statement today, Hibiscus Petroleum (fundamental: 0.6; valuation: 0.3) said it has signed an agreement with Lundin for the proposed stake acquisition.
"Contingent on regulatory approval for the transfer of the 30% stake being received and upon acquisition completion, the parties in the licence will be Lundin (50%), OMV (Norge) AS (20%) and Lime Norway (30%).
"At such time, Hibiscus Petroleum’s portfolio of licences in Norway will increase to 15," it added.
Hibiscus Petroleum noted that the PL338C licence contains the Gemini prospect which is located about 10km from the Edvard Grieg production platform. According to Lundin’s presentation, the estimated gross unrisked prospective resources is 93 million barrels of oil equivalent (mmboe), with a chance of geological success of 24%.
"Additionally, the licence contains proven oil in the Rolvsnes oil discovery made in weathered basement, scheduled for further appraisal," it said.
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc, which in turn is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.
Hibiscus Petroleum shares were down 0.55% to 91 sen in morning trade, with a market capitalisation of RM815.85 million.
http://www.theedgemarkets.com/my/article/hibiscus-norway-entity-buy-30-stake-north-sea-oil-well
http://www.theedgemarkets.com
