HIBISCS 5199 HIBISCUS PETROLEUM BERHAD unit gains control of remaining 30% interest in UK production licence

 HIBISCS 5199 HIBISCUS PETROLEUM BERHAD unit gains control of remaining 30% interest in UK production licence

KUALA LUMPUR (Oct 14): Hibiscus Petroleum Bhd said its indirect wholly-owned subsidiary, Anasuria Hibiscus UK Ltd, is set to operate in its North Sea block on a 100% interest basis.

This comes after NEO Energy (ZPL) Ltd assigned its 30% interest in the related UK petroleum production licence to Anasuria, said Hibiscus.  

Anasuria and NEO had been awarded a 70% and 30% interest respectively in the licence.

In a bourse filing, Hibiscus said NEO Energy had in July expressed its intention to withdraw from the licence.

“Given the advanced state of the technical work that has been done and the value that this project adds to the Anasuria cluster, Anasuria Hibiscus had decided to proceed with activities related to the licence on a 100% interest basis,” it said.

Hibiscus added that the transfer of NEO Energy’s interest to Anasuria had been approved by the UK North Sea Transition Authority.

Anasuria is the appointed operator for Block 21/24d, which contains the Teal West discovery.

Shares in Hibiscus gained 2.5 sen or 2.75% to close at 93.5 sen on Friday (Oct 14), giving it a market capitalisation of RM1.87 billion.

http://www.theedgemarkets.com/article/hibiscus-petroleum-unit-gains-control-remaining-30-interest-uk-production-licence