Malaysian oil and gas exploration and production company Hibiscus Petroleum Bhd is acquiring oil and gas rights offshore in the UK sector of the North Sea worth US$5 million (RM20.6 million).
The blocks are located offshore in the United Kingdom sector of the North Sea, approximately 250km northeast of Aberdeen.
It includes the Crown Discovery, which based on information provided by United, consists of 2C contingent resources of 8 million barrels of oil and 6 billion cubic feet of associated gas.
In a stock exchange announcement, Hibiscus said its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd has entered into a conditional non-binding term sheet to acquire License P2366 from United Oil & Gas PLC and Swift Exploration Ltd.
United and Swift were awarded License P2366 as part of the United Kingdom’s Oil and Gas Authority’s (OGA) 30th Licencing Round, in August 2018, and they each hold 95% and 5% participating interest respectively.