Hibiscus, Ping agree on deal for UK North Sea fields

Offshore staff

KUALA LUMPUR, Malaysia – Hibiscus Petroleum and Ping Petroleum have agreed to each acquire 50% of Shell and ExxonMobil’s interests in the Anasuria Cluster of oil and gas fields in the UK central North Sea.

The deal, effective from Jan. 1, 2015, remains subject to regulatory approvals, third-party consents, and Hibiscus shareholder approval.

The package comprises 100% of the Anasuria FPSO and associated processing infrastructure, with potential for future tie-ins, the Teal, Teal South and Guillemot A fields, and a 38.65% interest in the Cook field.

Hibiscus says the assets have a proven and producing resource base which provides a platform for further development, with incremental development and exploration opportunities within the license areas.

Ping, based in Bermuda, and Hibiscus are already present in mature basins in the Gulf of Mexico, Norwegian North Sea, Middle East, Australia, and Southeast Asia. Both are new entrants to the UK sector.

The deal, Hibiscus adds, reflects the support provided by the UK government to encourage smaller independents to invest and revive the North Sea basin.

Managing director Ken Pereira said: “The Anasuria Cluster has development potential for a company of the size of Hibiscus and provides us with an excellent foundation upon which we can build a significant North Sea presence.”

08/06/2015

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