Hibiscus set to expand offshore northwest Australia

Offshore staff

KUALA LUMPUR, MalaysiaHibiscus Petroleum has agreed to acquire Hydra Energy Holdings which has various oil field discoveries offshore Australia.

Hydra has equity interests in seven operated petroleum titles in the Carnarvon basin off northwest Australia. These include four discoveries with combined net reserves of 15-17 MMbbl.

The transaction would increase Hibiscus Petroleum’s net 2P/2C Australian oil resource base from 8 MMbbl to 23-25 MMbbl. These, combined with the company’s recent Anasuria acquisition form Shell in the UK central North Sea would lift its global resource base to around 47 MMbbl.

Stephen Dechant, Hibiscus’ vice president of exploration and development, said: “Our West Seahorse concession located in the Gippsland basin has a 2P/2C oil resource of approximately 8 MMbbl.

“Some of the Hydra Energy assets have the technical and commercial advantages of utilizing the same concept of a relocatable production infrastructure that is being considered for the West Seahorse development.”

This, he suggested, “provides a basis for optimizations and synergies that should significantly reduce Hibiscus development costs per barrel in a low oil price environment.”

11/11/2015

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