Hibiscus Petroleum buys 50% of Anasuria shares

Hibiscus Petroleum Bhd's indirect wholly owned unit, Anasuria Hibiscus Uk Ltd, has acquired a 50% stake in the Anasuria Cluster of producing oil and gas (O&G) fields.

In a filing to Bursa Malaysia today, Hibiscus Petroleum said as a result, Anasuria Hibiscus is now jointly operating a central north sea O&G producing asset together with Ping Petroleum Ltd via a UK incorporated joint-venture, Anasuria Operating Company Ltd (AOC).

It said AOC, which is held on a 50:50 ratio, became the licensed operator of the Anasuria Cluster.

"Petrofac Facilities Management Ltd has been appointed as duty holder to operate and maintain the Anasuria Floating Production Storage and Offloading (FPSO).

"Petrofac is also responsible for monitoring and managing the pipelines and subsea wells (with the exception of the well on the Cook field) as part of its five-year contract," Hibiscus Petroleum added.

On August 6, Hibiscus Petroleum jointly entered into a sales and purchase agreement with Shell UK Ltd, Shell EP Offshore Ventures Ltd and Esso Exploration and Production UK Ltd to acquire the stake in the Anasuria Cluster.

Hibiscus Petroleum chairman Zainul Rahim Mohd Zain said the cluster has four producing O&G fields and considerable infrastructure which includes the Anasuria FPSO facility.

"The current production level is over 4,000 barrels/day nett to Hibiscus Petroleum.

"For Hibiscus Petroleum to be an owner and recognised as a joint operator of an offshore asset in the North Sea, is a landmark moment for our company," he added.

The company's main objective is to manage this asset safely, environmentally responsible and profitably.

Hibiscus Petroleum new ventures and production vice-president and AOC production director Mark Paton said the group was confident of appointing Petrofac for five years driven by its relationship and work ethics.

At 3.17pm, Hibiscus Petroleum shares rose 1.5 sen to 20 sen with 5.85 million traded. – Bernama, March 11, 2016.