Hibiscus Petroleum to Acquire 85% Interest in Eagle Field

Source: www.gulfoilandgas.com 2/25/2021, Location: Europe

Hibiscus Petroleum Berhad is pleased to announce that its indirect wholly-owned subsidiary, Anasuria Hibiscus UK Limited (“AHUK”) has executed a Sale & Purchase Agreement (“SPA”) with EnQuest Heather Limited in respect of certain interests in the United Kingdom (“UK”) Continental Shelf Petroleum Production Licence Number P238 Block 21/19a, Eagle Pre-Producing Area (“Eagle Field”).

The Eagle Field is located approximately 6.4 km to 15 km from various Anasuria facilities, and due to its proximity, facilitates a potential subsea tie back to the Anasuria FPSO which could extend the latter’s economic life.

Under the terms of the SPA, the consideration for AHUK’s acquisition of 85% in the Eagle Field from EnQuest is a nominal USD1 due to EnQuest on SPA completion plus the the cost representing AHUK’s carry of EnQuest’s remaining 15% from completion of the SPA through to first oil. Such costs of the carry is presently estimated to be approximately USD7.5 million.

The conditions precedent to completion are subject to customary regulatory and third party approvals. In addition, the terms of the deal include the transfer of operatorship of the license to AHUK, according to the provisions to be contained in a Joint Operating Agreement between AHUK and EnQuest, which shall be signed at SPA completion.


India >>  4/13/2021 - Oilex has announced that all necessary approvals from the Government of India (GoI) for the sale of its Participating Interest (PI) in the Bhandut PSC...
United Arab Emirates >>  4/13/2021 - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has announced the acquisiti...

United States >>  4/12/2021 - Further to the company announcement issued on 4 December 2020, Ørsted has now completed the divestment of 25% of the Ocean Wind Offshore Wind Farm to ...
Vietnam >>  4/12/2021 - Eni, through its affiliate Eni Vietnam, has completed the acquisition from Krisenergy (Vietnam 115) Ltd. of a 100% participating interest and the oper...

Brazil >>  4/9/2021 - Petrobras concluded the sale of its entire 49% stake in Eolica Mangue Seco 1 - Geradora e Comercializadora de Energia Eletrica SA (Eolica Mangue Seco ...
Brazil >>  4/8/2021 - Enauta Participacoes S.A. (Enauta) informs its shareholders and the market in general that, following the material fact published on December 21, 202...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.