Malaysian oil firm Hibiscus Petroleum will buy stakes in two UK North Sea discoveries for £28.5 million.
Its wholly-owned subsidiary, Anasuria Hibiscus UK (AHUK), has struck a deal with Caldera Petroleum for 50% working interests in blocks contained within licence P198.
Blocks 15/13a and 15/13b are located about 155 miles north-east of Aberdeen and are thought to contain 60 million barrels of oil.
The group currently has oil reserves totalling 46m barrels.
Hibiscus Petroleum expects the deal to go through on or before October 16.
AHUK will take over as operator, while Caldera will retain 50% stakes in each block.
Hibiscus Petroleum managing director Kenneth Pereira said :“We are excited by this acquisition. It is a key component of our 2021 mission to secure 100m barrels of proved and probable reserves.
“Furthermore, the blocks are located in an area that is close to other discoveries and existing infrastructure.
“We look forward to working closely with the UK regulators as well as with our new partner to optimally monetise the resources within these blocks and deliver shareholder value.”
AHUK holds 50% joint-operating interests in the P013 licence consisting of the Teal, Teal South and
Guillemot A fields, as well as 19.3% non-operating interest in the P185 licence consisting of the Cook
They produce oil and gas to the Anasuria FPSO are are collectively known as the Anasuria Cluster.
Caldera was incorporated on October 1, 2018 as a private limited company registered in London.