Hibiscus Petroleum Berhad is pleased to announce that on 30 August 2023, Anasuria Hibiscus UK Limited (“Anasuria Hibiscus”), and Ping Petroleum UK PLC (“Ping Petroleum”) have each entered into a separate but identical Farm-in Agreement for Licence P2451 (“Licence”) with Rapid Oil Production Ltd (“Rapid Oil”) (“Farm-in Agreement”).

Anasuria Hibiscus is an indirect wholly-owned subsidiary of the Company.

Under the terms of each Farm-in Agreement, Anasuria Hibiscus and Ping Petroleum shall separately acquire 42.5% equity interest each in the Licence, with the balance 15% to remain with Rapid Oil.

The Licence holds an undeveloped oil field, Fyne Field, located in the Central North Sea, United Kingdom, with an estimated 75 MMboe STOOIP (stock tank oil initially in place.) Upon completion of the proposed acquisition, Anasuria Hibiscus shall be appointed as operator of the field development. First oil is expected in 2026, whereupon Anasuria Operating Company Limited (equally owned by Anasuria Hibiscus and Ping Petroleum) will take over as operator of the Fyne production from Anasuria Hibiscus.

The Fyne Field has a water depth of about 90m. As it is approximately 16kms from the Anasuria Floating Production Storage and Offloading (“FPSO”) vessel, the plan is to initially tie-back a single well development to the FPSO vessel.  The addition of the Fyne Field is expected to increase the value and extend the field life of the existing Anasuria Cluster of assets.

The deal is subject to approval by the North Sea Transition Authority.

None of the directors of the Company, major shareholder or persons connected with them has any interest, direct and/or indirect, in the Farm-in Agreement.

This announcement is dated 1 September 2023.