British gov't okays Hibiscus’ 50% stake buy in Anasuria cluster

by **Cals** Mon 15 Feb 2016, 22:57

British gov't okays Hibiscus’ 50% stake buy in Anasuria cluster

By Kamarul Anwar / theedgemarkets.com | February 15, 2016 : 10:24 PM MYT

KUALA LUMPUR (Feb 15): Hibiscus Petroleum Bhd said the British government has given the go-ahead for its proposed acquisition — through its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd — of a 50% interest in the Anasuria cluster in the North Sea.

The acquisition, which comes with a US$52.5 million price tag, was first announced in August last year. Anasuria Hibiscus will acquire the brownfield asset from Shell UK Ltd, Shell EP Offshore Ventures Ltd And Esso Exploration, and Production UK Ltd.

For the record, the remaining 50% of the asset will be purchased by Ping Petroleum Ltd. Another Malaysian-listed player Dagang Nexchange Bhd intends to buy a 30% stake in Ping.

In a filing with Bursa Malaysia today, Hibiscus said Britain’s Secretary of State Secretary of State for Energy and Climate Change had on Feb 9, given consent to Anasuria Hibiscus UK Ltd for the proposed acquisitions of the Guillemot A Field, the Teal Field, and the Teal South Field.

A previous filing said Hibiscus was to also buy a 38.65% stake in the Cook Field.

The consent covered the creation and execution of the relevant assignment documents, including the assignment of the entitlement to the benefit of rights granted by the licences and transfer of operatorships; the appointment of Anasuria Hibiscus as the operator of the said oilfields; and the appointment of Ithaca Energy (UK) Ltd as the operator of the Cook Field.

Hibiscus said the Secretary of State’s consents were subject to the deeds of assignment being executed in a form approved by the latter, and the proposed acquisition being completed by May 9 for Guillemot A and Teal fields, and May 11 for Cook Field.

The Anasuria Cluster is located approximately 175km east of Aberdeen in the UK Central North Sea, and consists of a 100% interest in the Anasuria FPSO, Teal, Teal South, Guillemot A fields and a 38.65% interest in the Cook field.

Hibiscus shares were traded flat at 19.5 sen, with a turnover of 6.48 million. The company, valued at RM215.04 million, went to an all-time low of 13 sen on Jan 21 this year.