Hibiscus Petroleum participates in two more O&G field licenses in Norwegian Sea

by **Cals** Mon 03 Aug 2015, 22:03

Hibiscus Petroleum participates in two more O&G field licenses in Norwegian Sea

KUALA LUMPUR (Aug 3): Hibiscus Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) announced that its jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway) is acquiring 50% stake in two more oil and gas (O&G) field licenses in the Norwegian Sea.
In a filing with Bursa Malaysia today, Hibiscus said Lime Norway has executed an agreement with EnQuest Norge AS1 to acquire the latter’s 50% stake in each of the PL760 and PL760B licenses.
Currently, the operator at both licenses is Total E&P Norge AS2 (Total E&P).
After getting approval from relevant authorities, the parties in the licenses will be Total E&P and Lime Norway, with 50% interest each.
The licenses are located some 25km west of the Norne O&G field in the Norwegian Sea, in water depth of 370 metres.
“The adjacent Marulk gas field is producing from similar Cretaceous reservoirs, as being targeted in PL760 and PL760B,” the filing read.
“Further[more], the deep water Aasta Hansteen gas/condensate field to the north is under development, including the Polarled gas pipeline to shore, passing close to PL760,” Hibiscus added.
Drilling for these licenses could take place in 2016 or 2017, given a drill decision milestone in February 2016.
Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc, which in turn is a jointly-controlled entity, whereby Hibiscus Petroleum owns a 35% stake.
Hibiscus (fundamental: 1.65; valuation: 0.3) gained two sen or 2.41% to close at 85 sen today, for a market capitalisation of RM785.16 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)