Ping Petroleum Limited (“Ping”) and Hibiscus Petroleum Berhad (“Hibiscus”) are pleased to announce that they have jointly entered into sale and purchase agreements to each acquire 50% of the entire interests of Shell UK Ltd, Shell EP Offshore Ventures Limited (“Shell”) and Esso Exploration and Production UK Limited (“Esso”) in the Anasuria Cluster of oil and gas fields effective from 1st January 2015. The acquisition of the Anasuria Cluster is subject to regulatory approvals, and third party consents, including the UK Government’s approval and Hibiscus shareholder approval.
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. The cluster represents an attractive, geographically focused package of operated interests in producing fields and associated infrastructure. The assets have a proven and producing resource base which provides a platform for further development. A number of incremental development and exploration opportunities exist within the licence areas which are expected to generate significant incremental value in the medium term.
Ping and Hibiscus bring combined technical expertise and an exceptional track record in creating value in maturing basins in the Gulf of Mexico, Norwegian North Sea, Middle East, Australia and South East Asia. The partners are confident that the acquisition will create significant value for their respective shareholders and UK government.
The acquisition also brings two new entrants into the North Sea and reflects the support provided by the UK Government to encourage smaller independents to invest and revive the North Sea basin.
Ken Pereira, Managing Director of Hibiscus commented, “This acquisition will complete our company’s strategy of acquiring a balanced portfolio of assets which includes exploration, development and producing assets within five years of listing our company. We will be able to cut our teeth as Operator in conjunction with Ping in one of the world’s foremost oil and gas production basins. The Anasuria Cluster has development potential for a company of the size of Hibiscus and provides us with an excellent foundation upon which we can build a significant North Sea presence.”
Acquisition Highlights
- Acquisition of interests in four producing fields (100% in Teal, Teal South, Guillemot A and 38.65% in Cook) with clearly defined upside opportunities and exploration potential
- Acquisition of the Anasuria FPSO and its associated processing infrastructure with potential for future
tie-ins
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