Hibiscus agrees to buy licence off UK

Ansuria Hibiscus UK Ltd, an indirect wholly owned subsidiary of Hibiscus Petroleum Bhd of Kuala Lumpur, has conditionally agreed to buy Licence P2366 offshore the UK from United Oil & Gas Plc and Swift Exploration Ltd.

Licence Block 15/19b, 250 km north-east of Aberdeen, includes the Crown discovery in Paleocene Balmoral sands made by ConocoPhillips in 1998.

If the deal is completed and development proceeds, total cash consideration will be US$5 million.

Source: Oil & Gas Journal