Hibiscus Petroleum on track to drill first side-track well in Anasuria cluster

Hibiscus Petroleum on track to drill first side-track well in Anasuria cluster

February 7, 2018 0 By User

Kuala Lumpur, 7 Feb, Hibiscus Petroleum Berhad (Hibiscus Petroleum) said yesterday that its jointly-controlled operating company, Anasuria Operating Company Limited (AOC) is on track to execute and complete the Guillemot A GUA-P2 side-track.

The planned production enhancement project at the Anasuria Cluster concession off the U.K. North Sea will unlock 1.01 MMbbls from its current net 2P (proven and probable) reserves.

AOC has recently awarded a drilling rig contract to North Atlantic Drilling Limited, a subsidiary of
Seadrill Limited – an international drilling contractor that owns or leases a fleet of more than 50 drilling rigs.

Under this contract, AOC will procure the services of Seadrill’s West Phoenix drilling rig, a sixth-generation semi-submersible unit, to drill the GUA-P2 side-track.

Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, “Our plans to further extract value
from the Anasuria Cluster are progressing on track.

“These projects are mainly funded from internally generated funds. The GUA-P2 side-track project is part of a series of production enhancement projects shortlisted for execution in 2018 and 2019 which are targeted to increase production to 5,000 bpd by FY2020 while also increasing our 2P reserves.

“Together with earlier projects announced, we are increasing production, reserves as well as adding to the life of this asset.”

Hibiscus Petroleum, via its wholly-owned subsidiary, Anasuria Hibiscus UK Limited (“Anasuria Hibiscus”), acquired a 50% stake in the Anasuria Cluster in March 2016 and jointly operates the Guillemot A, Teal, Teal South and Kite fields and the Anasuria FPSO via its jointly-controlled entity,

AOC. AOC is 50% held by Anasuria Hibiscus and Ping Petroleum UK Limited. Anasuria Hibiscus also has a 19.3% interest in the Cook field located within the Anasuria Cluster.