New side-track well to unlock 1.7 million barrels of oil from Anasuria Cluster

Hibiscus Petroleum’s jointly‐controlled operating company, Anasuria Operating Company (AOC), is on track to execute the Guillemot A GUA‐P1 side‐track well, a planned production enhancement project at the Anasuria Cluster concession in the UK North Sea.

AOC was incorporated as a private limited company in England and Wales on July 22, 2015.

AOC is the joint operating company held equally by Ping Petroleum UK Limited (wholly owned by Ping Petroleum) and Anasuria Hibiscus UK Limited (wholly owned by Hibiscus Petroleum Berhad) to be the operator of the Anasuria Cluster.

Hibiscus said on Monday that the side-track well is targeted to unlock approximately 1.7 million barrels of oil from its current net 2P (proven and probable) oil reserves.

AOC has, on February 28, 2019, signed a rig sharing agreement with Ping Petroleum, whereby AOC will assume the services of the Stena Spey semi‐submersible offshore drilling unit, for a minimum duration of 45 days, to drill the GUA‐P1 side‐track well.

The Stena Spey drilling rig – which is owned and operated by Stena Spey Services Limited, a subsidiary of Stena Drilling Limited – was chosen for several reasons including certainty of the rig’s delivery schedule and strong past operating performance in the UK North Sea.

In addition, as AOC’s appointed well operator, Petrofac will be responsible for drilling the GUA‐P1 side‐track project and for all the existing wells in the Teal, Teal South and Guillemot A fields. Petrofac is also installation duty holder on the Anasuria FPSO, minimizing the number of interfaces to be managed during drilling.

Drilling to start in 1H 2019

According to Hibiscus, the GUA‐P1 side‐track project is an opportunity to re‐enter the existing GUA‐P1 wellbore and potentially drain additional volumes of hydrocarbons. The drilling of the GUA‐P1 side‐track well is estimated to start by the first half of calendar year 2019.

Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, “The GUA‐P1 side‐track project follows the successful drilling of the GUA‐P2 side‐track project which was completed in the third quarter of 2018 and has since contributed to enhanced production in the Anasuria Cluster. The GUA‐ P1 side‐track project will be funded from internally generated funds and is part of a series of production enhancement projects which are targeted to increase net production to 5,000 barrels of oil per day by FY2020.”

The Anasuria Cluster consists of the Teal, Teal South, Guillemot and Cook fields which produce to the Anasuria floating, production, storage and offloading vessel. The Anasuria Cluster is located offshore in the United Kingdom sector of North Sea. Hibiscus Petroleum’s wholly‐owned subsidiary, Anasuria Hibiscus UK Limited, holds 50% joint‐operating interests in the Teal, Teal South and Guillemot fields, as well as 19.3% non‐operating interest in the Cook field.