By TMR

Hibiscus Petroleum Bhd’s jointly controlled operating company, Anasuria Operating Co Ltd, is on track to execute and complete its first sidetrack well (known as GUA-P2) by the first half of 2018 (1H18) on the Guillemot A field.

The project, located at the Anasuria Cluster concession in the North Sea, is expected to unlock 1.01 million barrels from its current net 2P (proven and probable) reserves.

Hibiscus Petroleum MD Dr Kenneth Gerard Pereira noted that the company’s plans to further extract value from the Anasuria Cluster are 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 barrels per day by the financial year 2020, while also increasing our 2P reserves.

“Together with the announcement of earlier projects, we are increasing production, reserves as well as adding to the life of this asset,” Pereira noted in an exchange filing yesterday by the upstream company.

Hibiscus shares fell two sen to close at 83 sen at yesterday.