By DASHVEENJIT KAUR / Pic By ISMAIL CHE RUS
The drilling of Hibiscus Petroleum Bhd’s GUA-P2 side-track (P2-ST, located on the Guillemot-A field off the UK Central North Sea’s (UKCNS) Anasuria Cluster, has been completed and is ready for crude oil production starting this month.
The P2-ST wells can achieve 4,750 barrels of crude oil per day (bpd), which translates to 2,375 bpd.
The flow rate was established during a 20-hour flow period through a 32% choke along with the application of gas lift at a rate of 1.7 million standard cu ft a day, according to Hibiscus Petroleum in a filing to the local exchange.
Its MD Dr Kenneth Gerard Pereira (picture) said, the P2-ST project represents the group’s first major capital expenditure programme in the UKCNS.
“We are extremely pleased with the initial production rate achieved by the P2-ST well as test results have exceeded our expectations.
“Over the next few months, we will gradually increase the choke size and determine the optimum parameters to flow this well,” he said in a statement to Bursa Malaysia Bhd.
The drilling and completion work of the P2-ST well was undertook by Anasuria Operating Co Ltd, which is equally owned by Anasuria Hibiscus UK Ltd and Ping Petroleum UK Ltd, added the statement.
Anasuria Hibiscus UK, which is an indirect wholly- owned subsidiary of Hibiscus Petroleum, holds a 50% joint-operating interest in the P013 licence, which includes the Teal, Teal South and Guillemot-A fields, as well as a 19.3% non-operating interest in the P185 licence, which includes the Cook field.
At present, the P2-ST is shut-in to allow the drilling rig to demobilise from its location before production commences once again in early September 2018.
Kenneth said the project is consistent with the group’s strategy in addressing the natural decline and add to the oil and gas production from the Anasuria Cluster.
“Our target remains a production of 5,000 bpd from Anasuria by the end of financial year 2020 (FY20). The capability to undertake projects such as the P2-ST will be a critical enabler.
“We look forward to the start of production from the P2-ST well by the end of this week as we are in a time of favourable crude oil price levels,” he added.
Production from the Anasuria Cluster is sent to the Anasuria floating, production, storage and offloading facility.
Last week, Hibiscus Petroleum reported a 92% surge from the previous RM106.1 million to RM203.71 million in net profit for FY18 ended June 30, 2018.