HIBISCUS Petroleum Bhd’s subsidiary, Anasuria Hibiscus UK Ltd (AHUK), has entered into a unitisation and unit operating agreement (UUOA) to develop the Marigold field in the Central North Sea.

AHUK holds an 87.5% interest in Licence P198 Block 15/13a, which includes Marigold West, while Caldera Petroleum (UK) holds the remaining 12.5%.

Hibiscus told the bourse today that they have partnered with Ithaca Oil and Gas Ltd to jointly develop the field.

British oil and gas company Ithaca Energy (UK) Ltd holds 100% in Licence P2158 Block 15/18b, adjacent to Marigold West, with Marigold East.

The unitisation of Marigold West and Marigold East will enable an optimal field development solution.

A Marigold field development plan (FDP) is expected to be submitted by early 2024, led by an integrated project team comprising AHUK personnel and Ithaca secondees.

The Marigold cluster also includes the Sunflower field, which will be developed by AHUK and Caldera as a subsea tie-in to the Marigold Project infrastructure, with a separate FDP submission.

The Marigold cluster is estimated to contain 28.9 million barrels of undeveloped petroleum reserves.

Hibiscus Petroleum’s shares rose by 0.93% to close at RM1.09 today, valuing the company at RM2.19 billion. – TMR