Hibiscus Petroleum Bhd. subsidiary Anasuria Hibuscus UK Ltd. (AHUK) agreed to acquire certain interests and operatorship of UKCS Block 21/19a (license P.238), including Eagle field, from EnQuest Heather Ltd.
The Central North Sea field lies 6.4-15 km from various AHUK infrastructure could be a subsea tie-back to the Anasuria FPSO, potentially extending its economic life, the company said.
EnQuest currently has no gross assets, reserves or profits attributable to the Eagle discovery. In 2016, EnQuest encountered a 67-ft thick oil-bearing column in the Fulmar in its Eagle exploration well in the Greater Kittiwake Area (GKA). The company did not encounter an oil-water contact, which it said represented potential upside volumes on the flank of the structure (OGJ Online, July 1, 2016).
Under the terms of the agreement, 85% of Eagle field will be acquired for nominal $1 due on completion plus costs representing AHUK’s carry of EnQuest’s remaining 15% from completion of the deal through to first oil, presently estimated at $7.5 million.
The deal is expected to close during second-quarter 2021, subject to customary regulatory and third-party approvals.
