Hibiscus agrees to buy license off UK

Ansuria Hibiscus UK Ltd., an indirect wholly owned subsidiary of Hibiscus Petroleum Bhd. of Kuala Lumpur, has conditionally agreed to buy License P2366 offshore the UK from United Oil & Gas PLC and Swift Exploration Ltd.

License Block 15/19b, 250 km northeast of Aberdeen, includes the Crown discovery in Paleocene Balmoral sands made by ConocoPhillips in 1998.

If the deal is completed and development proceeds, total cash consideration will be $5 million.