Hibiscus Petroleum Berhad and a consortium of companies have entered into a unitisation and unit operation agreement to jointly develop the Marigold field in North UK
Its wholly-owned subsidiary Anasuria Hibiscus UK Limited, Ithaca Oil and Gas Limited, a subsidiary of Ithaca Energy Limited, and Caldera Petroleum UK Limited form the consortium with AHUK holding 87.5% interest in Licence P198 Block 15/13a, which contains the Marigold West field. Caldera holds the remaining 12.5% while Ithaca holds 100% in Licence P2158 Block
15/18b, adjacent to the Marigold West field and containing the Marigold East field. Under the agreement, the respective unit participations in the unitised Marigold field, i.e. Marigold West and Marigold East, with AHUK: 61.25%, Caldera: 8.75% and Ithaca : 30.00%
Hibiscus said the unitisation of the oil fields will allow an optimal field development solution to be implemented. An integrated project team led by AHUK, comprising its personnel and Ithaca secondees will develop the Marigold Field development Plan with submission targeted by early calendar year 2024
The Sunflower field, located in Block 15/13b and being part of Licence P198, will be developed by AHUK and Caldera as a subsea tie-in to the Marigold Project infrastructure and the FDP will be submitted separately from Marigold and does not form part of the UUOA. As per Licence P198 interests stated above, AHUK holds 87.5% and is the operator of the Sunflower field while Caldera holds 12.5%.
