United Kingdom

United Kingdom at a Glance

On 10 March 2016, Hibiscus Petroleum through our wholly-owned subsidiary, Anasuria Hibiscus UK Limited (Anasuria Hibiscus) acquired our first producing asset – a package of geographically focused producing fields and associated infrastructure located in the North Sea, United Kingdom (UK), collectively known as the Anasuria Cluster (Anasuria). Anasuria delivers production that generates positive cashflow with infield future development opportunities and exploration upside.

The addition of the Teal West discovery, an award to Hibiscus Petroleum as part of the UK Continental Shelf (UKCS) 32nd Licensing Round is a positive development which should contribute to an increase in Anasuria’s production by CY2025.

Expanding our footprint in the North Sea, Anasuria Hibiscus acquired the discovered Marigold West and Sunflower oilfields on 16 October 2018. This shallow-water development asset will deliver a step change to our production volumes and revenue generating capacity in the future.

Additionally, in line with our efforts to aggregate 2C oil resources at a competitive unit cost per barrel (as part of an area-wide development), we applied for (and were awarded), the Kildrummy discovery (as part of the UKCS 32nd and 33rd Licensing Rounds). Kildrummy lies in close proximity to the Marigold West and Sunflower fields. In addition, we were awarded the discovered Crown field in the 33rd UKCS Licensing Round.

On 15 September 2023, Anasuria Hibiscus and Caldera Petroleum UK Limited executed a Unitisation and Unit Operating Agreement (UUOA) with Ithaca Energy Limited for their interest in a field called Marigold East. The combined unit is called ‘Marigold’.

We have now established two potential production hubs in the UK. The existing Anasuria Cluster, which includes the Fyne and Teal West fields, and the Greater Marigold Area Development (GMAD), which encompasses the Marigold, Sunflower, Kildrummy and Crown fields. Our optimised approach towards developing the UK Quad 15 area through GMAD positions as well as a second potential production hub, aligned with the UK government’s strategy to maximise economic recovery while reducing the carbon intensity of the host assets.

Anasuria Hibiscus UK Limited (Anasuria Hibiscus) Modern Slavery Act Statement (PDF)

Teal West Development

Regulation 11(1) Notice (PDF)

Project Summary (PDF)

Environmental Statement (ES/2022/006) (PDF)

Public Notice Published in The Telegraph (PDF)

Public Notice Published in The Press & Journal (PDF)

Highlights

NOTES:

¹ For the financial year ended 30 June 2024.
² As at 1 July 2024, based on internal estimates.
³ LTIR represents the frequency of lost time injuries (LTI), which includes fatalities, permanent disabilities or workhours lost due to workplace incidents per 200,000 hours worked by both employees and contractors.
⁴ As at 30 September 2023, consists of personnel in the Anasuria Operating Company Limited and personnel dedicated to Anasuria operations from Petrofac Facilities Management Limited.

KEY:

• 2P Oil or Gas Reserves – Proven and probable oil or gas reserves.
• 2C Oil or Gas Resources – Best estimate contingent oil or gas resources.
• boe – Barrels of oil equivalent.
• MMbbl – Million barrels.
• Bscf – Billion standard cubic feet.
• LTIR – Lost Time Injury Rate.
• USD – United States Dollar.
• ROSPA – Royal Society for the Prevention of Accidents.
• FPSO – Floating, Production, Storage and Offloading Vessel.
• NSTA – North Sea Transition Authority, UK.
• RPS Energy – RPS Energy Consultants Limited.
• CY – Calendar year.