UKCS: Anasuria Hibiscus UK pays £ 4 million for CrownP2366 licence location. Source: United Oil & Gas

UKCS: Anasuria Hibiscus UK pays £ 4 million for Crown

The Malaysian firm managed to secure the Crown oil discovery, thought to hold 8 MMboe and 6 bn ft3 of gas, from United Oil & Gas and Swift Exploration.

The deal foresees an upfront non-refundable payment of £ 805m, with an additional £ 2.4m to be paid before the end of 2020, subject to certain milestones being achieved, and a final £ 805m payment to follow once the field comes on stream.

If the milestones are not reached, the P2366 license will return to United Oil & Gas (95% shares) and Swift Exploration (5% shares).

In August 2018, United Oil & Gas were awarded Blocks 15/18d and 15/19b as part of the UK 30th  offshore licencing round. These blocks contain the Crown oil discovery that was made in the Palaeocene Balmoral Sandstones in 1998 by ConocoPhillips with the 15/19-9 well.

Top Balmoral Depth Map. Source: United Oil & Gas

United Oil & Gas started the farm-out process earlier this year to seek partners for further development of the Crown discovery.