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Hibiscus completes acquisition of Crown discovery

Crown was discovered by ConocoPhillips in the central North Sea in the 1990s.
Crown was discovered by ConocoPhillips in the central North Sea in the 1990s.

Malaysian oil firm Hibiscus Petroleum has completed the acquisition of the Crown discovery in the North Sea for a fee which could rise to £4 million.

Hibiscus has obtained regulatory approval and been appointed operator of the licence containing Crown, 155 miles north-east of Aberdeen.

The sellers are London-headquartered United Oil & Gas, which owned a 95% stake in the licence, and Berkshire-based Swift Exploration, which had 5%.

Announcing the deal in July, Hibiscus agreed to make a non-refundable payment of £800,000 upon completion of the deal.

It will make an additional payment of £2.4m if it gets approval to develop the nearby Marigold field.

Hibiscus hopes to reach that milestone by the end of next year.

It anticipates developing the 4-8m barrel Crown field as a single-well, subsea tieback to a new FPSO which will be brought in for Marigold.

Read also: Hibiscus opts to develop North Sea cluster with FPSO

Hibiscus will pay up to £800,000 in royalties once Crown starts producing.

If Hibiscus decides not to develop Crown, it can transfer the licence back to the sellers for a nominal consideration without having to make further payments.

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