Hibiscus: Work on Anasuria Cluster side-track well on track

PETALING JAYA: Hibiscus Petroleum Bhd said its jointly controlled operating company Anasuria Operating Company Ltd (AOC) is on track to drill and complete its first side-track well by the first half of 2018 on the Guillemot-A field.

“Our plans to further extract value from the Anasuria Cluster are progressing on track. These projects are mainly funded from internally generated funds,” its managing director Dr Kenneth Pereira said in a statement yesterday.

He said the GUA-P2 side-track project is part of a series of production enhancement projects shortlisted for execution in 2018 and 2019 which are targeted to increase production to 5,000 barrels per day by financial year 2020 while also increasing its 2P reserves.

“Together with earlier projects announced, we are increasing production, reserves as well as adding to the life of this asset,” he added.

Meanwhile, Hibiscus said AOC has recently awarded a drilling rig contract to North Atlantic Drilling Ltd, a subsidiary of Seadrill Ltd – an international drilling contractor that owns or leases a fleet of more than 50 drilling rigs.

Under this contract, it said AOC will procure the services of Seadrill’s West Phoenix drilling rig, a sixth generation semi-submersible unit, to drill the GUA-P2 side-track.

The contract will be effective for a minimum duration of 30 days which is anticipated to commence in the second quarter of 2018.

Hibiscus, which was the third most active counter, slipped two sen or 2.35% to 83 sen with 84.3 million shares traded yesterday.