Malaysian oil and gas firm Hibiscus Petroleum has, via its UK North Sea subsidiary Anasuria Hibiscus UK, Ithaca Energy, and Caldera, entered into a unitization and unit operating agreement to jointly develop the Marigold field, about 250km northeast of Aberdeen in the central North Sea
Anasuria Hibiscus UK holds 87.5% interest in Licence P198 Block 15/13a, which contains the Marigold West field, with Caldera holding the remaining 12.5%. 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 unitized Marigold field, i.e. Marigold West and Marigold East, will be as follows: Anasuria Hibiscus - 61.25%, Caldera - 8.75%, and Ithaca - 30.00%.
According to Hibiscus Energy, the unitisation of Marigold West and Marigold East will allow an optimal field development solution to be implemented.
An integrated project team led by Anasuria Hibiscus UK, comprising Anasuria Hibiscus UK's personnel and Ithaca secondees, will develop the Marigold Field Development Plan (“FDP”).
The FDP submission is targeted for early calendar year 2024.
The Sunflower field, located in Block 15/13b and being part of Licence P198, will be developed by Anasuria Hibiscus UK 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 unit operating agreement.
As per Licence P198 interests stated above, AHUK holds 87.5% and is the operator of the Sunflower field while Caldera holds 12.5%.