Hibiscus Petroleum announced on 9 October 2018 that it has agreed a deal to acquire a 50% interest in licence P198 blocks â 15/13a and 15/13b from Caldera Petroleum (UK) Ltd.Â  Under the terms of the deal Hibiscus will pay a consideration of USD 37.5 million for the interest. This follows the acquisition of 100% in the blocks by Caldera Petroleum Ltd, a wholly owned subsidiary of Aban Offshore Limited, from the National Iranian Oil Company for USD 75 million. The deals are subject to approval from the Oil and Gas Authority and are planned to complete later in October 2018. It is likely that Anasuria Hibiscus will operate the acreage.  Block 15/13a contains the 15/13a-10 (J4-P1) discovery. This was made in 2008. The well was drilled targeting the Jurassic Piper (J4) and Paleocene Balmoral Sandstones (P1). The well encountered the Balmoral Sands and tested at the interval of 5,435 â 5,527 ft where it flowed at 1,937 bo/d and 0.293 MMcf/g. Block 15/13b hosts the 15/13-2 (Hood) discovery made in 1975 where oil was encountered in the Piper Formation. The Hood structure consists of a combined structure dip closure to the west, north and south and a stratigraphic pinch-out of the Piper Sands to the east. The discovery was appraised in 1987 with well 15/13s-4 which was abandoned with shows and 15/13a-4Z which flowed at 2.8 bo/d from a thin Piper Sandstone unit. According to Anasuria Hibiscus, it believes the acreage to contain a total of 60 MMbo (STOIIP, 2C resources) and the companies will look to various future development opportunities across the blocks.  Following completion of the deal interest in the blocks will be held by Anasuria Hibiscus UK Limited (50% + Operator) and Caldera Petroleum (UK) Limited (50%).
Hibiscus has signed a conditional sale and purchase agreement with Aban Offshore subsidiary Caldera (->50% op.) for a 50% share in production licence P198, which contains blocks 15/13a and 15/13b, for US$37.5 MM.