United Oil & Gas announced on 17 July 2019 that it had signed a non-binding Heads of Terms agreement to sell its interest in licence P2366 (blocks 15/18d and 15/19b) to Anasuria Hibiscus UK Limited. In an update on 7 October 2019 it was confirmed that the Sale and Purchase Agreement (SPA) had been signed. United Oil and Gas was awarded the licence in the 30th Offshore Licensing Round. The acreage contains the Crown discovery. The signing of the SPA triggered a payment of USD 100,000 from Hibiscus to United Oil and Gas. Following the approval from the OGA which was confirmed on 12 December 2019 a further payment of USD 900,000 will follow. USD 50,000 of this total is payable to Swift Exploration which held a 5% interest in the licence. Subject to further milestones being agreed an additional sum of USD 3 million will be paid before the end of 2020 and then a further USD 1 million paid once the field is on production.   Crown was discovered by ConocoPhillips by exploration well 15/19-9 in 1998. The well was drilled to test a four-way dip closed structure and encountered oil and gas in the Balmoral Sandstone Member. The sands were good quality with a net to gross in the region of 35-90%. United Oil and Gas published the results of a Competent Persons Report on 1 February 2019 which estimated the Crown discovery to hold 2C gross unrisked contingent resources of 6.35 MMbbl STOIIP. The work programme involved rock physics modelling and seismic reprocessing.  Interest and operatorship in P2366 is now held by Anasuria Hibiscus UK Limited (100%).
United Kingdom, P2366