Rapid Oil Production's Farmout of an 85% Interest the Fyne Development Project (P2451)

Oil & Gas Advisors is pleased to announce that it has acted as an advisor to Rapid Oil Production Limited ("ROPL") on its farmout of an 85% interest in P2451 (the "Licence"), which contains the 18mm bbl Fyne development project, to Hibiscus Petroleum Berhad ("Hibiscus")and Ping Petroleum Limited ("Ping").

Following completion of the Farmout, Rapid Oil Production Limited will hold a 15% interest in the Licence and will be carried through to first oil, expected in 1Q 2026.

The Fyne development is in excess of 18mm bbl, and is located in Quad 21 of the UK sector of the North Sea.

In a press release, Hibiscus stated:

The Licence holds an undeveloped oil field, Fyne Field, located in the Central North Sea, United Kingdom, with an estimated 75 MMboe STOOIP (stock tank oil initially in place.) Upon completion of the proposed acquisition, Anasuria Hibiscus shall be appointed as operator of the field development. First oil is expected in 2026, whereupon Anasuria Operating Company Limited (equally owned by Anasuria Hibiscus and Ping Petroleum) will take over as operator of the Fyne production from Anasuria Hibiscus.

The Fyne Field has a water depth of about 90m. As it is approximately 16kms from the Anasuria Floating Production Storage and Offloading (“FPSO”) vessel, the plan is to initially tie-back a single well development to the FPSO vessel.  The addition of the Fyne Field is expected to increase the value and extend the field life of the existing Anasuria Cluster of assets.

Ping’s Managing Director, Zainal Abidin Jalil said:

“Fyne represents a material addition to our portfolio and adds to the value of our existing infrastructure at Anasuria, as it will extend the field life and improve the value of our ongoing integrity and asset life-extension work. We also look forward to expanding our long-term partnership with Hibiscus Petroleum, as well as working with our new joint venture partner – Rapid Oil.”

The Licence holders intend to develop the Licence in two phases, with the initial phase targeting first oil by 2026. The second phase will target the development of the satellite discoveries, and will follow shortly thereafter.

ROPL, Hibiscus and Ping are now moving towards the submission and approval of the Field Development Plan ("FDP").

Rapid Oil Production Limited is a new breed of oil company, focusing on shortening the time to first oil by leveraging Management's experience and applying modular development concepts appropriate to the development.

More information on ROPL is available on its website here.

Commenting on the transaction, Oil & Gas Advisors states:

We are delighted to support the management team at Rapid Oil as continues its drive to create value for its shareholders, while simultaneously de-risking the development of this significant North Sea asset.