Thursday 21 January 2021

Hibiscus Petroleum Berhad (“Hibiscus Petroleum” or “the Company”) is pleased to announce that  following the earlier disclosure made on 3 September 2020, the UK Oil and Gas Authority (“OGA”) has  on 19 January 2021 advised that 2 Licence Agreements (“Agreements”) pursuant to the OGA’s offer  for award received by Anasuria Hibiscus UK Limited (“AHUK”) for 3 licences at the 32nd United Kingdom  (“UK”) Offshore Licensing Round have been fully executed. The Licence Agreement for the third offer  for award for Licence P2532 (Block 21/19c and Block 21/20c), contagious to the Cook field, is in the  process of being fully executed.

AHUK is the Company’s indirect wholly‐owned subsidiary.

These licenses are located in mature, producing areas close to existing infrastructure, under flexible  terms of the Innovate Licence which enables companies like AHUK to define a licence duration and  phasing that would result in the execution of an optimal work programme.

The license terms commenced from 1 December 2020 for a period of 4 years (Field Development Plan  (“FDP”) phase) with a subsequent term (production phase) to begin for a period of 18 years from the  completion of the FDP phase.

(i) License P2535 (Block 21/24d) :

The block which has an area size of 57.86 square kilometers, contains the Teal West discovery,  which is contiguous to the Teal field and is located approximately 4 km from the Teal manifold  of the Anasuria Cluster.

The block will be held by AHUK (70%) and Zennor Petroleum Limited (30%).

The Teal West discovery is expected to be a potential tieback candidate to the Anasuria floating  production and offloading facility (“Anasuria FPSO”) in which AHUK has significant interests.

AHUK is to prepare a FDP for the Teal West Discovery for OGA’s approval by end 2022, as part of  the terms of the agreement.

(ii) License P2518 (Block 15/17a) :

This block of 9 square kilometers is located  8 km from the Marigold field and shall be  wholly‐held by AHUK. It contains part of  the Kildrummy discovery plus a minor part  of the Beaumaris discovery and the Udny  prospect.

It is hoped that the Kildrummy discovery  may become a potential tieback candidate  to infrastructure implemented as part of  the Marigold development.

As part of the terms of the agreement,  AHUK is to provide a technical update to  the OGA by December 2022 , pursuant to  carrying out seismic interpretation work.