The two companies will own equal shares in the concession, also known as Block 2, with Pacific named operator.
The block covers 68 square kilometres in the Gulf of Suez, in water depths of up to 75 metres, and contains the West Ashrafi field which Hibiscus said could be developed with a production tie-in to nearby existing onshore infrastructure.
“The acceptance of the award of the concession, subject to the execution of a definitive agreement, provides the company an opportunity to explore and develop in an area which is one of the oldest producing basins in the world,” Hibiscus said in a statement.
“The
