A Malaysian joint venture comprising Ping Petroleum and Hibiscus Petroleum has signed an agreement with Shell and Esso to acquire its 50% stake in the Anasuria cluster of oil and gas fields located about 175km east of Aberdeen in the UK Central North Sea, for $105m.

The joint venture will also acquire the Anasuria Floating Production Storage and Offloading unit.

Upon completion of the acquisition, the joint venture will have 100% stake in the Teal, Teal South and Guillemot A fields as well as 38.65% interest in the Cook field.

The deal, which is subject to regulatory approval and consent from third parties, has been signed by Shell UK and Shell EP Offshore Ventures as well as Esso Exploration and Production UK.

Hibiscus managing director Ken Pereira said: "This acquisition will complete our company’s strategy of acquiring a balanced portfolio of assets which includes exploration, development and producing assets within five years of listing our company.

"We will be able to cut our teeth as an operator in conjunction with Ping in one of the world’s foremost oil and gas production basins.

"The Anasuria Cluster has development potential for a company of the size of Hibiscus and provides us with an excellent foundation upon which we can build a significant North Sea presence."

The transaction is planned to be completed in the fourth quarter of this year.

BBC quoted a Shell spokeswoman as saying: "The Anasuria cluster has entered a phase where it offers greater value to other companies than it does for Shell."