Hibiscus completes acquisition of Repsol assets in Malaysia and Vietnam for US$212.5 million


KUALA LUMPUR: Hibiscus Petroleum Bhd has successfully completed the acquisition of assets operated by Spanish energy giant Repsol in Malaysia and Vietnam for $212.5 million (RM889 million).

In a statement today, the company said its indirect wholly-owned subsidiary Peninsula Hibiscus Sdn Bhd completed the acquisition of the entire stake in Fortuna International Petroleum Corporation on January 24.

“Of the purchase price of $212.5 million, the net amount paid (at closing of the transaction) as announced on January 20 is $123.65 million after taking into account various adjustments, including the $15 million deposit,” he said.

To recap, the asset portfolio includes interests in and operation of five production sharing contracts in Malaysia and Vietnam, with expiry dates between 2027 and 2033.

Hibiscus Petroleum chief executive Kenneth Gerard Pereira said nearly 50% of production includes gas.

“We welcome the Repsol team to the Hibiscus family and look forward to working together to further enhance the value of these assets in 2022 and beyond,” he added.

As of 10:30 a.m., Hibiscus Petroleum slipped three sen to 85 sen in Bursa Malaysia with 3.14 million shares traded. – Bernama


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