Business News

Hibiscus Petroleum JV seeking exploration assets in Asia-Pac

Thursday, 21 March 2013

KUALA LUMPUR: Hibiscus Petroleum Bhd is teaming up with Rex Oil & Gas Ltd's affiliate to seek investments in oil and gas (O&G) exploration assets in 11 countries in Asia-Pacific.

It said on Thursday its unit Orient Hibiscus Sdn Bhd and Rex Southeast Asia Ltd were teaming up to leverage on the use of Rex proprietary technologies in these countries.

These countries are Malaysia, New Zealand, Philippines, Vietnam, Australia, Thailand, Brunei, Papua New Guinea, Indonesia, Myanmar and Cambodia, and offshore areas associated with these countries.

Rex O&G holds a 56.4% stake in Hibiscus Petroleum's jointly-controlled entity, Lime Petroleum Plc.

"Using Rex Technology, Hibiscus Petroleum, through HiRex, will be well positioned to identify, select and secure equity positions in high impact exploration assets in the AsiaPacific region, and thus further enhance its shareholders' value," it said.

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