Business News

Hibiscus Petroleum JV plan okayed

Tuesday, 19 November 2013

PETALING JAYA: Norway’s Petroleum and Energy Ministry has approved the acquisition of two production licences at the Norwegian Continental Shelf by Hibiscus Petroleum Bhd’s joint-venture unit Lime Petroleum Norway AS (Lime Norway) from North Energy ASA (North Energy).

In its filing with Bursa Malaysia, Hibiscus said the two new production licences comprised a 10% interest each in PL 707 (Seiland West) and PL 708 (Seiland East) located in the Barents Sea in the Norwegian Continental Shelf.

Lime Norway is a unit of Lime Petroleum Plc, an entity jointly controlled by Hibiscus Petroleum, Schroder & Co Banque S.A. and Rex Oil & Gas Ltd (Rex).

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