Hibiscus takes up 50% of Australian oil field

In a separate announcement on Bursa Malaysia, Hibiscus said its managing director and major shareholder Dr Kenneth Pereira (pic) would be taking part in the company’s fundraising exercise up to RM50mil.

PETALING JAYA: Hibiscus Petroleum Bhd has completed the acquisition of a 50% stake in an exploration permit for a field in Victoria, Australia.

This comes after Hibiscus’s subsidiary Carnarvon Hibiscus exercised an option to farm into 50% of the VIC/P74 permit in the Gippsland basin off the southeast shore of Australia, under an agreement with 3D Oil Ltd.