KUALA LUMPUR: Hibiscus Petroleum Bhd
’s indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd, has entered into a conditional sale and purchase agreement with Repsol Exploración, S.A., a Spanish oil and gas company, to acquire the entire equity interest in Fortuna International Petroleum Corp (FIPC) for US$212.5mil (RM876.88mil) cash.
Hibiscus said FIPC through its wholly-owned subsidiaries, namely Repsol Oil & Gas Malaysia Ltd (RML), Repsol Oil & Gas Malaysia (PM3) Ltd, and Talisman Vietnam Limited (TVL), owned participating interests in several production sharing contracts (PSCs) including a 60% interest in the 2012 Kinabalu Oil PSC located off the coast of Sabah that is currently held by RML.
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