PETALING JAYA: Hibiscus Petroleum Bhd’s completed acquisition of Fortuna International Petroleum Corp (FIPC) from Repsol is a positive development as this will transform the group’s earnings trajectory.
According to AmInvestment Bank Research, the acquisition would effectively triple the group’s daily production to 26,800 barrels of oil equivalent (boe) and increase its gross proved plus probable reserves (2P reserves) by 72% to 81 million boe.
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