Hibiscus and Dagang Nexchange in North Sea deal

Upon completion of the proposed stake acquisition, Anasuria Hibiscus shall be appointed as operator of the field development, Hibiscus and Dnex said in separate filings with Bursa Malaysia.

PETALING JAYA: Hibiscus Petroleum Bhd and Dagang Nexchange Bhd (DneX) have agreed to a ”farm-in agreement” for Licence P2451 with Rapid Oil Production Ltd.

Hibiscus’ indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd and Ping Petroleum UK PLC, which is wholly-owned by Dnex via Dnex Energy Sdn Bhd, will each acquire 42.5% equity interest each in the licence, with the balance 15% to remain with Rapid Oil.