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.
