Dnex and Hibiscus farm-in deal a positive step

PETALING JAYA: The farm-in agreement undertaken by Hibiscus Petroleum Bhd and Dagang Nexchange Bhd (Dnex) with Rapid Oil Production Ltd is positive as this can mitigate the natural decline of the Anasuria Cluster’s production volumes over the next few years, says Hong Leong Investment Bank (HLIB) Research.

Last Friday, both Dnex, via its 90%-owned Ping Petroleum UK Plc and Hibiscus announced that they had entered into a separate but identical farm-in agreement with Rapid Oil for an undeveloped field known as the Fyne Field.