KUALA LUMPUR: Hibiscus Petroleum Bhd
says its associate company in Australia, 3D Energi Ltd (TDO), has entered into a right of first refusal deed (ROFR) regarding the sale of its share of future gas production with a ConocoPhillips Australia (Copa) group company.
In a filing with Bursa Malaysia, Hibiscus Petroleum said that under the deed, Copa has an opportunity to acquire TDO’s share of joint venture (JV) production; however, the ROFR mechanism gives TDO ample opportunity to capture market parity pricing from Copa or otherwise a third-party buyer, according to Bernama.
