Hibiscus Petroleum's Straits Hibiscus acquires 30% stake in Block PM327 PSC

KUALA LUMPUR: Hibiscus Petroleum Bhd's indirect wholly-owned subsidiary, Straits Hibiscus Sdn Bhd, has signed an agreement to acquire a 30% participating interest in the Block PM327 production sharing contract (PSC) through a farm-in arrangement with PETRONAS Carigali Sdn Bhd.

In a filing with Bursa Malaysia, Hibiscus said the transaction is currently pending regulatory approvals and fulfilment of conditions precedent.