Hibiscus completes acquisition of Repsol’s assets in Malaysia, Vietnam for US$212.5m

KUALA LUMPUR: Hibiscus Petroleum Bhd has successfully completed the acquisition of the Spanish energy giant Repsol's operated assets in Malaysia and in Vietnam for US$212.5 million (RM889 million).

In a statement today, the company said its indirect wholly owned subsidiary Peninsula Hibiscus Sdn Bhd completed the acquisition of the entire equity interest in Fortuna International Petroleum Corporation on Jan 24.

“Out of the purchase price of US$212.5 million, the net amount paid (upon the completion of the transaction) as announced on Jan 20 is US$123.65 million after taking into account various adjustments including the US$15 million deposit,“ it said.

To recap, the asset portfolio comprises interests and operatorship in five production sharing contracts in Malaysia and Vietnam, with expiration dates ranging between 2027 and 2033.

Hibiscus Petroleum managing director Kenneth Gerard Pereira said almost 50% of the production comprises gas.

“We welcome the Repsol team into the Hibiscus family and look forward to working together to further enhance the value from these assets in 2022 and beyond,“ he added.

At 10.30am, Hibiscus Petroleum slipped three sen to 85 sen at Bursa Malaysia with 3.14 million shares traded. – Bernama