KUALA LUMPUR, June 2 — Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd, has entered into a conditional sale and purchase agreement with Repsol Exploración, S.A. (Repsol), a Spanish oil and gas company, to acquire the entire equity interest in Fortuna International Petroleum Corporation (FIPC) for US$212.5 million in cash (RM876 million).
Hibiscus Petroleum said FIPC through its wholly-owned subsidiaries, namely Repsol Oil & Gas Malaysia Ltd (RML), Repsol Oil & Gas Malaysia (PM3) Ltd, and Talisman Vietnam Limited (TVL), owned participating interests in several production sharing contracts (PSC) including a 60 per cent interest in the 2012 Kinabalu Oil PSC located off the coast of Sabah that is currently held by RML.
In a filing to Bursa Malaysia today, Hibiscus Petroleum said FIPC also owns participating interests in 70 per cent interest in a block located in Vietnamese waters currently held by TVL, and 60 per cent interest each in the PSCs of two blocks located off the eastern coast of Peninsular Malaysia in the Malay Basin currently held by RML.
“Upon execution of the conditional sale and purchase agreement, Peninsula Hibiscus has paid a partial deposit of US$7.5 million (or equivalent to RM31.0 million) to Repsol.
“In conjunction with the proposed acquisition, a parent company guarantee by Hibiscus Petroleum in favour of Repsol in respect of the conditional sale and purchase agreement was also entered into on the same date,” it said. — Bernama
