Hibiscus Petroleum has acquired 5 high quality portfolio from the Spanish energy and petrochemical company, Repsol for a total cash consideration of USD212.5 million. Repsol recently announced its intention to sell its Malaysia and Vietnam assets earlier this month for an undisclosed fee.
On June 1st 2021, Hibiscus signed a SPA to acquire 100% of Fortuna International Petroleum Corporation (“FIPC”) from Repsol Exploración, S.A. The FIPC Group holds participating interests in producing oil & gas fields in Malaysia and Vietnam.
The transaction includes 35% interest in PM3 CAA PSC, 60% in 2012 Kinabalu Oil PSC, 60% in PM305 PSC, and 60% in PM314 PSC and operatorship on Block 46 CN in Vietnam which are expected to yield earnings before interest, tax, depreciation, and amortisation of USD135 million next year, Hibiscus said in a statement.
“As far as the assets are concerned, we have previously demonstrated our capability in enhancing value from acquired mature fields in Malaysia and the United Kingdom and we are motivated to repeat past, positive experiences in Malaysia and Vietnam”Kenneth Pereira , Managing Director Hibiscus Petroleum
Hibiscus Petroleum holds operated interests in several concessions in the United Kingdom and Australia and a production sharing contract in Malaysia.
Hibiscus Petroleum Press Release
Repsol Platform Image by Repsol/CC BY-NC-SA 2.0 license
Hibiscus Petroleum Media Management