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Hibiscus obtains five new Norwegian offshore licences
by Cals Wed 22 Jan 2014, 19:12
| Hibiscus obtains five new Norwegian offshore licences |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Wednesday, 22 January 2014 10:16 |
KUALA LUMPUR (Jan 22): Hibiscus Petroleum Bhd has been awarded five new offshore licenses in the 2013 Awards in Predefined Areas through its jointly-controlled entity, Lime Petroleum Norway AS.
In a statement to the exchange, the group said that it has a 12.5% to 25% stake in the five licenses, which include PL 498 B and PL 503 C for operations in the North Sea, PL 762 for the Norwegian Sea, and PL 769 and PL770 for the Barrents Sea.
“We are delighted by the latest offer from the Norwegian government to expand Lime’s presence in Norway, barely a year after the company obtained its pre-qualification as a licensee on the Norwegian Continental Shelf,” said Kenneth Pereira, managing director of Hibiscus.
He added that more activity will be carried out in Norway in 2014, as Lime Norway continues to expand its groundwork in understanding the local geology, encouraged by the Norwegian Petroleum Tax Act that gives a tax refund of 78% of exploration costs annually.
Meanwhile, Lime Norway had obtained approval from its board to increase its stake in its licence for the North Sea, PL 498, to 25% from 5%, pending the Norwegian government’s approval.
In a separate announcement, the trading of Hibiscus’ securities was halted for one hour, starting 9.00 am and resuming at 10.00 am today.
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