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Hibiscus' jointly controlled JV obtains 14th Norwegian license

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Hibiscus' jointly controlled JV obtains 14th Norwegian license Empty Hibiscus' jointly controlled JV obtains 14th Norwegian license

Post by Cals Fri 21 Feb 2014, 11:05

Hibiscus' jointly controlled JV obtains 14th Norwegian license
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 21 February 2014 10:51

KUALA LUMPUR (Feb 21): Hibiscus Petroleum Bhd had announced today that its jointly-controlled entity, Lime Petroleum Norway AS, has entered into an agreement to acquire a 20% stake in PL509CS.
The operator of the license, North Energy ASA, has agreed to transfer the equity interest in PL509CS at a symbolical purchase consideration of NOK1 or RM0.55, pending regulatory approval.
“Upon completion of the acquisition, Hibiscus Petroleum’s portfolio of licenses in Norway would increase to 14,” said the group in a statement to the exchange.
The group said the acquisition was made after evaluating North Energy’s production licenses using its Rex Virtual Drilling software.
“The acquisition of the interests in the Norwegian Continental Shelf concessions is in line with Hibiscus Petroleum’s portfolio balancing strategy to acquire assets in geo-politically stable regions,” the group said.
Lime petroleum Norway AS is a wholly-owned subsidiary of Lime Petroleum Plc, in which Hibiscus has a 35% stake in.
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