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Hibiscus’ unit completes acquisition of two Norwegian licenses

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Hibiscus’ unit completes acquisition of two Norwegian licenses Empty Hibiscus’ unit completes acquisition of two Norwegian licenses

Post by Cals Tue 07 Oct 2014, 23:39

Hibiscus’ unit completes acquisition of two Norwegian licenses
Business & Markets 2014
Written by Supriya Surendran of theedgemalaysia.com   
Tuesday, 07 October 2014 19:34

KUALA LUMPUR (Oct 7): Hibiscus Petroleum Bhd’s jointly-controlled entity, Lime Petroleum Norway AS, has completed the acquisition of a 5% stake each in the PL591 and PL591B oil concessions which are located in the Norwegian Sea, bringing its total portfolio of licenses in Norway to 13. 

In a filing with the exchange today, Hibiscus said Lime Norway has completed the acquisition of the two licenses, following the agreement executed with North Energy ASA on June 4. 

The transfer of the equity interest in PL591 and PL591B to Lime Norway, was completed following receipt of regulatory approval. 

Tullow Oil Norge AS, part of the Tullow Oil Plc Group, is the operator at PL591 and PL591B. 

The acquisitions by Lime Norway follow the capital injections totaling US$23 million made by Lime’s shareholders in November 2013 and January 2014, together with the NOK300 million (approximately US$45 million) financing facility secured from Skandinaviska Enskilda Banken AB, which will allow Lime Norway to secure adequate financing to secure their work commitments into 2015. 

Hibiscus shares closed up 1 sen today to RM1.49, giving it a market capitalisation of RM1.32 billion.
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