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NewsHot Stock Hibiscus share price jumps on completion of asset acquisition in North Sea
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Hot Stock Hibiscus share price jumps on completion of asset acquisition in North Sea
by Cals Sat 12 Mar 2016, 00:20
- Hot Stock
[size=28]Hibiscus share price jumps on completion of asset acquisition in North Sea
By Sangeetha Amarthalingam / theedgemarkets.com | March 11, 2016 : 5:56 PM MYTKUALA LUMPUR (March 11): Hibiscus Petroleum Bhd’s share price soared 21.6% on news that it has completed the acquisition of the Anasuria Cluster in central North Sea, UK.
The stock, which plunged to record low of 14 sen in January, gained four sen today to 22.5 sen, with some 27.5 million shares traded.
Hibiscus announced in a filing with Bursa Malaysia today that its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd completed the purchase of 50% interest in the Anasuria Cluster from Shell UK Ltd, Shell EP Offshore Ventures Ltd, and Esso Exploration and Production UK Ltd, for US$52 million.
Recall that on Aug 7 last year, Hibiscus Petroleum said it had together with Ping Petroleum Ltd, which was acquiring the remaining 50% interest, jointly entered into a conditional sale and purchase agreements for Anasuria Cluster fields acquisition, .
Hibiscus Petroleum added in its filing today that its indirect wholly-owned unit Anasuria Hibiscus UK Ltd is managing the asset with Ping Petroleum, through a UK incorporated joint-venture — Anasuria Operating Company Ltd (AOC).
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