Hibiscus completes acquisition of Malaysia, Vietnam offshore assets

Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd, Kuala Lumpur, completed the acquisition of the entire equity interest in Fortuna International Petroleum Corp. (FIPC) from Repsol on Jan. 24 (OGJ Online, June 2, 2021).

Out of the $212.50 million purchase price, after adjustments including a $15-million deposit paid, the net amount paid at completion is $123.65 million.

The acquired asset portfolio comprises interests and operatorship in five production sharing contracts in Malaysia and Vietnam: PM314 (60%) and PM305 (60%) in the Southwest Malay basin, offshore Peninsular Malaysia; 2012 Kinabalu Oil (60%) Sabah, offshore Malaysia; PM3 CAA (35%) in the northeast Malay basin, within the CAA between Malaysia and Vietnam; and Block 46 (70%) in the Malay basin in Vietnamese waters.

The company’s average daily oil and gas production is projected to increase almost threefold. Almost 50% of the production is gas.