Upon completion of the proposed stake acquisition, Anasuria Hibiscus shall be appointed as operator of the field development, Hibiscus and Dnex said in separate filings with Bursa Malaysia.
PETALING JAYA: Hibiscus Petroleum Bhd
and Dagang Nexchange Bhd (DneX) have agreed to a ”farm-in agreement” for Licence P2451 with Rapid Oil Production Ltd.
Hibiscus’ indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd and Ping Petroleum UK PLC, which is wholly-owned by Dnex via Dnex Energy Sdn Bhd, will each acquire 42.5% equity interest each in the licence, with the balance 15% to remain with Rapid Oil.
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