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Hibiscus Petroleum acquires Fortuna International for US$212.5mil
NST 4 JUNE 2921 KUALA LUMPUR: Hibiscus Petroleum Bhd is acquiring the entire stake in Fortuna International Petroleum Corporation for US$212.5 million cash.
In a statement today, Hibiscus Petroleum said its indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd (PHSB), had on June 1, 2021, signed a conditional sale and purchase agreement with Repsol Exploración SA for the acquisition.
“The acquisition is a unique opportunity for Hibiscus to acquire a high-quality asset portfolio, comprising the following five production sharing contracts (PSC) in Malaysia and Vietnam, and assume Repsol’s role as operator,” it said.
Post-acquisition, Hibiscus Petroleum said its daily oil and condensate production would more than double from 9,000 barrels per day (bpd) to 18,500bpd in 2022.
The company anticipate completing the transaction in 2021.
Managing director Dr Kenneth Pereira said once completed, the acquisition will be transformational for the company and bodes well for the business trajectory of Hibiscus Petroleum into its next phase of growth.
“We are pleased to announce that after an international, competitive bidding process, we have been selected by Repsol to acquire their Malaysian and Block 46 Vietnam assets.
“I would like to add that we have very high regard for the team at Repsol, and we are looking forward to welcoming them into the Hibiscus Petroleum family and working with them to monetise opportunities within the assets further.
“Finally, we will be enhancing our geographical footprint and entering Vietnam, and thus we look forward to developing a strong working relationship with PetroVietnam, both as a regulator and as our new partner,” he said.
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