KUALA LUMPUR, June 4 — Peninsula Hibiscus Sdn Bhd’s recently proposed acquisition of the entire equity interest in Fortuna International Petroleum Corporation will enable its parent company Hibiscus Petroleum Bhd to acquire five production sharing contracts (PSCs) in Malaysia and Vietnam.
In a filing with Bursa Malaysia today, Hibiscus Petroleum, which is a Malaysian oil and gas exploration and production company, said the PSCs are for PM314 and PM305, both at the Southwest Malay Basin, offshore Malaysia, with 60 per cent participating interest to be acquired.
It also includes the 2012 Kinabalu Oil PSC located in Sabah, with 60 per cent participating interest to be acquired, and the PM3 CAA at the Northeast Malay Basin, offshore Malaysia (35 per cent).
In Vietnam, the PCS is for Block 46, Northeast Malay Basin, offshore Vietnam, with 70 per cent participating interest to be acquired, it said.
“The company anticipates completing the transaction in calendar year 2021.
“Given that the effective date of the proposed acquisition is Jan 1, 2021, all economic benefits and risks from that date will accrue to Hibiscus Petroleum,” the group said. — Bernama
