Monday, 3 March 2014

Malaysian exploration and production company Hibiscus adds North Sea license

Malaysian oil and gas exploration and production company Hibiscus Petroleum has announced that its jointly-controlled entity, Lime Petroleum Norway, has executed an additional agreement with North Energy to acquire a 20% stake in PL509CS, located in the North Sea.

The stake will cost Hibiscus a symbolic amount of just NOK1 or RM0.55, and is currently pending regulatory approval. Hibiscus Petroleum's portfolio of licences in Norway will be fourteen after the deal is finalised.

Lime is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake, and Norway is taking an increasingly important focus as part of the company's growth strategy.