Hibiscus Acquires Talisman’s 25% Stake in Kitan Oil Field in JPDA 06-105

August 29, 2014

Dateline 2014-06-24, Rigzone:

Malaysia’s Hibiscus Petroleum Berhad announced Monday that its wholly-owned subsidiary, Timor Hibiscus Limited, has executed a Share Sale Agreement for the acquisition of 100 percent of the shares in Talisman Resources (JPDA 06 105) Pty Ltd., a wholly-owned subsidiary of Toronto Stock Exchange and New York Exchange listed, Talisman Energy Inc. The assets of the company acquired include a 25 percent stake in the Kitan producing oil field. Based on the current estimates, Hibiscus expects the Kitan oil field to contribute significant net cash to the company in the second half of 2014. At current oil prices, this will allow Hibiscus to book its first operating profit in 2014.

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Malaysia’s Hibiscus finds oil in Oman

February 14, 2014

Dateline 2012-12-25, The Star:

Hibiscus Petroleum Bhd, the first special-purpose acquisition company (SPAC) to be listed on the local bourse, has discovered oil in its Oman assets, but the first well is not commercially viable.

The oil and gas exploration outfit told Bursa Malaysia that Masirah Oil Ltd, a jointly controlled entity of Lime Petroleum Plc, had suspended its first exploration well, Masirah North North 1 (MNN 1) in Block 50 Oman, for further evaluation on safety reasons.

The group noted in a press statement that the well had been drilled to a total depth of about 1,000m below the mean sea level.

“Mud losses in two carbonate sections of the well prevented Masirah Oil from reaching its planned target depth,” it said.

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Hibiscus, Ho Hup take the LIMELIGHT

November 24, 2013

Oldie but goldie.

Dateline 2013-10-14, Malaysia Chronicle:

Hibiscus Petroleum Bhd and Ho Hup Construction Co Bhd seem to be getting more than their fair share of interest from the stock-buying public.

Hibiscus, which counts billionaires Tan Sri Quek Leng Chan and Tan Sri A.P. Arumugam as its shareholders, is seen to be slowly moving away from operating as a special purpose acquisition
company (SPAC).

Hibiscus was the country’s first SPAC to be listed on the stock exchange, but ironically some of its recent moves seem to suggest the company plans to aquire quantifiable assets to back up its resume.

This can be seen from its move to acquire Newfield Exploration Co’s oil and gas assets in Malaysia and China.

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Hibiscus shortlisted in bid for Newfield assets

October 10, 2013

From SPAC to PSC in one fell swoop? This is how you break into the O&G big bucks.

Dateline 2013-08-21:

Malaysia’s first special purpose acquisition company (SPAC), has been short-listed for the second round of bidding for Newfield Exploration Co’s Malaysian and Chinese oil and gas fields valued at about US$1.2 billion (RM3.94 billion).

“It was only a handful of companies that made it to the second round from the 65 companies initially expressed interest, and we are one of them,” said Hibiscus MD Dr Kenneth Pereira.

Newfield, the fourth-largest oil producer in Malaysia, has an interest in about 3.3 million net acres offshore Malaysia and about 290,000 net acres offshore China but intends to sell these assets to focus on its North American operations.

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From the Star – Hibiscus active on rumours of more concessions

January 13, 2012

Dateline 2012-01-04:

Malaysia’s first listed special-purpose acquisition company, Hibiscus Petroleum Bhd, saw active trading on its first trading day of the year, with both the mother and warrant shares gaining 22.5 sen and 6.5 sen to RM1.17 and 59.5 sen respectively.

While both shares were heavily traded on the volumes list, Hibiscus warrant was the top traded stock of the day, with 96.27 million changing hands. The mother share saw 33.8 million being traded.

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