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Hibiscus completes North Sabah PSC acquisition from Shell

Mimi Sabreena 3:06:00 PM Informasi

KUALA LUMPUR (April 2): Hibiscus Petroleum Bhd announced today its wholly-owned subsidiary SEA Hibiscus Sdn Bhd has completed the acquisition of a 50% participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) for US$25 million (about RM96.44 million) from Shell.

Hibiscus said the acquisition will "significantly boost" Hibiscus' oil production.

In separate statements to Bursa Malaysia today, Hibiscus said SEA Hibiscus completed the acquisition on Saturday (March 31).

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