Malaysian E&P company Hibiscus Petroleum Bhd has acquired Spanish energy major Repsol Exploración, S.A.'s upstream assets in Malaysia and Vietnam for a cash consideration of $212.5 million, it said in a stock exchange filing on June 4.
The acquisition comprises five production-sharing contracts, one of which is in Vietnam, a new market for Hibiscus. It already has producing assets in the U.K. and Malaysia, and assets in Australia at a development stage, according to its website.
Hibiscus unit Peninsula Hibiscus Sdn Bhd entered a conditional sale and purchase agreement on June 1 for the entire equity interest in Fortuna International Petroleum Corp.
It will assume Repsol's role as operator for the assets, which are expected to yield earnings before interest, tax, depreciation and amortization of $135 million next year, the company said.
"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," Kenneth Pereira, managing director at Hibiscus, said.
Recommended Reading
SilverBow Rejects Kimmeridge’s Latest Offer, ‘Sets the Record Straight’
2024-03-28 - In a letter to SilverBow shareholders, the E&P said Kimmeridge’s offer “substantially undervalues SilverBow” and that Kimmeridge’s own South Texas gas asset values are “overstated.”
SM Energy Declares Quarterly Cash Dividend
2024-03-26 - SM Energy’s dividend will be paid out on May 3 to stockholders on record as of April 19.
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
Par Pacific Asset-based Revolving Credit Bumped Up by 55%
2024-03-25 - The amendment increases Par Pacific Holdings’ existing asset-based revolving credit facility to $1.4 billion from $900 million.
California Resources Corp. Nominates Christian Kendall to Board of Directors
2024-03-21 - California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.