Malaysia's Hibiscus Petroleum said the two co-venturers in the two significant production sharing contracts to be acquired from Repsol have waived their pre-emption rights.
The US$212.5 million cash Repsol transaction, assuming it is completed later this year, will double Hibiscus’ oil and condensate production to 18,500 barrels per day, and provide its first gas output of 49 million cubic feet per day of gas.
The two principal assets which contain 10 producing oil and gas fields are Blocks PM3 CAA and Kinabalu.
Hibiscus said on 14 July 2021 it had been informed by Repsol that the condition precedent relating to the waiver/expiry of the pre-emption rights held by Petronas Carigali and PetroVietnam Exploration and Production under each of the relevant joint operating agreements had been satisfied.
Hibiscus managing director Kenneth Pereira said: “Our thanks goes to Repsol, Petronas Carigali and PetroVietnam for their ongoing support. Work on the safe transfer of operatorship of the assets has begun and is being pursued in earnest. We look forward to progressing the remaining conditions precedent in due course and will make the relevant disclosures when these are fulfilled.”