Hibiscus executes agreement to purchase first production asset (Scandinavian Oil-Gas Magazine)

Hibiscus executes agreement to purchase first production asset

Published Jun 30, 2014

Hibiscus Petroleum Berhad says that its wholly-owned subsidiary, Timor Hibiscus Limited, has executed a Share Sale Agreement for the acquisition of 100% 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% stake in the Kitan producing oil field. Based on 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.

Tags: Hibiscus Petroleum

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