KUALA LUMPUR, July 14 -- Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd has received waiver/expiry of pre-emption rights from Spanish oil and gas company Repsol Exploración, S.A.
In a filing with Bursa Malaysia today, the group said the condition precedent, received on July 13, 2021, forms part of the approvals required in respect to the conditional sale and purchase agreement entered into by the group with Repsol on June 1, 2021 for the proposed acquisition of the entire equity interest in Repsol’s subsidiary Fortuna International Petroleum Corp.
“The condition precedent relating to the waiver/expiry of the pre-emption rights held by Petronas Carigali Sdn Bhd and PetroVietnam Exploration Production Corp, under each of the relevant joint operating agreements, has been satisfied,” said Hibiscus.
Commenting on this latest development, managing director Kenneth Pereira said the group is working on the safe transfer of operatorship of assets 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,” he said.
-- BERNAMA
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