Hibiscus farms in Malaysian exploration block

KUALA LUMPUR, August 27, 2024 – Hibiscus Petroleum’s wholly-owned subsidiary Straits Hibiscus has farmed in a 30% participating interest in the Block PM327 PSC from Petronas Carigali, Hibiscus announced on Friday.

The PM327 PSC is located to the south of the PM3 Commercial Arrangement Area (PM3 CAA) PSC between Malaysia and Vietnam, which is operated by another Hibiscus subsidiary. It covers an area of more than 12,500 square kilometres in water depths between 20 and 75 metres and is one of the largest exploration blocks offshore Malaysia.

The block was offered as part of the Malaysia Bid Round 2022 and awarded to Petronas and E&P Malaysia Venture (EPMV). Exploration activities began in 2023, and the ongoing programme includes the reprocessing of existing seismic data and the acquisition of new 3D seismic, together with the phased drilling of exploration wells.

“The proximity of the northern area of the block to PM3 CAA offers significant synergistic opportunities upon any discoveries. We are very familiar with the geology of the area which has produced many notable discoveries, and we look forward to putting our collective experience and expertise to work towards the successful exploration of Block PM327 with Petronas and EPMV,” said Pascal Hos, Hibiscus’s country head in Malaysia and Vietnam.

Financial terms were not disclosed. The transaction is currently pending regulatory approvals and the fulfilment of conditions precedent.

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