Hibiscus active, up 2.78% on getting Petronas Carigali nod for Shell’s 50% interest in North Sabah PSC

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KUALA LUMPUR (Dec 6): Shares in Hibiscus Petroleum Bhd rose 2.78% in active trade this morning, after it received Petronas Carigali Sdn Bhd’s consent to acquire from Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd’s (Shell), 50% participating interests in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC).

At 11.05am, Hibiscus rose 2 sen to 74 sen, with 17.89 million shares done. The stock had earlier risen to a high of 74.5 sen.

Hibiscus said the PSC comprises four producing oil fields and associated infrastructure, namely St Joseph, South Furious, SF30, and Barton oil fields. It also contains pipeline infrastructure and the Labuan Crude Oil Terminal.

The PSC provides long-term production rights until 2040, with identified future developments opportunities.