Hibiscus rises in active trade on getting 5-year renewal term for exploration in Australia

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KUALA LUMPUR (March 8): Hibiscus Petroleum Bhd shares rose 0.55% in active trade this morning after its joint venture in Australia was been granted a five-year renewal term ending March 6, 2023 for the VIC/P57 exploration at the Gippsland Basin there.

At 9.10am, Hibiscus added 0.5 sen to 91 sen with 2.95 million shares done.

Hibiscus said the JV is made-up of its indirect wholly-owned subsidiaries Carnarvon Hibiscus Pty Ltd and Gippsland Hibiscus Pty Ltd, as well as 3D Oil Ltd in which Hibiscus also owns a 13% stake.

In total, Hibiscus has a 78.3% effective interest in VIC/P57.