Fossil Energy – Acquisition
Hibiscus Petroleum Berhad announced that its indirect wholly-owned subsidiary, Straits Hibiscus has signed an agreement to acquire a 30% Participating Interest in the Block PM327 Production Sharing Contract through a farm-in arrangement with PETRONAS Carigali.
The group said the transaction is currently pending regulatory approvals and fulfillment of conditions precedent. The PM327 PSC was offered as part of the Malaysia Bid Round 2022 by Malaysia Petroleum Management (MPM), Petroliam Nasional Berhad, and was awarded to PETRONAS Carigali and E&P Malaysia Venture (EPMV) in 2023.
The PM327 PSC, being one of the largest exploration blocks offshore Peninsular Malaysia, is located to the south of the PM3 Commercial Arrangement Area PSC.
It is within a commercial arrangement area between Malaysia and Vietnam and is operated by another wholly-owned subsidiary of Hibiscus Petroleum. The PM327 PSC covers an area of more than 12,500 square kilometres, with water depths ranging between 20 to 75 metres.
Exploration activities have commenced since 2023 and the program includes the acquisition of new 3D seismic, reprocessing of existing seismic data, and the phased drilling of exploration wells.
