Malaysian E&P company Hibiscus Petroleum Bhd has acquired Spanish energy major Repsol Exploración, S.A.'s upstream assets in Malaysia and Vietnam for a cash consideration of $212.5 million, it said in a stock exchange filing on June 4.
The acquisition comprises five production-sharing contracts, one of which is in Vietnam, a new market for Hibiscus. It already has producing assets in the U.K. and Malaysia, and assets in Australia at a development stage, according to its website.
Hibiscus unit Peninsula Hibiscus Sdn Bhd entered a conditional sale and purchase agreement on June 1 for the entire equity interest in Fortuna International Petroleum Corp.
It will assume Repsol's role as operator for the assets, which are expected to yield earnings before interest, tax, depreciation and amortization of $135 million next year, the company said.
"We will be enhancing our geographical footprint and entering Vietnam and thus we look forward to developing a strong working relationship with PetroVietnam, both as a regulator and as our new partner," Kenneth Pereira, managing director at Hibiscus, said.
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