Skrine advised Spanish energy company Repsol on the Malaysian law aspects of the sale of its operated assets in Malaysia and in Block 46 CN in Vietnam to Hibiscus Petroleum Berhad in a deal valued at USD212.5 million.
Malaysian E&P company Hibiscus Petroleum Bhd (KLSE: HIBISCS) has acquired Spanish energy major Repsol Exploración, S.A.’s (BMAD: REP) upstream assets in Malaysia and Vietnam for a cash consideration of $212.5 million.
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.
The transaction includes a 35% interest in PM3 Commercial Arrangement Area PSC, 60% in 2012 Kinabalu Oil PSC, 60% in PM305 PSC, 60% in PM314 PSC, and 70% in Block 46 CN in Vietnam (a tie-back asset to the PM3 CAA production facilities). These assets represent approximately 2% of Repsol’s global current net output.
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.
Repsol, based in Madrid, ia a Spanish energy and petrochemical company.
Hibiscus Petroleum Berhad is a Malaysian oil and gas exploration and production company.
The Skrine deal team was led by Oil & Gas Partner Fariz Abdul Aziz (Picture), who was assisted by Senior Associates Karyn Khor and Tan Wei Xian together with Associate Jeralyn Kan. The Skrine deal team was supported by Employment Law Partner Selvamalar Alagaratnam who advised on the employment law aspects of the transaction.
Law Firms: Skrine;
Clients: Repsol SA;