KUALA LUMPUR – Hibiscus Petroleum Bhd became one of the most active counters on Bursa Malaysia this morning on news that its indirect wholly owned unit had relinquished the VIC/P57 petroleum exploration permit to the Australian National Offshore Petroleum Titles Administrator (Nopta).
At 10.12 am, the counter rose by 1.0 sen to 86.5 sen, with 12.02 million shares traded.
In a filing with Bursa Malaysia on Friday, Hibiscus Petroleum said its indirect wholly owned subsidiary, Carnarvon Hibiscus Pty Ltd, and its associate company, 3D Oil Ltd, had surrendered the VIC/P57 exploration permit to Nopta on February 4 following an unsuccessful farmout exercise.
The company said Nopta has approved the surrender of the permit after getting the green light from the Commonwealth – Victoria Offshore Petroleum Joint Authority on August 4.
The surrender of the permit will take effect on the day the notice of surrender is published in the Australian Government Gazette. – Bernama, August 15, 2022
