Hibiscus Petroleum Bhd along with its subsidiaries is engaged in exploration and development of oil and gas. It has operations in Middle East, Norway and Oceania regions.
Repsol S.A. is a Spanish multinational energy and petrochemical company based in Madrid. It is engaged in worldwide upstream and downstream activities.
The company announced on 1st June 2021 that it has agreed to sell its operated assets in Malaysia and in Block 46 CN in Vietnam to Hibiscus Petroleum.
Hibiscus Petroleum Bhd said on Tuesday (Jan 25) that its indirect wholly-owned subsidiary Peninsula Hibiscus Sdn Bhd had successfully completed the acquisition of the entire equity interest in Fortuna International Petroleum Corporation (FIPC) from Repsol.
Hibiscus Petroleum noted in a statement that out of the purchase price of US$212.50 million (about RM890.06 million), the net amount paid at completion was US$123.65 million after taking into account various adjustments, including the deposit paid of US$15 million.
The company also made the following announcements:
Hibiscus expects threefold increase in o&g output due to Repsol deal (Repsol Exploración, S.A)
Repsol Asset Acquisition: Completed the trans formative acquisition on 24 January 2022. Assets are expected to almost triple the Group’s net daily oil, gas and condensate production.
New Group Vision and Mission: Aim to achieve target production of 35,000-50,000 boe/day.
Hibiscus Petroleum has good profit growth prospect and undervalued based on 2 factors:
1 Acquisition of Rapsol assets in Malaysia and in Block 46 CN in Vietnam to Hibiscus Petroleum.
2 Due to the Ukraine-Russia conflict, oil and gas prices are surging up higher and higher as shown on the chart below.
Hisbiscus reported EPS 15.32 sen for the quarter ending March and EPS 2.42 for its previous quarter ending December 2021. Its next quarter ending June should be much better because of its new acquisition of Rapsol’s assets and the increased oil production due to the Ukraine war. When the company announces its result before the end of August its share price should shoot through the roof.
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