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BUSINESS

Hibiscus Petroleum surrenders Australian exploration permit

12/08/2022 02:38 PM

KUALA LUMPUR, Aug 12 (Bernama) -- Hibiscus Petroleum Bhd’s indirect wholly-owned subsidiary, Carnarvon Hibiscus Pty Ltd (CHPL) and its associate company, 3D Oil Ltd (3D Oil) had surrender the VIC/P57 exploration permit to the Australian National Offshore Petroleum Titles Administrator (NOPTA) on Feb 4.

In a filing with Bursa Malaysia, Hibiscus Petroleum said a farmout exercise was conducted from late 2019 to early 2022 to attract a well carry to drill one of the two prospects in 2022/2023 to meet the Year 4 work programme.

“As the farmout exercise was unsuccessful, a decision was made to apply to surrender the permit,” it said.

The company said NOPTA has approved the surrender of the permit yesterday after the approval for the surrender was received from the Commonwealth – Victoria Offshore Petroleum Joint Authority on Aug 4.

The surrender of the permit will take effect on the day the notice of surrender is published in the Australian Government Gazette.

CHPL held a 55.1 per cent direct interest in the VIC/P57 permit while its wholly owned subsidiary, Gippsland Hibiscus Pty Ltd held another 20 per cent interest. The remaining interest of 24.9 per cent was held by 3D Oil.

During the third quarter of the financial year ended June 30, 2022, the Hibiscus Petroleum Group had fully impaired the carrying value of the permit.

As a result, there is no financial impact to the Hibiscus Petroleum Group’s financial statements subsequent to the approval of surrender of the permit, it said.

-- BERNAMA


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