Ping Petroleum to opt for a 4.88% stake in Hibiscus

PETALING JAYA: Hibiscus Petroleum Bhd plans to issue up to 53.84 million new shares to Ping Petroleum Ltd, making the Bermuda based company emerge as a 4.88% shareholder.
The new share issuance is settlement for the balance payment of the total US$6 million introducer fee owing to Ping when Hibiscus acquired 50% of Shell and ExxonMobil's interests in the Anasuria Cluster of oil and gas fields in the UK central North Sea.
Hibiscus had on August 2015 paid US$600,000 to Ping as part of the introducer fee.
It said the proposed settlement enables the company to settle balance payment to Ping without incurring additional debt obligation/interest expenses by the group.
The proposed settlement is expected to be completed by the third quarter of 2016.