$HIBISCS (5199.MY)$(KUALA LUMPUR, 14th) -- HIBISCS (5199, Mo...
$HIBISCS(5199.MY$(KUALA LUMPUR, 14th) -- HIBISCS (5199, Motherboard Energy) acquired TotalEnergies (TotalEnergies)'s Brunei business for US$260 million (approximately RM1.22 billion) and obtained joint management rights for a local oil field.
In line with this announcement, Dahonghua Petroleum suspended trading for a full day this morning and will not resume trading until the market resumes next Tuesday; the final price was RM2.43.
Dahonghua Petroleum reported to the Malaysian Stock Exchange this morning that it has signed a trading agreement with France's Total Energy to acquire all of Total Energy EP (Brunei)'s shares.
After completing the acquisition, Dahonghua Petroleum will also obtain 37.5% operating rights for Block B of the Maharajalela Jamalalam (MLJ) Oilfield in Brunei.
Co-operators of this oil field also include Borneo Shell (35.0%) and Brunei Energy Exploration Company (27.5%).
According to Dahonghua Petroleum, this oil field is an offshore high-quality natural gas asset. If the oilfield consortium agrees to the extension, the asset has long-term output rights for up to 15 years and expires on November 23, 2039.
This oilfield asset will add 21.7 million barrels of oil equivalent (MMBOE) to Dahonghua Petroleum's 2P reserves, that is, push 60.9 million MMBOE to 82.6 million MMBOE.
Meanwhile, the daily production of oil, condensate, and natural gas increased from 21,1398 barrels to 29,263 barrels.
Managing Director Kenyon Perera said, “In addition to boosting the company's production and increasing our natural gas production by nearly 86%, this deal is a good opportunity to enter the Brunei capacity sector.”
In line with this announcement, Dahonghua Petroleum suspended trading for a full day this morning and will not resume trading until the market resumes next Tuesday; the final price was RM2.43.
Dahonghua Petroleum reported to the Malaysian Stock Exchange this morning that it has signed a trading agreement with France's Total Energy to acquire all of Total Energy EP (Brunei)'s shares.
After completing the acquisition, Dahonghua Petroleum will also obtain 37.5% operating rights for Block B of the Maharajalela Jamalalam (MLJ) Oilfield in Brunei.
Co-operators of this oil field also include Borneo Shell (35.0%) and Brunei Energy Exploration Company (27.5%).
According to Dahonghua Petroleum, this oil field is an offshore high-quality natural gas asset. If the oilfield consortium agrees to the extension, the asset has long-term output rights for up to 15 years and expires on November 23, 2039.
This oilfield asset will add 21.7 million barrels of oil equivalent (MMBOE) to Dahonghua Petroleum's 2P reserves, that is, push 60.9 million MMBOE to 82.6 million MMBOE.
Meanwhile, the daily production of oil, condensate, and natural gas increased from 21,1398 barrels to 29,263 barrels.
Managing Director Kenyon Perera said, “In addition to boosting the company's production and increasing our natural gas production by nearly 86%, this deal is a good opportunity to enter the Brunei capacity sector.”
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