KUALA LUMPUR: Hibiscus Petroleum Bhd has received regulatory approvals from Petroliam Nasional Bhd (Petronas) through Malaysia Petroleum Management to complete its purchase of a 30 per cent interest in PM327 production sharing contract (PSC).

The PM327 PSC covers an area of more than 12,500 square kilometres, with water depths ranging between 20 to 75 metres. 

The company said conditions precedent have been fulfilled as of Sep 30, 2024, thereby achieving completion of the farm-in.

Hibiscus Petroleum Bhd's subsidiary Straits Hibiscus Sdn Bhd signed an agreement in August, to buy a 30 per cent participating interest in the Block PM327 PSC. 

The acquisition was made through a farm-in arrangement with Petronas Carigali Sdn Bhd, Hibiscus Petroleum said in a statement then.

Hibiscus's share price was down 0.87 per cent to RM2.29 a share at midday, giving it a market capitalisation of RM1.84 billion.