Parties in Hibiscus' Australian Asset Acquisitions to Ink Deals Soon

Hibiscus Petroleum Berhad, a Malaysian exploration and production firm, referred Monday to the Company's announcement dated May 12 in relation to the Proposed Transactions in upstream assets in Australia. Unless otherwise stated, the abbreviations and definitions used in this announcement shall have the same meaning as defined in the announcement dated May 12.

On behalf of Hibiscus Petroleum, RHB Investment Bank Berhad wishes to announce that Carnarvon Hibiscus Petroleum Pty Ltd. (CHPL), Althea Corporation Limited, 3D Oil Limited and HiRex Petroleum Sdn Bhd (HIREX) have mutually agreed that the Parties would require additional time to further negotiate and finalize the terms of the definitive UA and the ancillary agreements in relation to the Proposed Transactions. The Parties are targeting to sign the agreements within the next 2 weeks.

A detailed announcement on the Proposed Transactions will be made in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad upon finalization of the terms of the Proposed Transactions and the execution of the UA and the ancillary agreements.

This announcement is dated June 23.


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