Hibiscus Completes Deals for Stakes in 3DO's Upstream Assets in Australia

Malaysia's Hibiscus Petroleum Berhad referred Monday to the Company’s announcements dated May 12, June 23, July 7, Aug. 11, Aug. 12, Aug. 15 and Oct. 21 in relation to the Proposed Transactions between Carnarvon Hibiscus Pty Ltd. (CHPL), Althea Corp. Ltd. -- a wholly owned subsidiary of Hibiscus, Hirex Petroleum Sdn Bhd (HIREX) and 3D Oil Ltd. (3DO) signed July 4. Unless otherwise stated, the abbreviations and definitions used in this announcement shall have the same meaning as defined in the abovementioned announcements. 

On behalf of Hibiscus Petroleum, RHB Investment Bank Berhad wishes to announce that all the Transaction Completion Requirements for VIC/P57 SPA, VIC/L31 SPA and VIC/L31 Option Deed have been satisfied, and accordingly, the transactions contemplated under the respective agreements have now been completed. The transactions contemplated in these agreements are CHPL’s acquisitions of a 49.9 percent interest in VIC/L31, a 49.9 percent interest in Britannia Rig (including the Trust Re-alignment) and a 5 percent interest in VIC/P57. All acquisitions are from 3DO.

In addition, pursuant to Clause 5(b) of the Umbrella Agreement, HIREX had Nov. 17 entered into a deed of assignment with HiRex (Australia) Pty Ltd (HiRex Australia), (a wholly-owned subsidiary of HIREX) and 3DO, whereby HIREX has agreed to transfer certain of its rights and obligations (which includes the right of HIREX to exercise the VIC/P57 Option) under the VIC/P57 Option and Farm-out Agreement to HiRex Australia.

Further to the above, HiRex Australia had today, exercised the VIC/P57 Option to require 3DO to transfer its 20 percent interest in VIC/P57 to HiRex Australia. As such, all the Transaction Completion Requirements for VIC/P57 Option and Farm-out Agreement have been satisfied and accordingly, the transaction contemplated therein (i.e HiRex Australia’s acquisition of 20 percent interest in VIC/P57) has been completed today.

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