Bravo, more concessions by LIME; at NO Extra Costs to Hibiscus
Awesome, GOOD News!!!

http://biz.thestar.com.my/news/story.asp?file=/2012/4/11/business/11083889&sec=business

PETALING JAYA: Lime Petroleum Plc, in which Hibiscus Petroleum Bhd has a 35% stake, has signed a letter of intent (LOI) with Norway-based North Energy ASA and Rex Oil & Gas Ltd to give it interests in four additional oil and gas concessions in Norway.

The total acreage of the four Norwegian concessions is about 3,412 sq km, of which partial interest shall be assigned to Lime's wholly owned subsidiary, Lime Petroleum Norway ASA, a company incorporated in Norway. The Norwegian concessions are governed by production licence agreements.

“The potential volumes in the concessions have not been verified by an independent party. Obviously some internal estimates have been made which resulted in these concessions being selected but until we have done more work and properly verified our data, we would not like there to be speculation on the potential of these concessions,” said Hibiscus managing director, Dr Kenneth Pereira.

A technology services agreement between North Energy and Rex will be executed simultaneously under which, Rex will exclusively deliver certain technology services to North Energy with regards to production licences in which a share is assigned to Lime.

“The key services to be delivered will be the interpretation of seismic data held by North Energy. The Rex Technology Services Agreement will end on Dec 31, 2012 without any right of early cancellation of termination,” said Hibiscus in a press statement.

Lime has at least a three-year exclusive access to Rex Technologies in the Middle East while North Energy will have access to these technolgies in the Norwegian Concessions up to Dec 31, 2012 through the proposed acquisition of Norwegian interests by Lime.

“Rex had performed a number of tests on selected North Energy assets using Rex Technologies, and thus, Rex and Lime were subsequently offered the opportunity to participate in North Energy's production licences,” Hibiscus told Bursa Malaysia.

It said a framework sale and purchase agreement would be signed before April 30, 2012. There will also be a special sales and purchase agreement (SSPA) for each interest to be acquired.

“The SSPAs will include Dec 31, 2012 as a long-stop date, after which the obligations of the parties to complete the various agreements will cease for any of the assigned interests which has not been transferred prior to the long-stop date,” said Hibiscus.

Meanwhile, the assigned interests to Lime will be effective from Jan 1, 2012.

Norway is the world's third largest gas exporter and the world's sixth largest oil exporter. Globally, Norway was fourth in development investments in 2011. The average annual oil and gas discoveries in Norway which recorded a discovery hit rate of 51.1% in 2011

These Norwegian concessions are on top of the fourth concession in the Middle East which Lime was supposed to give Hibiscus as a condition to completing its acquisition of Lime.

Hibiscus is not required to pay anything more for these concessions, as under its earlier agreement with Lime Petroleum, any future acquisitions will only be paid by Lime.

Gamuda to announce qtrly results by next week for period ending 31jan 2012. Unless the results is below expectation, else it should rebound.
Lets watch closely......

Awesome results
see the announcement : http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/announcements/index.jsp

Hi Hibiscus fans,
Today an excellent article on Hibiscus published in STAR paper.
Obviously great potential.
Read the link... http://biz.thestar.com.my/news/story.asp?file=/2012/3/17/business/10859464&sec=business

Up 70% in 7 days from 20sen to 34 sen.
Up steadily with volume picking up.
Worth to take a look.

Hi possibility to be taken private as MBSB will finance many ETP projects; and loans to govt servants. Recently, PM announced pay rise to govt servants and this will increase the disposable income and payment capabilities to MBSB from the loaners. Default is practically zero or minimal as loan repayments are deducted from salary.
Many of my friends are holding on its position or add more as to hit RM2.70 is just a matter of timing.

Check back how much was the IPO?
Who owns majority/controlled ?
PLUS may privatise SILK, at how much?
Obviously, the upside is substantial, in terms of percentage !!

Buy its warrant, hold & hug tight tight.
Cheers

Yes, that will be awesome !!!
It is possible...;)
Will add position.

This morning BFM interviewed Benny Lee of Nextview and he commented that Hib rebounded strongly and with the crued oil hitting high, he is bullish on Hibiscus and Petronas Dagangan.....

The warrant can only be exercised upon EGM's approval of acquisition.
Investors' may fear if EGM not gone thru, then HIB may drop significantly; as the guaranteed amount is only RM0.675. (before another proposal to submit to SC for apporval)
EGM will sure bulldoze thru the shareholders' approval with either by vote or polling, as the business model is synergistic & the potential is great.
Once approved on 21March, the discount will narrow, meaning the surge in value in warrant will be substantial, as compared to HIB.
I added position in its warrant this morning !!!
Hold & Hug tight tight......

Crude Oil hit USD108 on 23Feb, should Lime strikes oilfield soon & Iran issue is unresolved, crude oil may go USD130-140 again, by that time, those who hold Hib shares will be like orang Cina Hokkien cakap "Ciak-Bei-Liao" ... = Eat Cannot Finish

Ya, absolutely agree to hold and hug tight tight, as exploration and production is a medium to long term play. Lime will be working on seismic program which will improve asset value. Drilling program to start later this year = > potential of high escalation of value in event of oil discovery, like Prince just said.... "Jackpot: !!!!