Hibiscus terminates Kitan field deal

Malaysian company Hibiscus Petroleum Bhd. has terminated its $18-million purchase of Talisman Energy Inc.’s 25% interest in Kitan oil field in the Timor Sea (OGJ Online, Apr. 7, 2014).

The purchase deal was struck in June 2014, but Hibiscus told the Malaysian stock exchange this week that conditions precedent to the share sale agreement had not been fully satisfied by the May 31 cut-off date.

Kitan field, which lies in the Joint Petroleum Development Area between Australia and Timor Leste 550 km northeast of Darwin, was discovered in 2008.

It is operated by Italy’s Eni SPA with 40% interest. Japan’s Inpex Corp. holds 35% while Talisman holds 25%.

The field was brought on stream in 2011 via three subsea wells connected to the Glas Dowr floating production, storage, and offloading vessel. Production is running at about 10,000 bo/d.

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