Hibiscus Clarifies On Singapore SPAC Listing Report

Hibiscus Petroleum has clarified on a Bloomberg news report with regards to the oil explorer’s intention in a Singapore SPAC listing.

In the article, it quoted Hibiscus Petroleum’s interest in listing in Singapore, however, the company says the information published was only partial to the written response it had provided.

To clarify the full missing comment from the article is listed below:

At Hibiscus Petroleum, we are always considering ways of enhancing shareholders’ value whilst also positively positioning the company for a future in which the world will transition to a lower carbon emitting energy mix. As part of this long-term energy transition strategy,  we are looking at all forms of funding structures. No strategy has been definitely mapped or decisions made in this area.

We will continue to explore how we can play a meaningful role in the energy transition process and in the meantime, we will fortify the resilience of our portfolio of hydrocarbon assets and decarbonise, as far as practicable and viable, our upstream operations.

Our recent acquisition of the Repsol assets in Malaysia and Vietnam, which is expected to result in diversification of Hibiscus’ portfolio to circa 31% gas, is a step forward towards a more resilient portfolio. With regards to decarbonising our operations, FY2021 has witnessed significant improvement in terms of absolute as well as emissions intensity reduction (6% and 18% respectively) compared to our base year of FY2020.”

Subsequent to reviewing the published Bloomberg article, Hibiscus further clarified it continuously explores innovative ideas and multiple strategic options that would enhance shareholder value and no Board approvals have been sought to make any submission to any stock exchange for a SPAC listing.

Hibiscus has also not sought any advisors or investment banks to make any submission for a SPAC listing and even if it elects to undertake any material corporate exercise, all internal approvals will be obtained prior to the appropriate disclosure being released.

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