Hibiscus Petroleum Bhd (-ve)SHARES in Hibiscus Petroleum Bhd (fundamental: 0.8/3; valuation: 0.9/3), which triggered our momentum algorithm yesterday for the third time this month, rose 2.5 sen or 10.6% to close at 26 sen. It saw 81.44 million shares traded, compared with its 200-day average volume of 7.24 million shares. On Wednesday, Hibiscus announced that its wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, will buy Shell’s 50% interest and operatorship in the 2011 North Sabah Enhanced Oil Recovery production sharing contract (PSC) for US$25 million (RM104.5 million). The remaining 50% interest in the PSC is held by Petronas Carigali Sdn Bhd. Hibiscus said the funding will be a mix of internal funds and credit facilities.

Source: The Edge Markets October 21, 2016 02:48 UTC