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AUSTRALIA

Hibiscus hails end of Hydra deal

HIBISCUS Petroleum's plan to acquire the assets of Australian unlisted small field developer Hydra Energy has been finally put to bed, after the troubled Malaysian firm yesterday confirmed the deal had lapsed as the conditions precedent were not fulfilled before the April 30 deadline, a widely expected move considering Hydra collapsed in March.

Haydn Black

Hibiscus told the Bursa Malaysia that the conditions precedent included the parties agreeing to final deal terms, a signed-off sales and purchase agreement and the approval of Hydra shareholders. Hibiscus...

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