Hibiscus Petroleum has terminated its plans to acquire Australian oil company Hydra Energy Holdings (HEH).
The company said the deal has fallen through due to conditions not being fulfilled before the deadline of April 30.
Hibiscus Petroleum announced a plan in November 2015 to acquire 100 percent of Hydra. The conditions included the parties agreeing and entering into a sale and purchase agreement, and the approval of HEH shareholders to proceed with the proposed acquisition.
Hibiscus said it received an official reply from Hydra Energy on April 29, despite both companies having expended their best efforts to proceed with the proposed acquisition, that conditions precedents in the term sheet were not met.
“Following the termination of the term sheet, the company is completely discharged and has no liability or obligation to assume pursuant to the terms and conditions of the term sheet. Nevertheless, Hibiscus Petroleum reserves all other rights accruing to it pursuant to the term sheet,” Hibiscus said.
