Hibiscus

Hibiscus

Postby winston » Thu Oct 13, 2016 7:43 am

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Hibiscus eyes stake in Sabah oilfield

Company wants to acquire Shell stake for RM105mil

PETALING JAYA: Hibiscus Petroleum Bhd is proposing to buy Shell’s 50% block of participating interests in a production sharing contract (PSC) for an oilfield cluster in Sabah, for a purchase consideration of US$25mil (RM104.73mil) .

This will be the first local oilfield project for the company after graduating from a special purpose acquisition company, or SPAC, to a full-fledged oil and gas exploration company in 2012.

The company said in a stock exchange filing that wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, had entered into a conditional sale and purchase agreement with Sabah Shell Petroleum Co Ltd and Shell Sabah Selatan Sdn Bhd was entered into for the entire participating interests in the 2011 North Sabah Enhanced Oil Recovery PSC.

Shell’s interest, which also included operatorship responsibilities, would be transferred to the SEA Hibiscus through a transfer of operatorship programme under the deal.

“This acquisition is in line with the growth strategy of the group to invest in profitable development and producing business operations in our identified core geographical areas of interest,” Hibiscus managing director Dr Kenneth Pereira said.

He said the acquisition will provide the company with immediate access to proven and probable oil and gas reserves with future potential upside.

The acquisition, which was expected to be completed next year, remained subject to regulatory approval of national oil company Petroliam Nasional Bhd and the consent of its unit Petronas Carigali Sdn Bhd, which owns the remaining 50% interests in the PSC.

Hibiscus said it would finance the purchase consideration through internally generated funds of the company and external financing/credit facility.

Hibiscus shares rose 2.5 sen to close at 26.5 sen yesterday.

The 2011 North Sabah Enhanced Oil Recovery PSC - which comprised four producing oil fields in the South China Sea, off the coast of Sabah – produces over 16,000 barrels of oil per day and have an estimated remaining developed reserves of 62 million barrels as of April 2016, according to independent technical valuer RISC Operations Pty Ltd.

The PSC has production rights until 2040 with identified future development opportunities. “Once resources are channeled towards identified future development opportunities already identified by the sellers, the incremental 2C resources which may be exploited is estimated to be up to 79 million barrels,” Hibiscus said.

Source: The Star
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Re: Hibiscus

Postby winston » Tue Jan 08, 2019 8:00 am

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Hibiscus

by Koon Yew Yin

If you examine the above tables closely, you can see its revenue and profit growth in the last 5 years. Moreover, it has Rm 300 million cash.

Mr Ooi Teik Bee has calculated its production cost to be US$ 18 per barrel. Many shareholders who are not aware of its production cost of US$ 18, have been selling because petroleum price has been dropping.

As the result, it has dropped from Rm 1.32 to bottom of 78 sen. In the last few weeks it has been going up to close at 89.5 sen and I have been buying its warrant WC.


http://koonyewyin.com/2019/01/06/hibiscus-petroleum/
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Re: Hibiscus

Postby winston » Tue Jan 08, 2019 8:58 am

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Oct 10, 2018

BUY
Price Target 12-mth: RM1.75 (35% upside) (Prev RM1.46)

What’s New

Proposed acquisition of oilfield in North Sea with 30mmstb 2C reserves for USD37.5m cash

Cash hoard is sufficient to fully fund purchase consideration

No near-term earnings impact given long development gestation but potentially adds 32 sen to TP

Reiterate BUY with higher TP of RM1.75 after imputing higher oil price

Source: Alliance DBS
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Re: Hibiscus

Postby winston » Tue Feb 19, 2019 8:51 pm

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Hibiscus posts RM50mil profit in Q2

KUALA LUMPUR: Hibiscus Petroleum Bhd posted a net profit of RM50.1mil in the three months ended Dec 31, boosted by contributions from recently acquired assets in Sabah and increased output from the Anasuria cluster in the United Kingdom.

Revenue jumped to RM165.16mil compared with RM76mil made a year earlier.

The company, in statement today, said it approximately 568 thousand barrels of crude oil in the second quarter.

This consists of about 274 thousand barrels from Anasuria sold at an average realised oil price of US$58.08 per barrel, and approximately 294 thousand barrels of oil from the North Sabah PSC sold at an average price of US$71.30 per barrel.

The group’s total net oil production rate is approximately 8,850 barrels per day from these two producing assets.

“Additionally, we have commenced the evaluation of options to develop the Marigold and Sunflower discovered oilfields in the UK, which hold potential to drive significant future earnings growth once these fields commence production,” he said.

During the first half of its financial year, Hibiscus has sold about 1.7 million barrels of crude oil. The group said it hopes to maintain current production momentum to deliver on its target of between 2.7 and 3 million barrels in financial year ending June 30, 2019.

Earnings per share in the second quarter, on a fully diluted basis, increased to 2.63 sen compared to 0.72 sen a year ago. The group is debt-free with a cash balance of RM203.8mil as at end of 2018.


Read more at https://www.thestar.com.my/business/bus ... hJC3ArJ.99
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