Hibiscus expects positive cashflow from Anasuria cluster next year

Zainul Rahim says Hibiscus has stopped buying new exploration assets and will focus more on existing producing and development assets.

KUALA LUMPUR: Hibiscus Petroleum Bhd expects the completion of the Anasuria cluster acquisition in the North Sea to generate positive cashflow in the first quarter of next year.

Chairman Zainul Rahim Mohd Zain said the cluster, which was a producing asset, would contribute about 3,500 barrels per day (bpd) of oil production to the company.

“Anasuria is a producing asset. It produces over of 7,000 bpd today, and we are entitled to 50% of that.

“As soon as we conclude the Anasuria deal, it will immediately reflect on the bottomline and revenue because it is a producing asset,” he told reporters after the company’s EGM in Kuala Lumpur on Tuesday.

He said once the deal was sealed, the company would be entitled to revenue produced by the cluster backdated to January this year.

Zainul Rahim said the company had stopped acquiring exploration asset and was focusing more on its existing development and producing assets.

“We have enough of exploration assets and we are going to focus more on revenue generation producing assets and development assets,” he said.

He said the company had a substantial stake in the Sealion oilfied in offshore Australia.

The Sealion oilfield, he said, expected its first oil production in the first quarter of 2017. 

“The oil production at Sealion has been delayed a few times due to lack of financing and the company expected the fund-raising through proposed placement would help to fund the project,” he said. - Bernama

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