PETALING JAYA: Hibiscus Petroleum Bhd
plans about RM190mil in capital expenditure (capex) for its oil and gas (O&G) fields in north Sabah and Anasuria Cluster in the North Sea.
Its managing director Kenneth Pereira said on Tuesday the O&G firm had yet to decide on the financing, which could be from debt or equity market.
Hibiscus is debt free and it is sitting on a cash pile of RM302mil as at Sept 30.
“We have received the board approvals for the north Sabah investments of RM70mil, but not for the Anasuria cluster of about US$30mil,” Pereira told reporters after Hibiscus’ shareholders meeting.
He said the company was producing 9,000 barrels of oil per day and targeting to produce between 10,000 and 12,000 barrels a day in 2019.
Hibiscus is sitting on the sweet spot as its average production cost per barrel of oil is below US$20.
It said the average selling price of crude oil achieved by the company was US$65.59 per barrel for FY2018 and US$76.36 per barrel in the first quarter of FY2019.
On its O&G assets in Australia, Pereira said the company has not allocated any capex for next year.