SEA Hibiscus appoints RISC to undertake audit on North Sabah PSC

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

KUALA LUMPUR: Hibiscus Petroleum Bhd's wholly-owned unit, SEA Hibiscus Sdn Bhd, had on November 2018 appointed RISC Advisory Pty Ltd to undertake an independent audit and provide an assessment of reserves and contingent resources within the Barton, St Joseph, South Furious and SF 30 oil fields in the North Sabah PSC, offshore Sabah.

SEA Hibiscus holds 50 per cent participating interests in the North Sabah PSC and is the operator of the North Sabah Fields while Petronas Carigali Sdn Bhd holds the remaining participating interests in the North Sabah PSC.

In a filing to Bursa Malaysia today, the company said the basis of assessment undertaken by RISC comprises, amongst others, reviewing the internal interpretation and resource evaluation assumptions and annual Review of petroleum resources.

It also tasked to review the actual production data up to October 2018, asset integrity performance and development plan for future projects.

As of Dec 31, 2018, the gross proved plus probable reserves  and the gross contingent resources of oil in the North Sabah Fields were estimated to be 55.3 million stock tank barrels and 85.7 MMstb respectively. - Bernama