Hibiscus posts RM50mil profit in Q2

  • Business
  • Tuesday, 19 Feb 2019

“Two more oil production wells are currently being drilled at St Joseph oil field, which will be followed by three new oil production wells and one water injection well in the SF30 oil field,” the oil and gas group said

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.

“Our asset teams from both Anasuria and North Sabah are targeting to execute production enhancement projects that could potentially enhance our net production to over 12,000 barrels of oil per day by 2021,” managing director Kenneth Pereira said.

“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.

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