Hibiscus posts RM50mil profit in Q2

“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.