Hibiscus Petroleum posts higher net profit of RM154.3mil in 1Q24

Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira

KUALA LUMPUR: Hibiscus Petroleum Bhd recorded a higher net profit of RM154.29 million in the first quarter ended Sept 30, 2023 for the financial year ending June 30, 2024 (1Q FY2024), from RM135.26 million in the corresponding quarter of FY2023.

In a filing with Bursa Malaysia today, the oil and gas exploration and production company said revenue also improved by 23 per cent to RM746.62 million versus RM604.76 million.

A total of 1.4 million barrels (MMbbl) of oil and condensate and 0.6 million barrels of oil equivalent (MMboe) of gas were sold in 1Q FY2024, whilst net production exceeded 20,000 boe per day.

The group said it remained on track to achieve the previous guidance provided, which is to sell 7.5 to 7.8 MMboe of oil, condensate and gas in FY2024.

Total oil, condensate and gas sold in FY2023 stood at 7.1 MMboe.

Meanwhile, the group also declared a first interim single-tier dividend of 2.0 sen per ordinary share for FY2024 and is aiming to declare a minimum total dividend per share of 7.5 sen over the course of the financial period.

As disclosed on Nov 21, 2023, its indirect wholly-owned subsidiary Anasuria Hibiscus United Kingdom (UK) Limited (AHUK) completed the acquisition of a 42.5 per cent stake in Licence P2451, containing the Fyne field.

The Fyne field is planned to be developed as a tieback to the Anasuria floating production storage and offloading (FPSO), located 18 kilometres away, subject to UK regulatory approval.

On the outlook, managing director Dr Kenneth Pereira said a drilling programme covering its Malaysian exploration targets is now underway, targeting near-field, close to existing infrastructure and if successful, could be put into production relatively quickly.

‘’In the UK, the unit operating agreement for the Marigold field allows us to move forward with regulatory submissions towards the development of the unit.

"The recent completion of the Fyne farm-in and our successful application for the award of three blocks in the UK shows that the regulator remains motivated to maximise economic recovery from the North Sea provided its net zero climate change mitigation goals are also prioritised," he said. - Bernama

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