Hibiscus Petroleum says Anasuria Cluster will produce average of 5,000 bbls/day by FY19

PETALING JAYA: Hibiscus Petroleum Bhd ahead of its first quarter ended Sept 30, 2017 results announcement by end of November, said its Anasuria Cluster is likely to produce an average of 5,000 bbls/day of oil net by financial year 2019.
The projection is based on current production and projects due to be implemented in 2018 and 2019.
The cluster brought in an average of 3,204 bbls/day at the end of 4Q17.
In a corporate business update, Hibiscus gave an overview of its the oil and gas exploration and production business environment.
It also gave details of projects recently completed at the Anasuria Cluster and their anticipated impact to its business, as well as the status and rationale of other projects in advanced stages of being evaluated by Anasuria Hibiscus (UK) Limited (Ahuk) and the group for execution in 2018 and 2019.
Hibiscus, through its wholly owned subsidiary, Ahuk has recently completed two key projects on its Anasuria Cluster of oil and gas fields situated in the United Kingdom Continental Shelf.
It is also currently working on fulfilling all conditions imposed on it by Sabah Shell Petroleum Company Limited (SSPC) and Shell Sabah Selatan Sdn Bhd and the Malaysian regulators and to work towards making the transaction unconditional in the near future.
"Our current core business model is to grow by 'sweating' mature assets and developing proven opportunities within our portfolio (which includes our assets in Australia and North Sabah (which is conditional and pending completion)). Given the current levels of oil price, we will be extremely
selective when considering new merger and acquisition (M&A) activities," the group said in the filing with Bursa Malaysia.
Overall, the group said trends of strengthening of oil prices and an improving operational performance will also likely lead to an improved earnings before interest tax depreciation and amortisation for the group for financial year 2018, which ends on June 30, 2018.
The group made a net profit of RM106.1 million for the financial year ended June 30, 2017 compared with a net loss of RM60 million for the financial year ended June 30, 2016.
The group's share price was up 1.5 to close at 73.5 sen, with some 63.79 million shares traded.