Anasuria Cluster boosts Hibiscus Petroleum Q1 earnings

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit for the first quarter ended Sept 30, 2016 soared to RM80.28 million from RM4.75 million a year ago due to the sale of oil and gas products from the Anasuria Cluster.

In a filing with Bursa Malaysia last Friday, the company said the Anasuria Cluster generated revenue and gross profit of RM53.7 million and RM28.5 million respectively. Revenue for the quarter jumped to RM54.75 million from RM245,000 a year ago.

The company said over 271,000 barrels of oil produced from the various fields within the Anasuria Cluster were sold at a realised price of US$45.21 per barrel contributing to a revenue of RM53.7 million while average production stood at over 3,400 barrels of oil equivalent per day.

Operational expenditure per barrel of oil equivalent (boe) of Anasuria was recorded at US$18.39 per boe during the quarter.

“We have now been jointly operating the Anasuria asset for more than six months. It is a floating installation located in the UK sector of the North Sea and it is satisfying to perform this task profitably in the current oil environment. We look forward to strengthening oil prices and an improved performance of our company going forward,” its managing director Dr Kenneth Pereira said.

Recall that the company completed the acquisition of a 50% interest in the Anasuria Cluster on March 10, 2016.

Moving forward, the company said its results are underpinned by the operational performance of the Anasuria asset, which depends on several factors namely oil price of the Brent crude oil benchmark; gas prices for the various fields; exchange rates between the ringgit and US dollar, GBP and AUD; performance of the Anasuria asset and management of operational expenses.

For the Anasuria Cluster, several projects have been identified for execution between mid-2017 and mid-2018, which are expected to enhance production volumes by bringing on-stream petroleum resources that have already been discovered.

“Recognising the fact that we are building up our project execution experience in the UK sector of the North Sea, we shall initially commence undertaking activities that are low in terms of technical complexity and business risk exposure,” it said.