Hibiscus Petroleum posts Q2 earnings of RM10.8m

PETALING JAYA: Hibiscus Petroleum Bhd has posted a net profit of RM10.67 million in the second quarter ended Dec 31, 2016 (Q2FY17), from a net loss of RM164.2 million in the previous corresponding quarter, mainly due to the sale of oil and gas products from the Anasuria Cluster.

Revenue surged more than 65-fold to RM62.82 million, compared with RM955,000 in the same period last year.

In a statement yesterday, the group said other significant performance indicators reported were that operating expenditure per barrels of oil equivalent (boe) was circa US$13 (RM57.85), underpinned by strong average facilities uptime of about 98%.

“Operationally, circa 300,000 barrels of oil was produced from various fields within the Anasuria Cluster and were sold at a realised price of US$41.7 per barrel contributing to a revenue of RM61.8 million. The average production rate for the quarter stood at approximately 4,400 boe per day,” it added.

For the six months period, its net profit declined 42.9% to RM90.96 million, against RM159.4 million a year ago, while revenue leaped to RM117.6 million, from RM1.2 million previously.

“Overall the second quarter was memorable as several milestones were achieved. At Anasuria we are seeing the positive impact of our operating initiatives and in Malaysia, we have secured an asset that is subject to regulatory approval,” its managing director Dr Kenneth Pereira said.

“On a macro-scale, Opec and non-Opec co-operation has resulted in a resurgence of oil prices. Whilst we did not immediately benefit from the oil price spike that followed the Nov 31, 2016 Opec meeting, we hope to do so in the following quarters,” Pereira added.

To recap, Hibiscus Petroleum completed the acquisition of a 50% interest in the Anasuria Cluster on March 10, 2016.