PETALING JAYA: Hibiscus Petroleum Bhd has allocated a capital expenditure (capex) of RM194.5 million for its Anasuria Cluster and North Sabah oilfields, but deferred development of its Australian asset until it secures more capital.
The group’s managing director Dr Kenneth Gerard Pereira (pix) said, US$30 million (RM124.5 million) has been allocated for Anasuria and RM70 million for North Sabah.
While the RM70 million has already been sanctioned by the board of directors, the group is still awaiting for approval for the US$30 million allocation.
As for the West Seahorse field in Australia, which Hibiscus termed as the most expensive to develop given its high operating cost, Kenneth said the group will weigh in on options for capital raising.
He noted that the board will discuss on the means of raising capital in the next few months, and that it would take on a cautious approach, as capital raising is not particularly attractive when the oil prices are volatile.
