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PETALING JAYA: Hibiscus Petroleum Bhd’s net profit plunged 83.8% to RM16.23 million for the first quarter ended Sept 30, 2019 against RM100 million in the previous corresponding period, mainly due to lower contribution from North Sabah and 3D Oil, VIC/L31 & VIC/P57.
Revenue for the quarter also fell 55.7% to RM159.3 million from RM359.96 million.
The group told Bursa Malaysia that North Sabah’s profit before tax (PBT) slumped to RM26.3 million from RM60.71 million, while Anasuria Hibiscus’ halved to RM17.9 million from RM39.39 million.
For 3D Oil, VIC/L31 & VIC/P57, its loss before tax widened to RM1.53 million from RM631,000.
Hibiscus said its asset teams from both Anasuria and North Sabah are targeting to execute production enhancement projects that could potentially enhance the net oil production rate to over 12,000 barrels (bbls) per day by 2021.
“Our target for the current financial year ending June 30, 2020 is to deliver approximately 3.3 to 3.5 million bbls of oil from our two producing assets.”
In the current quarter, the group sold about 600,000 bbls of crude oil across both assets with one offtake coming from Anasuria and North Sabah each.
“We believe that we are positioned to achieve our offtake target given the aggressive capital investment programme to arrest the natural decline in production and enhance production through a total of nine firm wells being drilled across the group in 2019.”
