Thursday 6 December 2018

Hibiscus Petroleum Berhad carried out significant activities in 2018 which included: i) Completion of the acquisition of a 50% participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract

in Malaysia and commencement of operations of this second producing asset effective 1 April 2018 under the operatorship of the Group; ii) In the U.K. North Sea, technical work on the opportunities around the Anasuria Cluster (Hibiscus Petroleum's first producing asset in which the Group has a 50% participating interest) increased the volume of their reserves, and they also drilled a well in the Central North Sea; iii) In October 2018 the Company acquired a 50% participating interest in two discovered fields in Blocks 15/13a and 15/13b in the Central North Sea (together, “Marigold & Sunflower Blocks”) which are currently non-producing – marking a second major asset in the U.K. North Sea.

Each of the above activities has involved the deployment of capital and technical resources of the Company and from third parties with a view to value accretion. These projects have also increased the scale and profile of the Company, Malaysia’s first listed, pure play independent oil and gas exploration and production company. The Company remains committed to achieving its Mission 2021 of achieving 100 million barrels (“mmbbls”) of net proved and probable oil reserves and net production of 20,000 barrels (“bbls”) per day.

With the release on 27 November 2018 of the Company’s results for the first quarter ended 30 September 2018 (“1Q2019”) this update seeks to provide an analysis of the current operating environment and how major recent and upcoming developments may impact the Company’s future performance against a backdrop of increased volatility in global oil prices.

Full update here.