Hibiscus Petroleum Positioning to Acquire Producing Assets in Southeast Asia
Wednesday 27 November 2019
Hibiscus Petroleum Positioning to Acquire Producing Assets in Southeast Asia.
Potential acquisitions of producing assets to drive the Group towards 2021 Mission of 20,000 barrels per day of oil production • FY2020 target to deliver 3.3 – 3.5 million barrels of crude oil (up to +16% y-o-y) • Group remains profitable with strong EBITDA margins despite softer oil market .
Hibiscus Petroleum Berhad (HIBI: MK) (“Hibiscus Petroleum”, the “Company” or the “Group”)
today released a Corporate and Business Update (the “Update”) outlining the Group’s targets
and initiatives as well as operational updates in conjunction with the release of its quarterly
financial results for the period ended 30 September 2019 (“1Q FY2020”). In the Update,
Hibiscus Petroleum stated that it is positioning for growth through further acquisitions of
producing assets particularly in Southeast Asia. The Group expects high-quality acquisition
opportunities will be emanating in Southeast Asia as the fields in the area mature and
established players look to review their portfolios.