ExxonMobil’s sale of Malaysian assets heats up

November 3, 2020

Dateline 2020-10-03, The Star:

EXXON Mobil has shortlisted three bidders for its oil-producing offshore assets in Malaysia that are worth billions of ringgit.

According to sources, Hibiscus Petroleum Bhd is among the shortlisted bidders along with United Kingdom-based EnQuest plc.

One source points out that Sapura Energy Bhd has also expressed interest in ExxonMobil’s assets. It is unknown if the oil and gas (O&G) company made it to the list.


Hibiscus Petroleum reports increased production from North Sabah fields

April 18, 2020

Dateline 2020-02-27, Oilfield Technology:

Hibiscus Petroleum Berhad has reported that average gross oil production from its North Sabah asset, offshore Malaysia, improved by approximately 20% compared to the previous financial quarter.
The additional oil production was delivered through infill drilling projects carried out as part of an aggressive production enhancement programme executed in calendar year 2019 (CY2019). This programme involved drilling a total of nine wells in Malaysia and the UK.
With the current and future enhancement projects across both North Sabah and Anasuria assets, together with potential production from existing developments or new acquisitions, the company aims to achieve its 2021 Mission of 20 000 barrels bpd of oil production.


First oil flows from St Joseph infill campaign offshore Sabah

September 12, 2019

Dateline 2019-07-24, Offshore:

Hibiscus Petroleum has drilled and completed SJ‐105A, the first of three wells for the St Joseph infill drilling project in the North Sabah enhanced oil recovery PSC offshore Malaysia.

The SJ‐105A wellbore was drilled as a horizontal well comprising around 2,400 ft (731 m) of horizontal section which encountered 1,000 ft (305 m) of oil in the targeted reservoirs.


Malaysia’s Hibiscus Petroleum Aims Up To 5000 Barrels/Day Output By FY20-Official

December 29, 2017

Dateline 2017-11-09, Nikkei Asian Review:

Malaysia’s Hibiscus Petroleum, an oil and gas exploration and production company, is aiming daily oil output up to 5,000 barrels from its Anasuria Cluster by the end of the fiscal year to Jun. 30, 2020, its managing director said Thursday.

“We hope to maintain at least 85% average facility uptime at Anasuria cluster,” Kenneth Gerard Pereira said at a news conference. This would help the company maintain cost of production at $15.4 per barrel at least through this financial year, he said.

“The current oil price is a sweet spot for us,” he said, and the company is comfortable under this operating environment as it estimates global Brent crude oil price to stay between $58 per barrel and $68 a barrel, Pereira added.


Oil recovery deal for Malaysia’s Hibiscus

July 7, 2017

Has Hibiscus Petroleum put job notices out yet?

Dateline 2017-05-31, PNGIndustryNews:

HIBISCUS Petroleum has been given approval to buy a 50% stake in their joint-venture North Sabah enhanced oil recovery, offshore east Malaysia, from Shell.

The Malaysian company is now reviewing the conditions imposed by Petronas, which it has not disclosed.
Petronas is Shell’s partner in the North Sabah production sharing contract, which is one of the biggest enhanced oil recovery developments in the world.
Hibiscus would become the operator of the production sharing contract and under the joint operating agreement if the sale is completed.

Spotlight on Hibiscus Petroleum

March 30, 2017

Dateline 2016-02-22, Daily Express:

There is increased interest in Hibiscus Petroleum Bhd due to imminent regulatory approval for its propsed acquistion of a 50pc stake in four offshore oilfields in Sabah from Shell.

Hibiscus earkier announced it had entered into a conditional sale and purchase agreement with Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd to acquire Shell’s entire 50pc interest in the 2011 North Sabah enhanced oil recovery production-sharing contract (PSC) for US$25 mil (RM 111mil).

The PSC comprises four producing oilfields namely, the St Joseph, South Furious, SF30, and Barton oilfields, and associated infrastructure such as pipeline infrastructure and the Labuan Crude Oil Terminal.

The purchase is subject to regulatory approval of Petroliam Nasional Bhd (Petronas) and the consent of Petronas Carigali Sdn Bhd, a 50pc joint venture partner in the PSC. If approval is gained, the acquisition is likely to be completed in the middle of the year.

Hibiscus managing director Kenneth Pereira declined to comment on the likelihood that Petronas will give its approval for the stake buy soon.


Polo Resources takes strategic stake in oil firm

January 9, 2016

Hibiscus seems like a horse to bet on.

Dateline 2015-12-02, Proactive investors:

Polo Resources (LON: POL) has taken an 8.4% stake in a Malaysia listed oil firm, whose assets, it says, are set for a step-jump on completion of two recent acquisitions.

Polo has subscribed for US$5mln of shares in Hibiscus Petroleum Berhad settled atUS$4.238 a share – a 4.08% discount to the Hibiscus closing price yesterday.

Hibiscus’s current development assets are in Australia with an estimated 8 million barrels of 2P/2C reserves/resources.

But that’s set to jump to around 47million barrels with the completion of the Hydra and Anasuria acquisitions.

In August, Hibiscus announced  a joint venture agreement with Ping Petroleum to each acquire 50% of the entire interests of Shell UK Ltd, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited in the producing Anasuria oil and gas fields in the North Sea.


From Bernama: Hibiscus To Acquire 35 Pct Stake In Lime Petroleum For US$55 Million

November 9, 2011

Dateline 2010-10-25:

Hibiscus Petroleum Bhd, Malaysia’s first listed special-purpose acquisition company (SPAC), will acquire a 35 per cent equity in Lime Petroleum Plc (Lime) for US$55 million.

Its managing director, Dr Kenneth Pereira, said with the acquisition, Hibiscus is likely to enter the growth phase in the next financial year ending March 2013.

Under the proposed acquisition, Hibiscus’ role is to execute the work programme and manage the budget as well as activities for the current and future concessions of Lime, he told a press conference here today.

Pereira said the proposed acquisition comprised a share subscription agreement and a share purchase agreement, involving a 27.2 per cent stake in Lime for US$50 million and 7.8 per cent stake in Lime from Rex Oil and Gas Ltd for US$5 million.