June 1, 2018
Dateline 2018-04-01, 360 Feed Wire:
Hibiscus Petroleum Bhd (HIBISCS; MYX: 5199) is pleased to announce that its indirect wholly owned subsidiary SEA Hibiscus Sdn Bhd (SEA Hibiscus) has completed its acquisition of a 50% participating interest in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (North Sabah PSC or PSC) and the joint operating agreement (JOA) in relation to the PSC.
To recap, SEA Hibiscus had, on 12 October 2016, entered into a conditional sale and purchase agreement (SPA) with Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd (collectively Shell) to acquire Shell’s participating interests in the PSC between Petroliam Nasional Berhad (PETRONAS), Shell and PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), and the JOA between Shell and PETRONAS Carigali for the total purchase consideration of US$25 million.
The North Sabah PSC includes 20 offshore platforms across four producing fields located in the South China Sea, off the west coast of Sabah, and the Labuan Crude Oil Terminal located in the Labuan Federal Territory, in Malaysia. The fields have been producing since 1979 and the PSC provides the Group with operatorship and production rights up to 2040.
January 29, 2018
Dateline 2017-12-05, Nikkei Asian Review:
Hibiscus Petroleum, a Malaysian petroleum exploration and production firm, said Tuesday it plans to buy Shell’s 50% stake in the 2011 North Sabah enhanced oil recovery production-sharing contract.
The company has secured unconditional consent from the national oil-and-gas company Petronas for the proposed acquisition of the North Sabah contract from the Dutch oil major, Hibiscus said in an exchange filing. The contract provides production rights until 2040, the company said.
November 25, 2016
And that settles my thoughts as to when Hibiscus was going to spend its money, and who would want to buy the Shell Sabah blocks.
Dateline 2016-10-12, The Star:
Shell has reached an agreement to sell its 50% equity interest in the 2011 North Sabah enhanced oil recovery (EOR) production sharing contract (PSC) to Hibiscus Petroleum Bhd’s indirect unit SEA Hibiscus Sdn Bhd for US$25mil (RM104.8mil).
The amount excludes post completion adjustments and reimbursements to Shell.
Currently, Sabah Shell Petroleum Co (25%) is the operator, partnering with Shell Sabah Selatan (25%) and Petronas Carigali Sdn Bhd (50%) in the PSC, which includes the Labuan Crude Oil Terminal, and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah.
Total oil production (on a 100% PSC basis) averaged 18 kilobarrels (kbbls) per day last year, according to statements from Shell and Hibiscus.