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Hibiscus Petroleum records lower earnings in Q3

KUALA LUMPUR, May 27 (Bernama) -- Hibiscus Petroleum Bhd's earnings fell by a third to RM55.18 million in the third quarter (Q3) ended March 31, 2019, from RM83.14 million a year earlier as after-tax profit from its North Sabah asset fell by more than half.

In a filing with Bursa Malaysia today, it said its North Sabah segment -- its 50 per cent participating interest in the 2011 North Sabah enhanced oil recovery production sharing contract -- recorded a profit after tax (PAT) of RM38.32 million, down 57 per cent from RM89.61 million reported previously.

The Sabah operation doubled total oil sold to 578,487 barrels but the average realised oil price was about 8 per cent lower at US$67.87 per barrel and it incurred net tax expenses of RM25.6 million.

For comparison, the segment's PAT in the corresponding period of last year was driven by negative goodwill of RM112.4 million recognised on completion of the purchase of the 50 per cent interest on March 31, 2018.

Despite the lower group earnings, Hibiscus registered an improvement in revenue to RM226.12 million from RM74.42 million in the same quarter last year. This was mainly because it did not receive any revenue contribution from the North Sabah segment in the previous corresponding period.

As for the Anasuria Hibiscus segment, which represents its investments and operations in the United Kingdom, Hibiscus said it achieved a better PAT of RM26.99 million compared with RM21.65 million a year earlier.

Meanwhile, its Australian operations -- production at the West Seahorse field, exploration prospects within the VIC/P57 exploration permit and investment in 3D Oil -- saw its loss after tax narrow to RM34,000 from RM2.23 million a year earlier.

Regarding its prospects, Hibiscus is positive on achieving its 2021 mission of an average daily net production of 20,000 barrels of oil per day and securing net proven and probable reserves/ entitlement of 100 million barrels of oil.

In a media statement, managing director Kenneth Pereira said: “Our asset teams from both North Sabah and the Anasuria Cluster have already commenced an exciting capital expenditure programme to drill a total of eight wells in the 2019 calendar year -- six wells in Malaysia anda further two in the UK."

-- BERNAMA

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