News

Hibiscus Petroleum speeding up asset acquisition plans

KUALA LUMPUR, 24 August -- Hibiscus Petroleum Bhd is accelerating its asset acquisition plans following the improvement in the outlook for the oil and gas (O&G) market.  

In its Corporate and Business update released today, Hibiscus Petroleum said as established exploration and production players -- especially those in Europe -- assess their portfolios in light of an increasing focus on the renewable energy space, the group sees acquisition opportunities for good-value and high-quality producing assets.

"The group will prioritise assets with strong production potentials, coupled with cost optimisation opportunities, and remains committed to growing its business in its areas of geographic focus, particularly Southeast Asia," it said in a filing with Bursa Malaysia today.

The group had outlined its targets and initiatives as well as operational updates in conjunction with the release of its financial results for the fourth quarter ended June 30, 2020 (Q4 2020).

It said in FY2020, the group met its full year production target of 3.2 million barrels (MMbbls) of crude oil, while it sold 2.6 MMbbls across the North Sabah and Anasuria assets. 

The group deferred two crude oil offtakes initially planned for Q4 2020 to the quarter ending Sept 30, 2020 in an attempt to realise higher crude oil prices.

For its FY2020 results, the group announced a revenue of RM646.5 million and a loss after tax of RM49.3 million, due to the provision for impairment of non-producing O&G assets amounting to RM196.3 million and impact from the offtakes deferral.

The group also reported an unrestricted cash balance of RM77.3 million.

-- BERNAMA 

 

 

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