Tuesday 25 May 2021

Highlights

• Hibiscus Petroleum announced earnings before interest, taxes, depreciation and amortisation (“EBITDA”) of RM122.4 million and a profit after taxation (“PAT”) of RM32.0 million for the financial quarter ended 31 March 2021 (“Current Quarter”), a quarter-on-quarter rise of 94% and 167% respectively on the back of higher oil prices.

• The Group sold 874,944 barrels (“bbls”) of crude oil in the Current Quarter. Three offtakes were conducted; two from the North Sabah asset and one from Anasuria. For the final quarter of the financial year ending 30 June 2021 (“FY2021”), the Group expects to deliver a further three offtakes, with two from North Sabah and one from Anasuria, a total of 3.7 million bbls of oil in FY2021.

• Increase in Marigold & Sunflower stake: Completed the transfer of 37.5% interest in United Kingdom (“UK”) North Sea Licence P198 from Caldera Petroleum, increasing interest to 87.5%.

Full report here