Thursday 17 January 2019

Hibiscus Petroleum Berhad’s indirect wholly-owned subsidiary, SEA Hibiscus Sdn Bhd (“SEAH”), had on 1 November 2018, appointed RISC Advisory Pty Ltd (“RISC”) to undertake an independent audit and provide an assessment of the reserves and contingent resources within the Barton, St Joseph, South Furious and SF 30 oil fields in the North Sabah PSC, offshore Sabah, Malaysia.

SEAH holds 50% participating interests in the North Sabah PSC and is the operator of the North Sabah Fields. PETRONAS Carigali Sdn Bhd holds the remaining participating interests in the North Sabah PSC.

The Company announced a summary of the reserves and contingent resources prepared by RISC in respect of the North Sabah Fields (“Reserves Report”), as further set out in the attachment.

This announcement is based on, and fairly represents, information and supporting documentation prepared by RISC.