[HIBISCUS PETROLEUM BHD, many works needed]
It is an oil and gas production and development company, with a market cap of about RM1.5b. Due to many reasons, its average daily oil production rate in Anasuria Cluster went down from 3934bbl/day (Oct to Dec 2016) to 2071bbl/day (Oct to Dec 2017), drop of 90%. As of 1 January 2017, 2P oil reserves in Anasuria Cluster was 19.2MMbbls, 2C oil resources was 5.2MMbbls.
Its 1HFY18 net profit of RM22m (note 1HFY17 RM91m) was lower 76% YoY, reflective for certain operational challenges encountered. Average uptime went down from 98% (Oct to Dec 2016) to 57% (Oct to Dec 2017), primarily due to the planned Offshore Turnaround project that commenced in mid-September 2017 and was completed in mid-October 2017. In addition, a temporary interruption in production of the Cook-P1 well and a temporary failure of their gas compression facility on board the Anasuria FPSO also affected badly.
Free warrant: On 13 Feb, Hibiscus proposed free warrants on the basis of 1 new warrant (2018/2021) for every 5 existing ordinary shares. For illustration purposes, assuming full exercise of the Warrants at the exercise price of RM0.94 per Warrant, 317645738 new Shares are expected to be issued and is expected to raise proceeds of approximately RM299m.
Prospects:
Barring unforeseen circumstances, completion of the North Sabah transaction is scheduled to take place on 31 March 2018. Post completion of North Sabah transaction, they will focus on lowering unit production costs. They will ensure a seamless integration of the North Sabah operations with their exisiting processes.
A 6-generation semi-submersible drilling rig has been contracted to drill the Guillemot-A, GUA-P2 side-track into the Forties or Fulmar reservoirs. This will enhance production from the Anasuria Cluster to a volume of circa 5000bbl/day by ending FY2020. It is forecasted to realise net proved and probable reserves of 1.01mmbbls.
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这是一间油汽生产公司，市值大约RM15亿。因为一些原因，造成Anasuria Cluster的产量从3934bbl/day (Oct to Dec 2016)跌到2071bbl/day (Oct to Dec 2017)， 跌了90%。 在一月2017年时，Anasuria Cluster2P的油库存是19.2MMbbls, 2C的油库存是5.2MMbbls。
FY18上半年净利是RM2200万（FY17上半年净利是RM9100万），跌了76%YoY，是因为营运上遇到了些问题。平均uptime从98% (Oct to Dec 2016)跌到57% (Oct to Dec 2017)，主要是计划了的Offshore Turnaround项目（九月2017中开始到十月2017中结束）。此外，Cook-P1 well短暂的生产干扰和汽体压缩的短暂失灵也导致生产受到干扰。
免费凭单：在13日二月时，公司提议5股送1凭单。如果全部凭单用RM0.94转换，会有317645738个新母股，能筹到RM3亿。
前景：
North Sabah的交易会在三月底完成。过后，公司会降低生产成本。公司会将North Sabah的运作结合到现有的运作中。
第六代semi-submersible drilling rig会用来钻Guillemot-A, GUA-P2 side-track进去Forties或Fulmar reservoirs。这会提高Anasuria Cluster的产量到5000bbl/day（FY2020年底）。预期会有库存1.01mmbbls。
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James Ng
