HIBISCS (5199) 大紅花石油 - [HIBISCUS PETROLEUM BHD,整合北沙巴运作和降低单位生产成本] - James的股票投资James Share Investing


 [HIBISCUS PETROLEUM BHD,整合北沙巴运作和降低单位生产成本]

9MFY18税前利润增加至1.04亿令吉,+204%,得益于收购北沙巴资产带来的负商誉1.12亿令吉。 Anasuria分部于本期间录得EBITDA达1.022亿令吉(收益毛利率49.7%)。

本季度,税前利润上涨至8,200万令吉,增长386%,得益于收购北沙巴资产带来的负面商誉1.12亿令吉。


前景:
1.北沙巴生产运营的整合与优化 - 他们将努力确保北沙巴运营与其现有工作流程和基于绩效的运营文化的无缝整合。他们还将关注降低单位生产成本。和,

2. GUA-P2侧钻的钻探 - 大红花石油于2018年2月7日宣布,其英国合营公司AOCL已与North Atlantic Drilling Limited(Seadrill有限公司的子公司)签订了第六代半潜式钻井平台West Phoenix。

该项目目前正在按计划在2018年6月30日截止的财政年度的第四季度开始执行。该侧轨的钻探是其战略的一部分,该计划旨在将Anasuria Cluster的产量在财政年2020年结束前提高至约5000桶/日。通过将现有的GUA-P2井作为供井,他们希望能够在2018年中期左右完成钻井计划后立即实现增产。该项目预计实现net proved and probable (“2P”)储量1.01亿桶(“MMbbls”)。

预计布伦特原油价格最近的涨幅将持续:
•全球石油需求强劲增长,特别是来自中国和印度;
•勘探和开发项目投资最少的时期(2015年至2017年);
•中东地区地缘政治局势紧张;
•委内瑞拉的生产短缺时间延长;
•石油输出国组织(“OPEC”)及其合作伙伴严格遵守商定的供应削减水平,导致库存量减少;和,
•美国对伊朗实施可能影响石油供应的制裁措施。

Anasuria Cluster:
与前一季度相比,本季度他们继续不懈地努力提高运营表现,平均正常运行时间和平均日产油率,所有这些在本季度都有所改善。截至本季度报告发布之日,所有技术问题已经解决,他们很高兴地报告说,油井和设施正在达到预期的水平。就资本开支而言,大红花石油于本季度就若干增产项目花了约380万马币。这些支出主要用于GUA-P2侧轨,GUA-P4气举设备和未来钻井项目的关键备件。这些项目属于生产和开发性质,本季度未进行勘探活动。

北沙巴:
展望未来,SEA Hibiscus的目标是提高生产率,管理成本并改善资产的正常运行时间,从而优化OPEX per bbl指标。SEA Hibiscus将着眼于在近期内通过地表和地下活动识别和实施生产优化和增强的机会。

随着北沙巴交易的完成,大红花石油实现的净日生产权益总额已达到2021年目标的40%至50%范围内。他们预计,通过在其资产组合中发现已确定的机会并通过有选择地运行新投资来实现其2021年目标的差距。

大红花石油继续致力于履行使命,近期他们希望:
•在2019年6月30日截止的财政年度的第1季度钻好GUA-P2侧轨并实现增量生产;
•继续整合北沙巴运作;和,
•降低北沙巴运作的单位生产成本。

觉得不错就SHARE 出去吧。

James Ng

9MFY18 profit before taxation increased to RM104m, +204%, aided by a negative goodwill of RM112m from acquisition of the North Sabah asset. The Anasuria segment recorded an EBITDA of RM102.2 million (49.7% margin over revenue) in the Current Period.

For current quarter, profit before taxation increased to RM82m, +386%, aided by a negative goodwill of RM112m from acquisition of the North Sabah asset.

Prospects:
1. Integration and optimisation of North Sabah production operations – Their efforts will be to ensure a seamless integration of the North Sabah operations with their existing work processes and performance based operating culture. They will also be focused on lowering unit production costs.; and,

2. Drilling of the GUA-P2 side-track – On 7 February 2018, the Group had announced that their UK joint operating company, AOCL had contracted a sixth-generation semi-submersible drilling rig, the West Phoenix, from North Atlantic Drilling Limited, a subsidiary of Seadrill Limited.

This project is currently on track to commence execution within quarter 4 of financial year ending 30 June 2018. The drilling of this side-track is part of their strategy to enhance production from the Anasuria Cluster to a volume of circa 5000 bbls/day by financial year ending 2020. By using the existing GUA-P2 well as a donor well for the side-track, they hope to be able to realize enhanced production as soon as the drilling programme is completed around the middle of the 2018 calendar year. This project is also forecasted to realise net proved and probable (“2P”) reserves of 1.01 million bbls (“MMbbls”).

Recent gains in Brent crude oil prices are expected to be sustainable given:
• Strong global oil demand growth, particularly from China and India;
• The prolonged period (2015 to 2017) of minimal investment in exploration and development projects;
• Rising geopolitical tensions in the Middle East region;
• Extended period of production shortfalls in Venezuela;
• Strong compliance of Organization of Petroleum Exporting Countries (“OPEC”) and their partners to agreed levels of supply cuts causing stockpiles to shrink in volume; and,
• Reinstitution of sanctions by the United States of America on Iran which could affect oil supply.

Anasuria Cluster:
They continue to relentlessly apply themselves towards improving operational performance, average uptime and average daily oil production rate, all of which have improved in the Current Quarter when compared to the Preceding Quarter. As of the date of this Quarterly Report, all technical issues have been resolved and they are pleased to report that wells and facilities are performing at the expected levels. In terms of capital expenditures, the Group had incurred approximately RM3.8 million during the Current Quarter for several production enhancement projects. These expenditures were primarily for the GUA-P2 side track, GUA-P4 gas lift installation and critical spares for future drilling projects. These projects are production and development in nature, and no exploration activities have been carried in the Current Quarter.

North Sabah:
Going forward, SEA Hibiscus aims to enhance production rates, manage costs and improve uptime of the asset, thus optimising the OPEX per bbl metric. SEA Hibiscus will look towards identifying and implementing opportunities for production optimization and enhancement via surface and subsurface activities in the near term.

With the completion of the North Sabah transaction, the Group has achieved total net daily production entitlements in the range of 40% to 50% of their 2021 mission. They anticipate the gap towards achieving their mission to be closed by developing identified opportunities within the assets that are in their portfolio and through new ventures on a selective basis.

The Group continues to work towards its mission, and in the near term they hope to:
• Drill the GUA-P2 side-track well and realise incremental production in quarter 1 of financial year ending 30 June 2019;
• Continue integrating the North Sabah operations; and,
• Reduce unit production costs of the North Sabah operations.

If you think this post is beneficial, please share it.

James Ng

https://www.facebook.com/jamesshareinvest/posts/2025488251051252