ABOUT HIBISCUS PETROLEUM
Hibiscus Petroleum Berhad (Hibiscus Petroleum) is Malaysia's first listed independent oil and gas exploration and production company. Our key activities are focused on monetising producing oilfields and growing our portfolio of development and production assets in areas of our geographical focus: United Kingdom, Malaysia and Australia.
As an operator of offshore oil and gas producing fields, our efforts are concentrated in enhancing operational efficiencies to safely deliver high-margin production from our assets. Our growth strategy in the current oil and gas market is to leverage on opportunities that are present within our existing assets and make quality acquisitions on a selective basis to achieve consistent earnings, thus delivering sustainable retums to our shareholders. We are committed towards upholding high standards of safety management and corporate governance, whilst expanding our business on strong technical and commercial foundations.
Hibiscus Petroleum is headquartered in Kuala Lumpur, and our shares are listed on the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities). Hibiscus Petroleum shares have been classified as Shariah-compliant securities by the Shariah Advisory Council of the Securities Commission of Malaysia.
The United Kingdom (UK) continental shelf is home to Hibiscus Petroleum's first producing asset - the Anasuria Cluster, a group of producing oil and gas fields and associated infrastructure. Our jointly-controlled entity, Anasuria Operating Company is joint-operator of this revenue generating asset. Recently, we have expanded our footprint by acquiring a 50% participating interest in two discovered offshore oilfields in Production Licence P.198, located in the UK Central North Sea.
In Financial Year 2018, we successfully completed the acquisition of the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (North Sabah PSC) - our first Malaysian asset. Our wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, is the operator of this producing asset.
As operator of the West Seahorse field with proven and probable reserves under the VIC/L31 production licence, as well as the additional exploration opportunities under the VIC/P57 exploration licence, Australia holds significant potential for Hibiscus Petroleum's future development plans.
If you examine the above tables closely, you can see its revenue and profit growth in the last 5 years. Moreover, it has Rm 300 million cash.
Mr Ooi Teik Bee has calculated its production cost to be US$ 18 per barrel. Many shareholders who are not aware of its production cost of US$ 18, have been selling because petroleum price has been dropping. As the result, it has dropped from Rm 1.32 to bottom of 78 sen. In the last few weeks it has been going up to close at 89.5 sen and I have been buying its warrant WC.
I am obliged to tell you that I have been buying and I do not need readers to buy to support the price because the daily volume is several tens of millions.