[HIBISCS (5199) 大紅花石油 HIBISCUS PETROLEUM BHD：2021年的任务：每日平均净产量达到20,000桶石油（“bopd”）;和获得1亿桶石油的净已探明和可能储量/权利] - James的股票投资James Share Investing
流动资产由2018年6月30日的4.025亿令吉增加至2019年6月30日的4.771亿令吉。现金及银行结余增加1.376亿令吉，主要是由于本年度期间Anasuria Hibiscus和北沙巴部门卖原油取得的款项。此外，北沙巴的其他与业务有关的应收款增加约2,350万令吉。本年度总权益增加2.417亿令吉主要是由于Anasuria和North Sabah资产产生的净收益。
Anasuria Hibiscus UK在当前季度以每桶66.84美元的平均油价出售了302,139桶原油。在前一季度，以每桶60.39美元的平均实现价格出售了249,116桶原油。本季度的平均正常运行时间和每桶的平均运营成本分别从前一季度的71％和23.27美元分别提高至87％和20.93美元。
3D油，VIC / L31和VIC / P57：
希望在2019年离岸周转期之后，在截至2020年6月30日的财政年度，平均正常运行时间水平将保持或进一步提高。Cook WI项目的第一阶段 - 需要钻井注水井 - 在Preceding季度初期开始，并于2019年5月25日完工。下一阶段将注水井连接到Anasuria FPSO正在进行中，预计将于2019年9月低完成。Gua-P1 ST项目在前一季度获得批准，预计将在下一季度完成。
英国 - Anasuria集群：Cook Water Injection项目更新：
英国 - Anasuria集群：GUA-P1侧轨项目更新：
GUA-P1 ST项目是重新进入现有GUA-P1井筒的机会，可能会从Guillemot A油田排出更多的碳氢化合物。该项目旨在从Anasuria Hibiscus UK目前的净2P储量中解锁约170万桶石油。 GUA-P1 ST的运营已于2019年5月17日开始调动Stena Spey钻井平台到位置和部署锚。
2019年7月28日，该井的测量深度达到了11,615英尺，并且在Guillemot A油田的目标水库中遇到了大约445英尺的TVDSS含砂砂岩，net pay为190英尺TVDSS。 2019年8月16日对相关的含油气区进行了穿孔。随后清理了井，使碳氢化合物流到地面。正在进行的工作是将井连接到Anasuria FPSO的生产设施，以生产油井。
英国 - Block 15 / 13a（Marigold）和15 / 13b（Sunflower）：
15/13a区块包含一个重要的含油发现区域（Marigold），而位于15/13a区块东北的15/13b区块包含较小的发现区域（Sunflower）。根据AGR TRACS国际有限公司的独立报告，该报告是作为2018年10月收购区块的尽职调查工作的一部分进行的，2C区块资源估计为6,000万桶石油（Anasuria Hibiscus UK的3000万桶石油净值）。
英国 - 第15 / 18d和15 / 19b区块（Crown）：
于二零一九年七月十七日，大红花宣布Anasuria Hibiscus UK已签署一份有条件的非约束性条款清单，以收取United及Swift的P2366牌照的100％权益，总现金代价高达500万美元。许可证P2366位于英国北海区域的近海，位于阿伯丁东北约250公里处和Marigold油田东南12公里处，包括Crown油田，根据United提供的信息，由2C资源的8百万桶石油和60亿立方英尺的天然气组成。
由于生产增强活动导致油藏性能提高，平均每日总石油产量略微增加约1％。就资本开支而言，SEA Hibiscus于本季度产生约2140万令吉，主要由于St Joseph Infill Drilling项目的启动。随着St. Joseph Infill钻井项目的继续以及South Furious 30 Infill Drilling项目的开始和执行，公司预计下一季度的资本支出将进一步增加。 2019年7月1日，PETRONAS批准了South Furious 30 Infill钻井项目的开发计划（“DP”）。
北沙巴：St Joseph Infill钻井：
该项目需要在St Joseph Jacket-A（“SJJT-A”）平台上使用三分流井口钻探3个infill producers，对顶部设施进行最少的修改。当钻井平台于2019年5月22日移动到位时开始钻井作业。随后，该项目于2019年7月实现了第一次采油。如2019年7月24日所述，SJ-105A井已上线并达到稳定的1000桶以上的每天生产流量。
2019年7月25日，第二口井SJ-105C完工。该井在线运行，实现了每天超过1,300桶的稳定生产流量。 2019年8月1日，SJ-105B井完工。在初步测试中，SJ-105B的日流量超过900桶。三口井的总流量 - SJ-105A，SJ-105C和SJ-105B - 每天超过3,200桶（经PETRONAS批准）已经超过了每天约2,600桶的预钻预期。St. Joseph Infill Drilling项目于2019年8月完工，预计将增加life of field（“LoF”）总储量2.77 MMstb。
North Sabah：South Furious 30 Infill Drilling：
PETRONAS于2019年7月1日批准了South Furious 30 Infill Drilling项目DP，旨在增加South Furious 30油田的产量和储量。 DP包括通过剩余的导体槽在South Furious Jacket-C（“SFJT-C”）上钻三个infill wells。钻探计划于2019年8月开始。该项目预计每天将增加约4,000桶石油产量（达到峰值），预计将增加LoF储量3.2MMstb。
北沙巴：South Furious 30 Water Flood第一阶段：
2019年7月4日，PETRONAS批准了South Furious 30 Water Flood 1期项目Milestone Review-4，该项目需要钻探和完成一个加注注水井。该项目的目标是确定注水的有效性，作为对South Furious 30油田进行再加压和提供长期油藏压力支持的手段。该项目的第一阶段旨在评估全场注水项目的可行性。 South Furious 30 Water Flood Phase 1 DP预计将在下一季度获得批准，总资本支出约为5,080万令吉，与他们的合资伙伴平分。
在South Furious 30 Infill Drilling项目完成后，钻探的目标是在2019年11月通过SFJT-C的新导体的开始。完成钻井后，将通过一个小模板便携式注水模块注入水，该模块将安装在SFJT-C上。
2019年7月26日，集团宣布3D Oil已被NOPTA授予离岸Gippsland Basin的VIC / P74许可证。 VIC / P74许可证的面积为1,006平方公里，位于吉普斯兰盆地的南侧。根据投标前协议条款，大红花有三十天时间选择与3D Oil订立合营企业，以在ground floor basis持有该许可证的50％非经营权益。
使命（2017年 - 2021年）：
他们来自Anasuria和North Sabah的资产团队的目标是执行生产增强项目，到2021年，他们的净石油生产率可能会提高到每天12,000桶以上。其中一些生产增强项目目前正在执行中。他们拥有积极的资本投资计划，以遏制生产的自然下降和提高产量，2019年将在集团内钻探总共9口firm wells。
在Anasuria，Cook WI项目的第一阶段钻井注水井已经完成，他们目前正在进行第二阶段，将井与Anasuria FPSO联系起来。 GUA-P1 ST钻探一条侧轨井的项目已经开始执行，预计将在下一季度完成。
在北沙巴，St Joseph Infill Drilling项目于2019年5月22日开始，目的是钻三口infill wells。所有三口infill wells均已钻完，项目于2019年8月完成。三口井的总流量 - SJ-105A，SJ-105C和SJ-105B - 每天测试超过3,200桶（须经PETRONAS批准）。这超出了钻探预期的每日约2,600桶的预期。 St Joseph Infill钻井项目预计LoF总储量为2.77 MMstb。 SF30 Infill钻井项目将钻探另外三口infill wells，最近批准的SF30 Waterflood第一期项目将钻探一口注水井，该项目将于2019年开始执行。该集团已将其任务明确表达至2021年，他们很高兴能够实现几个关键的里程碑，是成功实现目标的关键。
James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.68 (dividend RM0.015) in 1 year 9 days, total return is 137.1%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.50 (dividend RM0.04) in 1 year 1 month 18 day, total return is 93.7%
c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 8 months 5 days, total return is 53.8%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.82 in 6 months 30 days, total return is 42.6%
e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.45 (dividend RM0.1875) in 10 months 7 days, total return is 39.6%
f) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.07) in 9 months 3 days, total return is 35.4%
g) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.39 in 2 months 17 days, total return is 33.7%
h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 (dividend RM0.008) in 7 months 27 days, total return is 32.4%
i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.95 (dividends RM0.063) in 10 months 14 days, total return is 26.6%
j) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.40 (dividends RM0.084) in 1 Year 22 days, total return is 13.2%
k) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.56 (dividends RM0.04) in 10 months 19 days, total return is 11.9%
l) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.885 in 7 months 19 days, total return is 4.1%
m) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.49 (dividend RM0.0225) in 10 months 29 days, total return is 3.5%
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[HIBISCUS PETROLEUM BHD: 2021 mission entails: The achievement of an average daily net production of 20,000 bbls of oil per day (“bopd”); and the securing of net proven and probable reserves/entitlement of 100 million bbls of oil]
The Group’s non-current assets as at 30 June 2019 amounted to RM1,916.0 million compared to RM1,571.5 million as at 30 June 2018. The increase was mainly driven by the capitalisation into intangible assets those costs incurred which were directly attributable to the acquisition of a 50% interest in the Blocks (or also known as Marigold & Sunflower) in UK Central North Sea by Anasuria Hibiscus UK in the Current Quarter, which amounted to RM156.0 million. In addition, capital expenditure programs invested in the Anasuria asset (included in equipment) amounting to RM145.2 million during the Current Year have also contributed to the increase in the Group’s non-current assets.
Current assets increased from RM402.5 million as at 30 June 2018 to RM477.1 million as at 30 June 2019. Cash and bank balances increased by RM137.6 million, largely due to the collection of proceeds from crude oil offtakes in both the Anasuria Hibiscus and North Sabah segments during the Current Year. In addition, other operational-related receivables in North Sabah increased by approximately RM23.5 million. The increase in total equity during the Current Year by RM241.7 million was mainly attributable to net earnings generated from both the Anasuria and North Sabah assets.
The North Sabah segment recorded an EBITDA of RM76.8 million in the Current Quarter as compared to RM79.4 million in the Preceding Quarter. Average realised oil price achieved in the Current Quarter was USD72.59 per bbl whilst USD67.87 per bbl was achieved in the Preceding Quarter. The EBITDA margin of 51.9% in the Current Quarter was slightly better than that achieved in the Preceding Quarter of 50.0%, mainly driven by the higher average realised price achieved on crude oil sold in the Current Quarter.
The segment achieved an EBITDA and a PBT of RM57.5 million and RM39.4 million respectively in the Current Quarter as compared to that achieved in the Preceding Quarter, i.e. EBITDA of RM44.7 million and PBT of RM28.2 million. Revenue recorded in the Current Quarter amounted to RM87.9 million, an increase of RM21.7 million from RM66.2 million in the Preceding Quarter, due to a higher number of bbls of crude oil sold and higher average oil price realised.
Anasuria Hibiscus UK sold 302,139 bbls of crude oil at an average oil price of USD66.84 per bbl in the Current Quarter. In the Preceding Quarter, 249,116 bbls of crude oil were sold at an average realised price of USD60.39 per bbl. Average uptime and average OPEX per boe in the Current Quarter improved to 87% and USD20.93 respectively from 71% and USD23.27 respectively in the Preceding Quarter.
3D Oil, VIC/L31 & VIC/P57:
During the Current Quarter, the segment recorded a LAT of RM0.6 million as compared to a LAT of RM0.03 million in the Preceding Quarter.
Investment holding and group activities:
This segment recorded a decrease in LAT of RM3.0 million in the Current Quarter, from a LAT of RM10.1 million in the Preceding Quarter. Lower costs were incurred for payroll-related expenses, business development activities and professional fees.
In summary, the delivery of their 2021 mission entails:
+ The achievement of an average daily net production of 20,000 bbls of oil per day (“bopd”); and,
+ The securing of net proven and probable reserves/entitlement of 100 million bbls of oil.
As joint operator of the Anasuria Cluster and the operator of the North Sabah oilfields, the Group continuously focuses on optimising asset performance, but it is equally important to note that their performance is impacted daily by external macroeconomic factors over which they exert minimal control.
Anasuria Cluster: Production Operations:
The average uptime at the Anasuria asset achieved for the Current Quarter of 87% is higher than that of the Preceding Quarter. An improvement in operational performance is also seen in the average daily oil equivalent production rate of 3,053 boe/day in the Current Quarter. The average OPEX per boe in Anasuria for the Current Quarter was USD20.93 per boe, lower than USD23.27 per boe in the Preceding Quarter.
It is hoped that subsequent to the conduct of the 2019 Offshore Turnaround, average uptime levels will be maintained or further improved for the financial year ending 30 June 2020. The first phase of Cook WI project – which entails the drilling of the water injection well – commenced early in the Preceding Quarter and was completed on 25 May 2019. The next phase of connecting the water injection well to the Anasuria FPSO is underway and is expected to complete by the end of September 2019. GUA-P1 ST project was sanctioned in the Preceding Quarter and is expected to complete in the Next Quarter.
United Kingdom – Anasuria Cluster: Cook Water Injection Project Update:
The execution of the water injection well drilling operations commenced on 25 March 2019. The well was drilled to a total depth of 13,045-ft measure depth (-12,248-ft true vertical depth subsea (“TVDSS”)) on 2 May 2019. In drilling the water injection well, the reservoir pressure at the injection well location was found to be as predicted. Additionally, the oil water contact is deeper than originally anticipated. The implication of a deeper oil water contact is positive and is anticipated to increase their net proven and probable oil reserves (“2P Reserves”) in the Cook field.
The water injection well has been completed as planned on 25 May 2019. Preparations are currently ongoing to install a subsea pipeline to link the water injection well to the Anasuria FPSO. This is expected to complete by the end of the September 2019 and the injection of water into the Cook field reservoir is expected to commence thereafter.
United Kingdom – Anasuria Cluster: GUA-P1 Side-Track Project Update:
The GUA-P1 ST project is an opportunity to re-enter the existing GUA-P1 wellbore and potentially drain additional volumes of hydrocarbons from the Guillemot A field. This project is targeted to unlock approximately 1.7 million bbls of oil from Anasuria Hibiscus UK’s current net 2P Reserves. Operations on GUA-P1 ST has commenced with the Stena Spey drilling rig mobilised to location and deployed anchors on 17 May 2019.
On 28 July 2019, the well reached a total depth of 11,615-ft measured depth and has encountered approximately 445-ft TVDSS of oil-bearing sands with a net pay of 190-ft TVDSS in the targeted reservoirs of the Guillemot A field. The relevant hydrocarbon bearing zones were perforated on 16 August 2019. The well was subsequently cleaned-up and hydrocarbons were flowed to surface. Work is ongoing to connect the well to the production facilities on the Anasuria FPSO for the well to be produced.
United Kingdom – Blocks 15/13a (Marigold) and 15/13b (Sunflower):
Block 15/13a contains a significant oil-bearing discovered field (Marigold), whilst Block 15/13b which lies northeast of Block 15/13a contains a smaller discovered field (Sunflower). Based on an independent report by AGR TRACS International Limited which was conducted as part of the due diligence exercise to acquire the Blocks in October 2018, 2C Resources in the Blocks is estimated to be 60.0 million bbls of oil (30.0 million bbls of oil net to Anasuria Hibiscus UK).
The Kuala Lumpur project team has been tasked to conduct the subsurface field development engineering studies and, with the support of third party contractors, execute the concept select phase as part of the effort to establish a field development plan for Marigold and Sunflower by the end of calendar year 2020.
In terms of capital expenditure, approximately RM1.2 million has been incurred in the Current Quarter which includes pre-front-end engineering and design activities which are targeted to complete by the end of the Next Quarter. Development options being currently considered include a fixed platform, a floating solution, as well as a tieback to existing, nearby infrastructure solutions.
United Kingdom – Blocks 15/18d and 15/19b (Crown):
On 17 July 2019, the Group announced that Anasuria Hibiscus UK had signed a conditional non-binding term sheet to acquire 100% interest in the License P2366 from United and Swift for a total cash consideration of up to USD5.0 million. License P2366 is located offshore in the UK sector of the North Sea, approximately 250km northeast of Aberdeen and 12km south-east of the Marigold field, and includes the Crown discovered field which, based on information provided by United, consists of 2C Resources of 8 million bbls of oil and 6 billion cubic feet of associated gas.
The rationale for this transaction is to secure the opportunity to aggregate 2C Resources (from the Crown discovery) at a competitive unit cost per bbl and integrate these contingent resources as part of the Marigold area-wide development with the objective of reducing overall unit development and production costs. The technical due diligence is currently ongoing, and a status update will be provided in due course.
North Sabah: Production Operations:
Average daily gross oil production marginally increased by approximately 1% due to better reservoir performance as a result of production enhancement activities. In terms of capital expenditure, SEA Hibiscus incurred approximately RM21.4 million during the Current Quarter, mainly due to the commencement of the St Joseph Infill Drilling project. The Company expects capital expenditure to increase further in the Next Quarter with the continuation of the St. Joseph Infill Drilling project and with the commencement and execution of the South Furious 30 Infill Drilling project. The Development Plan (“DP”) for the South Furious 30 Infill Drilling project was approved by PETRONAS on 1 July 2019.
North Sabah: St Joseph Infill Drilling:
This project entails the drilling of 3 infill producers utilizing a triple splitter wellhead on the St Joseph Jacket-A (“SJJT-A”) platform with minimal modifications to topside facilities. Drilling operations commenced when the rig mobilised to location on 22 May 2019. Subsequently, the project achieved first oil in July 2019. As disclosed on 24 July 2019, the SJ‐105A well was brought online and achieved a stabilised production flowrate of above 1,000 bbls per day.
On 25 July 2019, the second well, SJ-105C, was completed. This well was brought online and achieved a stabilised production flowrate of over 1,300 bbls per day. On 1 August 2019, the SJ-105B well was completed. On preliminary test, the SJ-105B achieved a flowrate of over 900 bbls per day. The combined flowrate of the three wells – SJ‐105A, SJ-105C and SJ-105B – of over 3,200 bbls per day (subject to the approval of PETRONAS) has exceeded the combined pre-drill expectations of approximately 2,600 bbls per day. The St. Joseph Infill Drilling project completed in August 2019 and is expected to add life of field (“LoF”) gross reserves of 2.77 MMstb.
North Sabah: South Furious 30 Infill Drilling:
PETRONAS had on 1 July 2019 approved the South Furious 30 Infill Drilling project DP intended to increase production and reserves of the South Furious 30 field. The DP comprises the drilling of three infill wells at the South Furious Jacket-C (“SFJT-C”) through the remaining conductor slot. Drilling is scheduled to commence in August 2019. The project is expected to add approximately 4,000 bbls per day of oil production (at its peak) with an expected addition to LoF reserves of 3.2 MMstb.
North Sabah: South Furious 30 Water Flood Phase 1:
PETRONAS had on 4 July 2019 endorsed the South Furious 30 Water Flood Phase 1 project Milestone Review-4 which entails the drilling and completion of one infill water injection well. The goal of this project is to scope out the effectiveness of water injection as a means of re-pressurizing and providing long-term reservoir pressure support for the South Furious 30 field. Phase 1 of this project is intended to assess the viability for a full field water injection project. The South Furious 30 Water Flood Phase 1 DP is expected to be approved in the Next Quarter with a total capital expenditure of approximately RM50.8 million, to be shared equally with their joint venture partner.
Drilling is targeted to commence through a new conductor from SFJT-C in November 2019, following the completion of the South Furious 30 Infill Drilling project. Upon completion of the drilling of the well, water will be injected through a small template Portable Water Injection Module which will be housed at SFJT-C.
On 26 July 2019, the Group announced that 3D Oil has been awarded the VIC/P74 permit in the offshore Gippsland Basin by NOPTA. The VIC/P74 permit spans an acreage of 1,006 km2 which is located on the southern side of the Gippsland Basin. Under the terms of a pre-bid agreement, the Group has thirty days to elect to enter into a Joint Venture with 3D Oil for up to a 50% non-operated interest in this permit on a ground floor basis.
Mission (2017 – 2021):
With the completion of their recently announced acquisition of a 50% interest in the Marigold and Sunflower discovered fields in the UK North Sea, they believe that they are well positioned to achieve their 2021 mission. Their main focus over the next three years will entail:
• Enhancing production at the Anasuria and North Sabah fields;
• Converting their 2C Resources, particularly in Marigold and Sunflower into producing 2P Reserves;
• High-grading exploration prospects and progressing discussions on sharing nearby available infrastructure to monetise the West Seahorse development asset; and,
• Continuing to look for opportunities to grow their asset base mainly in or around the areas of their geographic focus.
Claims Against Rex Companies and Other Parties:
The rights and legal position of the Group are fully reserved against the Rex Companies and all other parties in connection with those investments. The Group will continue to pursue appropriate legal, regulatory and other avenues to (among others) seek compensation for wrongs committed against the Group.
Their target has been to deliver approximately 2.7 to 3.0 million bbls of oil from their two producing assets in the Current Year. They have exceeded this target and have sold approximately 3.3 million bbls of crude oil across both assets in the Current Year with five offtakes coming from Anasuria, and a further seven offtakes from North Sabah.
The Group has seen oil prices at various price levels, on some occasions lower and other times, higher than at the current time, but the Group has managed to remain profitable throughout these fluctuations. This is primarily because their average unit production costs for both the Anasuria and North Sabah assets have been below the average realised oil price at the relevant times. The careful management of costs to maintain low operational expenditure and the successful execution of production enhancement projects are, therefore, key towards achieving low unit production costs and the delivery of a continued healthy EBITDA.
Their asset teams from both Anasuria and North Sabah are targeting to execute production enhancement projects that could potentially enhance their net oil production rate to over 12,000 bbls per day by 2021. Several of these production enhancement projects are currently being executed. They have an aggressive capital investment programme to arrest the natural decline in production and enhance production with a total of nine firm wells to be drilled across the Group in 2019.
In Anasuria, the first phase of the Cook WI project to drill one water injection well has been completed and they are currently undertaking the second phase to tie-in the well to the Anasuria FPSO. The GUA-P1 ST project to drill one side-track well has commenced execution and is expected to complete in the Next Quarter.
In North Sabah, the St Joseph Infill Drilling project commenced on 22 May 2019 with the objective of drilling three infill wells. All three infill wells have been drilled and the project completed in August 2019. The combined flowrate of the three wells – SJ‐105A, SJ-105C and SJ-105B – tested at over 3,200 bbls per day (subject to the approval of PETRONAS). This exceeded the combined pre-drill expectations of approximately 2,600 bbls per day. The St Joseph Infill Drilling project is expected to LoF gross reserves of 2.77 MMstb. The SF30 Infill Drilling project to drill a further three infill wells and the recently sanctioned SF30 Waterflood Phase 1 project to drill one water injection well are on track for execution in 2019. The Group has articulated its mission until 2021 and they are pleased to have achieved several critical milestones that are key towards the successful delivery of their goals.
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