KUALA LUMPUR: Hibiscus Petroleum Bhd is aiming daily oil output up to 5,000 barrels from its Anasuria Cluster of oil and gas fields situated in the United Kingdom Continental Shelf.
"We aim to increase production at the Anasuria asset by up to 56 per cent to 5,000 barrels per day by the financial year ending June 2019 from 3,204 barrels per day as at June 2017," Hibiscus Petroleum managing director Dr Kenneth Gerard Pereira said, in a statement, today.
"We hope to maintain at least 85 per cent average facility uptime at Anasuria cluster. This would help the company maintain cost of production at US$15.4 per barrel at least through this financial year ending June 2018,” he said.
"The current oil price is a sweet spot for us," he said adding that the company is comfortable under this operating environment.
Hibiscus Petroleum estimates global Brent crude oil price to stay between US$58 per barrel and US$68 a barrel.
Separately, there was a 31-day scheduled maintenance shutdown for the group's floating platform storage and offloading (Anasuria FPSO) facility from mid-September to mid-October, which was completed according to schedule.
It is expected to improve the average unplanned facilities uptime of the Anasuria FPSO facilities up to 90per cent post-shutdown.
Pereira stressed that all these enhancements have resulted in an improved safety and health environment.
In the last two years, Hibiscus Petroleum's share price has doubled to 73 sen, despite two rounds of private placement of new shares.
To date, its market capitalisation has increased from RM435 million in November 2016 to RM1.13 billion.