KUALA LUMPUR: Hibiscus Petroleum Bhd’s net profit for the second quarter 2018 (Q2 2018) ended Dec 31, 2017, increased to RM11.04 million from RM10.66 million recorded in the previous corresponding period.
Quarterly revenue increased from RM62.83 million in Q2 2017 to RM76.01 million registered in the current quarter, mainly attributed to the higher average realised oil price of US$62.93 per barrel in the current quarter versus US$51.54 per barrel, previously.
In a filing with Bursa Malaysia today, Hibiscus said the increased profit was, in part, due to lower quarterly expenses.
Moving forward, Hisbiscus said it would focus on completing the 50 per cent acquisition in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract from Sabah Shell Petroleum Company Ltd, by March 31, 2018.
“Post completion of the North Sabah transaction, we will immediately focus on lowering unit production costs.
“We will also undertake a range of activities to ensure seamless integration of the North Sabah operations with our existing work processes and performance based operating culture,” it said.
The company announced on Feb 7, 2017 that it planned to increase the Anasuria Cluster production by 5,000 barrels of oil per day by 2020 with the GUA-P2 side-track drilling. – Bernama