Ana­suria Clus­ter pumps up Hibis­cus Petroleum Q1’s net profit

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Hibis­cus Petroleum Bhd’s net profit for the first quar­ter ended Sept 30, 2016 soared to RM80.28 mil­lion from RM4.75 mil­lion a year ago due to the sale of oil and gas prod­ucts from the Ana­suria Clus­ter.

In a fil­ing with Bursa Malaysia last Fri­day, the com­pany said the Ana­suria Clus­ter gen­er­ated rev­enue and gross profit of RM53.7 mil­lion and RM28.5 mil­lion re­spec­tively. Rev­enue for the quar­ter jumped to RM54.75 mil­lion from RM245,000 a year ago.

The com­pany said over 271,000 bar­rels of oil pro­duced from the var­i­ous fields within the Ana­suria Clus­ter were sold at a re­alised price of US$45.21 per bar­rel, con­tribut­ing to a rev­enue of RM53.7 mil­lion while av­er­age pro­duc­tion stood at over 3,400 bar­rels of oil equiv­a­lent per day (boe). Op­er­a­tional ex­pen­di­ture per boe of the Ana­suria Cluser was recorded at US$18.39 in the quar­ter.

“We have now been jointly op­er­at­ing the Ana­suria as­set for more than six months. It is a float­ing in­stal­la­tion lo­cated in the UK sec­tor of the North Sea and it is sat­is­fy­ing to per­form this task prof­itably in the cur­rent oil en­vi­ron­ment. We look for­ward to strength­en­ing oil prices and an im­proved per­for­mance of our com­pany go­ing for­ward,” its man­ag­ing di­rec­tor, Dr Ken­neth Pereira, said.

The com­pany com­pleted the ac­qui­si­tion of a 50% in­ter­est in the Ana­suria Clus­ter on March 10, 2016.

Mov­ing for­ward, the com­pany said its re­sults are un­der­pinned by the op­er­a­tional per­for­mance of the Ana­suria as­set, which de­pends on sev­eral fac­tors, namely the price of the crude oil bench­mark Brent; gas prices for the var­i­ous fields; ex­change rates be­tween the ring­git and the US dol­lar, pound ster­ling and Aus­tralian dol­lar; per­for­mance of the Ana­suria as­set; and man­age­ment of op­er­a­tional ex­penses.

For the Ana­suria Clus­ter, sev­eral projects have been iden­ti­fied for ex­e­cu­tion be­tween mid-2017 and mid-2018, which are ex­pected to en­hance pro­duc­tion vol­umes by bring­ing on stream petroleum re­sources that have al­ready been dis­cov­ered.

“Recog­nis­ing the fact that we are build­ing up our project ex­e­cu­tion ex­pe­ri­ence in the UK sec­tor of the North Sea, we shall ini­tially com­mence un­der­tak­ing ac­tiv­i­ties that are low in terms of tech­ni­cal com­plex­ity and busi­ness risk ex­po­sure,” it said.

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