The Press and Journal (Inverness, Highlands, and Islands)
Hibiscus toasts assets boom
Newcomer records 84% rise in valuation of North Sea acquisition
North Sea newcomer Hibiscus Petroleum, of Malaysia, is toasting an huge markup in the value of its assets in the region.
Posting results for the year to June30,2016, Kuala Lumpur-based Hibiscus said its stake in the Anasuria cluster in the central North Sea was worth nearly £158million, as of March 1.
The figure, generated by RPS Energy Consultants, is 84% higher than indicated in a previous valuation by the same consultancy in September 2015.
Hibiscus said the newtotal was based on “areas of oil and gas production profiles, oil price projections and revised operating and capital cost estimates.”
Oil prices have rebounded this year following a sharp slump in late 2014, with Brent crudenow fetching nearly $50 a barrel.
Hibiscus and fellow Malaysian company Ping Petroleum completed their acquisition of the Anasuria cluster from Shell and ExxonMobil earlier this year for close to £70million.
Hibiscus was the first independent oilandgascompany to l i s t on th e
“Oil prices have rebounded this year following a sharp slump in late 2014”
Malaysian stock exchange in 2011, after being founded in 2007. Ping Petroleum is a privately-owned firm headquartered in the tax haven of Bermuda, with an office in Kuala Lumpur.
The Anasuria assets are located 110 miles eastofAberdeen and comprise wholly-owned interests in the Anasuria floating production, storage and offloading vessel and the Teal, Teal South and Guillemot A fields, plus a 38.65% interest in the Cook field, which is operated by Ithaca Energy. In its latest annual results, Hibiscus – focused on exploration, developmentandproduction in the UK and Australia, said operating profits from Anasuria delivered a boost to business.
Pre-tax losses for 2015/16 came in at £10.6million, compared with £12.4million a year earlier, with revenue nearly 12 times higher at £15.8million.