[HIBISCUS PETROLEUM BHD：到2021年，潜在地将其石油净产量提高到每天超过12,000桶；他们的目标是，截至2020年6月30日的当前财政年度（“ 2020财年”）将从其两个生产资产中运送约330至350万桶石油]

非流动资产：
截至2019年12月31日，这集团的非流动资产为21.485亿令吉，而2019年6月30日则为19.829亿令吉。增长主要是由于本期间投资于北沙巴和阿纳苏里亚的资本支出所致。

在North Sabah花了1.388亿令吉，主要用于South Furious 30 Infill Drilling和St Joseph Infill Drilling项目，分别达6420万令吉和5130万令吉。此外，Petroliam Nasional Berhad（“ PETRONAS”）于2019年10月17日批准了South Furious 30 Water Flood第一阶段项目开发计划，该计划涉及钻探和完成one infill water injection well，以进行储层再加压，以将water injection pressure support有助于进一步定义full field water injection项目。在water injector的钻探工作于2019年11月完成之后，在本季度开始进行顶部改造工作。

投资于Anasuria资产的资本支出计划包括用于GUA-P1 ST项目的5,990万令吉。Cook Water Injection (“Cook WI”)项目又投资了1,620万令吉，而Marigold和Sunflower油田已花约450万令吉。

流动资产：
流动资产从2019年6月30日的4.103亿令吉略增至2019年12月31日的4.193亿令吉。SEA Hibiscus和Anasuria Hibiscus UK的经营相关应收款项净额分别增加了约6,170万令吉和1,080万令吉；主要原因是，各自的合资伙伴应偿还实体经营的不同资产的较高金额，这些资产截至2019年12月31日尚未偿还。

此外，贸易应收账款余额增加了4940万令吉，至1.143亿令吉，而2019年6月30日为6490万令吉。2019年12月底，北沙巴资产的原油承购收入（约占在本期的1亿令吉）尚未收到。

权益总额：
本季度的总股本增加5260万令吉，主要是由于Anasuria和North Sabah资产产生的净收益。

北沙巴：
在本季度，北沙巴部门的EBITDA为1.099亿令吉，相比之下，上一季度则为4,650万令吉。在本季度中，SEA Hibiscus出售了两批货物中的671,452桶原油，而上一季度中只有一船的334,613桶。本季度实现的平均油价为每桶70.19美元，而上一季度为63.63美元。因此，本季度产生的收入为1.959亿令吉，是前一季度所确认的8890万令吉的两倍（增加了1.07亿令吉）。

因此，该部门在本季度实现的EBITDA较上一季度实现的6,330万令吉来得高。本季度北沙巴生产设施的平均正常运行时间为93％，而上一季度为85％，这是由于前一个季度在计划中的维修活动在South Furious，Barton和St Joseph and infill drilling活动停产之后恢复的正常运营。因此，平均石油总产量增长了约20％（从上一季度的每天14,234桶到本季度的每天17,076桶）。平均总石油产量的增长还归因于St Joseph Infill Drilling和South Furious 30 Infill Drilling项目的完成。这些都导致每桶平均OPEX从上一季度的15.33美元降至本季度的12.23美元。本季度的EBITDA利润率也从上一季度的52.3％增至56.1％。

Anasuria Hibiscus：
本季度录得的收入为7500万令吉，而前一季度的收入为6,930万令吉。 570万令吉的增加是由于平均实现油价较高。本季度原油承购的平均实现油价为每桶68.67美元，而上一季度则为58.41美元。

与上一季度（分别达到77％和26.04美元）相比，本季度的平均正常运行时间和平均每桶油当量运营费用分别为85％和22.64美元。此外，平均每日石油产量比上一季度高出约24％，从上一季度的每天2,386桶到本季度的每天2,968桶。因此，毛利从上一季度的3,550万令吉增加1,310万令吉，至本季度的4,860万令吉。收入的毛利率也有所提高，从上一季度的51.2％增至本季度的64.8％。

3D油，VIC / L31和VIC / P57：
在本季度，该部门录得90万令吉的PAT，而上一季度的LAT为150万令吉。

投资控股和团体活动：
本部门在本季度录得LAT轻微增加到440万令吉，而前一个季度的LAT为400万令吉。

前景：
这集团在过去经历到油价处于各种价格水平，有时甚至低于当前，有时甚至更高，但这集团能在这些波动中保持盈利。这主要是因为他们在Anasuria和North Sabah资产的平均单位生产成本均低于相关时期的平均实际油价。因此，认真控制成本以保持较低的运营支出以及成功执行增产项目是实现较低的单位生产成本和实现持续健康EBITDA的关键。

他们来自安纳苏里亚和北沙巴的资产团队的目标是执行增产项目，到2021年，潜在地将其石油净产量提高到每天超过12,000桶。他们的目标是，截至2020年6月30日的当前财政年度（“ 2020财年”）将从其两个生产资产中运送约330至350万桶石油。在2020财年上半年，他们在这两种资产中售出了约150万桶原油，其中Anasuria Cluster产生了两次承购，North Sabah产生了另外3次承购。如果没有不可预见的情况，他们认为他们有望实现2020财年的承购目标。

在北沙巴，St Joseph Infill Drilling和SF30 Infill Drilling项目使本季度的平均石油总产量增长了20％。他们正在努力完成其2020年钻井计划，该计划包括针对Major and Minor Sands的St Joseph field的infill wells。

在Anasuria集群中，已成功完成了在最近钻的GUA-P1侧井井上安装gas lift jumper的工作，目前正在监控该井的沙子和H2S的生产。最近，该井的gas lifting已经开始，因此可以提高产量。在运营上，他们正在认真审查他们的运营策略，维护系统和组织能力，以作为认真管理成本的总体计划的一部分。目前正在计划到2021年6月30日结束的财政年度进行Anasuria FPSO的40天offshore turnaround，以提高Anasuria FPSO的可靠性和完整性，并不断确保安全的工作环境。该turnaround范围还包括几个较小的生产改进项目。专家组已明确表述了其使命，直到2021年，他们将继续朝着成功实现其目标的关键里程碑迈进。
-----------------------------
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 RM2.20 (dividend RM0.025) in 1 year 6 months 21 days, total return is 211.1%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM2.18 (dividend RM0.04) in 1 year 8 months 3 days, total return is 179.2%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.20 (adjusted)(dividend RM0.01) in 9 months 2 days, total return is 152.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.28 in 1 year 1 month 13 days, total return is 122.6%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.675 in 6 months 8 days, total return is 48.4%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.16 (dividends RM0.113) in 1 Year 4 months 26 days, total return is 43%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.58 (dividend RM0.105) in 1 Year 3 months 15 days, total return is 32.7%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.04 (dividend RM0.015) in 1 Year 2 months 17 days, total return is 31.9%

i) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.18 in 8 months 4 days, total return is 31.1%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.20 (dividend RM0.018) in 1 Year 2 months 10 days, total return is 26.2%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人，可以通过jamesngshare@gmail.com 或我的FB页面与我联系。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

3月21日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心

3月29日星期日：Hotel Sri Petaling, KL 3份点心

4月19日星期日：AG Hotel Penang, George Town 2份点心

2)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐

3月22日星期日：Silka Johor Bahru Hotel, Johor Bahru

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4月18日星期六：AG Hotel Penang, George Town

有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[HIBISCUS PETROLEUM BHD: potentially enhance their net oil production rate to over 12,000 bbls per day by 2021; their target for the current financial year ending 30 June 2020 (“FY2020”) is to deliver approximately 3.3 to 3.5 million bbls of oil from their two producing assets]

Non-current Assets:
The Group’s non-current assets as at 31 December 2019 amounted to RM2,148.5 million compared to RM1,982.9 million as at 30 June 2019. The increase was mainly driven by capital expenditure invested for both the North Sabah and Anasuria assets during the Current Period.

RM138.8 million was incurred in North Sabah, largely for the South Furious 30 Infill Drilling and the St Joseph Infill Drilling projects which amounted to RM64.2 million and RM51.3 million respectively. In addition, Petroliam Nasional Berhad (“PETRONAS”) had on 17 October 2019 approved the South Furious 30 Water Flood Phase 1 project development plan which entails the drilling and completion of one infill water injection well intended for reservoir re-pressurization to scope out the effectiveness of water injection pressure support to help further define the full field water injection project. Following the completion of the drilling of the water injector in November 2019, topside modification work commenced during the Current Quarter.

Capital expenditure programs invested in the Anasuria asset included RM59.9 million for the GUA-P1 ST project. A further RM16.2 million was invested for the Cook Water Injection (“Cook WI”) project and approximately RM4.5 million has been incurred for the Marigold and Sunflower fields.

Current Assets:
Current assets increased marginally from RM410.3 million as at 30 June 2019 to RM419.3 million as at 31 December 2019. Net operational-related receivables in SEA Hibiscus and Anasuria Hibiscus UK increased by approximately RM61.7 million and RM10.8 million respectively, mainly driven by higher amounts to be reimbursed by the respective joint venture partners for the different assets operated in each entity, which were outstanding as at 31 December 2019.

In addition, trade receivables balance increased by RM49.4 million to RM114.3 million compared to RM64.9 million as at 30 June 2019. Proceeds from the crude oil offtake at the end of December 2019 from the North Sabah asset (amounting to approximately RM100.0 million) had not been received at the end of the Current Period.

Total Equity:
The increase in total equity during the Current Quarter by RM52.6 million was mainly attributable to net earnings generated from both the Anasuria and North Sabah assets.

North Sabah:
In the Current Quarter, the North Sabah segment recorded an EBITDA of RM109.9 million as compared to RM46.5 million in the Preceding Quarter. SEA Hibiscus sold 671,452 bbls of crude oil in two cargoes during the Current Quarter as compared to 334,613 bbls from one cargo in the Preceding Quarter. Average realised oil price achieved in the Current Quarter was USD70.19 per bbl whilst USD63.63 per bbl was achieved in the Preceding Quarter. As a result, revenue generated in the Current Quarter of RM195.9 million was more than double that recognised in the Preceding Quarter of RM88.9 million (an increase of RM107.0 million).

Accordingly, EBITDA achieved by the segment in the Current Quarter exceeded that achieved in the Preceding Quarter by RM63.3 million. Average uptime in the North Sabah production facilities in the Current Quarter was 93% compared to 85% in the Preceding Quarter, due to the resumption of normal operations following the shutdown for planned maintenance activities, performed at the offshore platforms at South Furious, Barton and St Joseph and infill drilling activities in the Preceding Quarter. Consequently, average gross oil production increased by approximately 20% (from 14,234 bbl per day in the Preceding Quarter to 17,076 bbl per day in the Current Quarter). The increase in average gross oil production was also attributable to new oil produced from the completed St Joseph Infill Drilling and South Furious 30 Infill Drilling projects. These have all resulted in average OPEX per bbl decreasing from USD15.33 in the Preceding Quarter to USD12.23 in the Current Quarter. EBITDA margin also improved to 56.1% in the Current Quarter compared to 52.3% in the Preceding Quarter.

Anasuria Hibiscus:
Revenue recorded in the Current Quarter amounted to RM75.0 million compared to the Preceding Quarter’s revenue of RM69.3 million. The increase of RM5.7 million was due to a higher average realised oil price. Average realised oil price for the crude oil offtake in the Current Quarter was USD68.67 per bbl while in the Preceding Quarter, USD58.41 per bbl was realised.

Average uptime and average OPEX per boe in the Current Quarter of 85% and USD22.64 respectively were more favourable when compared to the Preceding Quarter, when the respective metrics attained were 77% and USD26.04 respectively. In addition, average daily oil production rate was higher than that in the Preceding Quarter by approximately 24%, from 2,386 bbl per day in the Preceding Quarter to 2,968 bbl per day in the Current Quarter. Accordingly, gross profit increased by RM13.1 million from RM35.5 million in the Preceding Quarter to RM48.6 million in the Current Quarter. Gross profit margin over revenue also improved, from 51.2% in the Preceding Quarter to 64.8% in the Current Quarter.

3D Oil, VIC/L31 & VIC/P57:
During the Current Quarter, the segment recorded a PAT of RM0.9 million as compared to a LAT of RM1.5 million in the Preceding Quarter.

Investment holding and group activities:
This segment recorded a marginal increase in LAT in the Current Quarter of RM4.4 million, from a LAT of RM4.0 million in the Preceding Quarter.

Prospects:
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. Their target for the current financial year ending 30 June 2020 (“FY2020”) is to deliver approximately 3.3 to 3.5 million bbls of oil from their two producing assets. In the first half of FY2020, they have sold approximately 1.5 million bbls of crude oil across both assets with two offtakes coming from the Anasuria Cluster and a further three offtakes from North Sabah. Barring unforeseen circumstances, they believe that they are on track to achieve their offtake target for FY2020.

In North Sabah, the St Joseph Infill Drilling and SF30 Infill Drilling projects have contributed to a 20% increase in the average gross oil production in the Current Quarter. Work is ongoing towards maturing their 2020 drilling program which is comprised of infill wells at the St Joseph field, targeting the Major and Minor Sands.

In the Anasuria Cluster, installation of a gas lift jumper to the recently drilled GUA-P1 side-track well was successfully completed, with the well currently being monitored for sand and H2S production. More recently, gas lifting of this well has commenced, thus allowing future enhanced production. Operationally, a significant review of their operating strategies, maintenance systems, and organisational capability is underway as part of an overall initiative to carefully manage costs. Planning is ongoing for a 40-day offshore turnaround of the Anasuria FPSO for the financial year ending 30 June 2021 to improve the reliability and integrity of the Anasuria FPSO as well as to continuously ensure a safe working environment. Several minor production enhancement projects are also included in the scope of this turnaround. The Group has articulated its mission until 2021 and they will continue towards achieving critical milestones that are key towards the successful delivery of their goals.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng