A quick look on the West Seahorse reserve based on theEdge article.

Quote: Australian Manufacturing, an online portal specializing in manufacturing-related news, reported on Sept 8 that Australian Minister for Industry, Innovation and Science Arthur Sinodinos confirmed that the Federal Government had renewed its major project status to the West Seahorse Project, which is located in the Gippsland Basin, off the coast of Victoria" Unquote. 

Reserve reported at 9.2 mmbbls.  AR stated 8.0 mmbbls with 6.5 mmbbls 2P and 1.5 mmbbls 2C.  

Reported capex of US$140m & a further US$100m over the life of the reservoir.   

CAPEX per barrel = 140/9.2 = US$15.22 per barrel with first oil probably only in 3 years.

Hibiscus, in their latest quarterly report dated 30 June 2017, stated that the management may delay seeking FID for a minimum of 3 years in favor of other more attractive investment options. 

Hibiscus should indeed channel their capital to the opportunities that generate larger economic benefits.   West Seahorse is a greenfield project, there is no existing infrastructure ready, hence development would probably take 2~3 years for the first oil.   Priorities should definitely given first to producing wells in Anasuria, later then to North Sabah after sorting out handover issues and stabilizing the operations.  

With capital so tight (just recently completed share placement for RM23.5m only), I would rather the management sell the West Seahorse, invested all the proceeding to accelerate the work programs in Anasuria & North Sabah. 

Disclaimer: 

1)  The author has no access to management of Hibiscus and the report was written purely based on the news reports, company statements and media releases together with industrial trade reports.  Verificacy of the report is based on best efforts and was subject to the author's knowledge inadequacies, assumptions used and the probabilistic nature of the future events.

2)  The author has position in Hibiscus and while trying to stay as objectively as possible but may still be influenced by subconscious confirmation and memory bias.