Hibiscus Petroleum Unit Buys Stakes In Sabah Shell, Shell Sabah For US$25 Million

KUALA LUMPUR: Hibiscus Petroleum Bhd is buying Shell’s 50% equity interest in the 2011 North Sabah EOR Production Sharing Contract (PSC) for US$25 million.

Hibiscus said its wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, inked an agreement with Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd to acquire the 50% interest. The remaining 50% interest in the PSC is held by Petronas Carigali Sdn Bhd.

In a filing with Bursa Malaysia, Hibiscus said the US$25 million excludes post completion adjustments and reimbursement to Shell.

Shell’s interest also includes operatorship responsibilities which would transfer from Shell to the SEA Hibiscus through a transfer of operatorship programme, it said.

The PSC encompasses the Labuan Crude Oil Terminal (LCOT), and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah.

Hibiscus said the purchase is expected to be funded through internally-generated funds, as well as external financing or credit facility.

“This acquisition is in line with the growth strategy of the Group to invest in profitable development and producing business operations in our identified core geographical areas of interest,” said Hibiscus managing director Dr Kenneth Pereira.

“It also provides the group with immediate access to proven and probable oil & gas reserves with future potential upside,” he added in a statement.

The fields are reported by independent technical valuer RISC Operations Pty Ltd to be producing over 16,000 barrels of oil a day, and have an estimated remaining developed reserves of 62 million barrels as of April.

The PSC has production rights until 2040. Once resources are channelled towards future development opportunities already identified by Shell, the incremental resources which may be exploited is estimated to be up to 79 million barrels.

Hibiscus said the acquisition is expected to complete in 2017, subject to obtaining regulatory approval from Petroliam Nasional Bhd (Petronas) and consent from Petronas Carigali.

Meanwhile, Shell said in a statement that the transaction is part of its review of its upstream portfolio, to focus on acreage positions that hold or can reach the scale required.

It added that Malaysia continues to be an important country for Shell, and that its Sabah portfolio is contributing significantly to Malaysia’s economy through deep-water projects, like Gumusut-Kakap and Malikai.

57.67 usd..

Sumatec tomorrow 0.07/0.08/0.09/0.10

Everyday stay tune..big gap..i think..expected

Everyday i think..i think

0.57? 0.75?

Gone

Tomorrow?

Tomorrow please

Monday all in..sell house buy hibiscus

1 mth or 1 yr?

Everyday got contra player @musangfoxking.. Try luck..

Teka teki

56.77----------***60.00----------65.00***

Cut lost on monday? Above 0.55 will stuck?

Haha. Sorry..wrong house..

Please swap MAESTROz..dun q buy @ 0.095/0.10..

Monday..eat popcorn..eat finger..

Monday..eat popcorn..eat finger..

Next week 0.15?

Announcement?

Shark visit MLAB now

Show time @ 4.29-4.50

Drop to 0.60? Please advice..want to buy..

Ba ba black sheep have you any wool

Run quickly..

Please drop at 0.55/0.56/0.57/0.58.. Then close @ 0.60

Can q buy @ 0.65?

Friday public holiday

Tomorrow can buy@0.65?

Minyak semua naik..semua modal sudah masuk..esok masih pelangi?

Kopitiam sudah jadi restaurant

Naik minyak

0.80/0.90/1.06

Hanya tinggal retailer, contra player sj..
Mengharap rebound..
Makin junam..
Putus asa..
Rugi..

Coming

Volume

Show time?

Yes correct
Anzo = Mtouche = Mlab in the making..same patern..

Total valid acceptances

181,415,816

46.77%

Total valid excess applications

192,294,900

49.57%

Total valid acceptances and excess applications

373,710,716

96.34%

Total Rights Shares available for subscription

387,916,400

100.00%

Not subscribed for

14,205,684

3.66%

Distribute stage

Apa yg dikatakan sindiket saham?mereka ini ialah penggerak harga di pasaran saham.mereka juga ialah individu yg byk dana dan mereka juga akan deal dgn sesuatu company untuk menaikkan harga saham terutama syarikat yg buruk kewangannya di penny stock...Mereka selalu mencari company yg saham dipegang besar oleh pemegang saham agar proses ini tidak diganngu...

pada stage pertama mereka akan kumpul harga saham pada harga lowest sama ada 3bulan sehingga bertahun mengikut plan mereka..katakan mereka mengumpul pd harga 6sen kemungkinan berpuluh juta unit share.masa ni kelihatan kaunter itu sideaway dan tidur.

stage sterusnya mereka mula mewujudkan volume dan menaikkan harga..mereka membeli pula pd harga atas untuk menampkkan kaunter ini bergerak..mereka juga akan perutukkan untuk beli atas supaya retailer nampk harga saham ini naik dan trigger teknikal analysis..mereka juga ada chartis sendiri.

stage seterusnya mereka upah peranan media sebarkan rumour bahawa syarikat sudah bangun dr kejatuhan,mendapat projek besar,dan benda pada masa sama minat belian sudah ada mereka menaikkan lg harga saham..ketika ini harga saham itu sudah berada di top volume..maka retailer bekejaran beli..masa ini juga mereka mula dispose pegangan mereka berperingkat dan selang seli mebeli lg.

Fasa seterusnya distribute..masa ini mereka akan keluarkan news baik pasal company..apabila di waktu puncak vol dan pembelian dr retailer,masa ini mereka dispose semua share mereka...akhirnya game over apabila keluat satu morubuzo pjg dan hitam...

disini retailer hoping dan terus mengharap...akhirnya kecewa.

kaunter yg xda asas kewangan dan sentiasa loss every qr kena hati2..tgok 5 tahun previous chart bentuk V shape terbalik hati2.

peluang kita nk kenal sbelum harga penny naik ialah sy bg satu klu..apabila terjadi penukaran share volume besar tiba2,tetapi harga mantain atau candle kecil,itulah timing3...kemudian mereka akan main volume dan cara belian..

Tomorow 0.10-0.125

6c all in

Teka Sembang Lebat again

4 days more red

Sold

Open @ 0.15?

Esok teka lagi.. Naik atau Turun

Jom teka..
Naik
Turun
Tak Berubah