Hibiscus Petroleum sees RM558m Ebitda in 2022 from Repsol deal

KUALA LUMPUR (June 4): Hibiscus Petroleum Bhd expects its daily oil and condensate production to double from 9,000 to 18,500 barrels per day next year after it has taken over five production sharing contracts from Spanish oil major Repsol.

The acquisition will cost Hibiscus US$212.5 million (RM879.5 million).

In the statement, Hibiscus said it estimated that the new asset purchased will generate approximately US$255 million total net undiscounted cash flows over the next five years.

It also highlighted that the estimated earnings before interest, taxes, depreciation and amortisation (Ebitda) contribution to the group is US$135 million for 2022.

The company’s indirect wholly-owned subsidiary, Peninsula Hibiscus Sdn Bhd had on Tuesday entered into a conditional sale and purchase agreement (SPA) with Repsol Exploración, S.A. for the proposed acquisition by Peninsula Hibiscus of the entire equity interest in Fortuna International Petroleum Corporation (FIPC).

FIPC owns stakes in four PSCs in Malaysia and one PSC in Vietnam.

The transaction includes a 35% interest in PM3 CAA PSC, 60% in 2012 Kinabalu Oil PSC, 60% in PM305 PSC and 60% in PM314 PSC offshore eastern Peninsular Malaysia, and 70% in Block 46 CN in Vietnam (a tie-back asset to the PM3 CAA production facilities).

Trading of Hibiscus shares is suspended from Wednesday until Friday in conjunction with the announcement. The counter last closed at 65.5 sen, valuing the group at RM1.3 billion. The stock will resume trading next Tuesday (June 8).

In a bourse filing today, the company said almost 50% of the FIPC Group’s production comprises gas.

“The addition of gas production is expected to present a better balance to the Hibiscus group’s asset portfolio in terms of price volatility, markets and operations,” it said.

According to the group, the actual breakdown of the source of funding will only be determined later, and will depend on, amongst others, the group’s cash reserves and future funding requirements.

Meanwhile, it said, the purchase price was arrived at on a willing-buyer willing-seller basis.

“The company anticipates completing the transaction in 2021. However, given that the effective date of the proposed acquisition is Jan 1 2021, all economic benefits and risks from that date will accrue to Hibiscus Petroleum,” Hibiscus said.

The acquisition will boost the company’s 2P net entitlement of daily gas production from 2 MMscf per day to 49 MMscf per day in 2022; meanwhile 2P oil and condensate reserves will be increased from 46 MMbbl to 67 MMbbl and 2P gas reserves would jump from 9 Bscf to 93 Bscf.

It added, the 2P oil, condensate and gas reserves are valued at US$285 million.

“Once completed, this acquisition will be transformational for us and bodes well for the business trajectory of Hibiscus Petroleum into its next phase of growth.

“Finally, we will be enhancing our geographical footprint and entering Vietnam and thus we look forward to developing a strong working relationship with PetroVietnam, both as a regulator and as our new partner,” said Hibiscus Petroleum Managing Director Dr Kenneth Pereira.

https://www.theedgemarkets.com/article/hibiscus-petroleum-sees-rm558m-ebitda-2022-repsol-deal

Abdul Kadier, a member of Serba Dinamik's audit and risk committee, withdrew his proposal to call for an EGM to remove KPMG as its auditor on Wednesday, three days after he sent the notice to Serba Dinamik on his proposal to replace KPMG with BDO PLT.

If you are a member of audit and risk committee, you should be one of the first to know if there is any risk to the company pertaining to the audit issue.

By now don't you think he suppose to be the one who selling the stake because he suppose to know the company having audit issue by now. But somehow he acted differently by buying a lot and more.

Dont you think it is weird ?

Now dont you think he know something that we dont know? Than why he is buy instead of selling ?

Ask yourself about it..

And oskchoon the best thing is Abdul Kadier is also

Abdul Kadier, a member of Serba Dinamik's audit and risk committee, withdrew his proposal to call for an EGM to remove KPMG as its auditor on Wednesday, three days after he sent the notice to Serba Dinamik on his proposal to replace KPMG with BDO PLT.

If you are a member of audit and risk committee, you should be one of the first to know if there is any risk to the company pertaining to the audit issue.

By now don't you think he suppose to be the one who is selling the stake because the company having audit issue by now. But somehow he acted differently by buying a lot and more.

Now dont you think he know something that we dont know? Than why he is buy instead of selling ?

Ask yourself about it..

EPF and PNB still holding a lot and only release small portion of their holdings. Sarawak Govt also buying and increase stake. Karim also buying. Kadier Non-stop buying and increase stake. KWAP selling their stake. Awang Daud selling a bit.Mutual Fund Selling a bit. Tabung Haji maintain.

As i suspected Kadier buying again. hahah habis la Karim. Karim need to increase stake if not he going to loss the battle. Kadier is ferocious.

To be honest i also kena average down. But okey la so far. I dont intended to sell my share at the moment. If it go down average down more. itu jer la.

aiyo government give chance until end of June to report FP during this MCO.Ambil la. rugi tak ambil.

Kadier buying more stake and now close to Karim.

i think open 76 sen also ok and terus naik until above 85 sen. If go above RM 1 is very good already.

Post removed.Why?

This will take Hibiscus from being a small Asian player to one of the majors in the region, beating Indonesia’s Medco Energi as a rival bidder for the assets.

Readul Islam, an Asia upstream specialist at Rystad Energy stated of the deal, “In the North Sea, there has been a pack of private equity-backed players willing to pick up stakes as the legacy players exit their positions. In this region, Hibiscus seems to be taking on that role pretty much single-handedly.”

https://oilprice.com/Energy/Energy-General/Are-Regional-Companies-Ready-To-Dominate-South-Asian-Oil-Markets.html

Hibiscus now in main news oilprice.com coverage

Are Regional Companies Ready To Dominate South Asian Oil Markets?

https://oilprice.com/Energy/Energy-General/Are-Regional-Companies-Ready-To-Dominate-South-Asian-Oil-Markets.html

Kadier are now increasing his shareholding. Gaps between Karim and Kadier become smaller day by day. very interesting.

Post removed.Why?

Now another news coming up to calm investor and give assurance to investor..that everything being taking care of and company doing everything to address the issue ...bla bla bla....everything for tomorrow push. hehehehe easy.

Serba Dinamik’s independent non-executive directors express concern over audit issue

In a statement posted on the group's website, the directors said the management, along with the board have taken initiatives to restore the situation including by appointing an independent firm "to assess the veracity and accuracy of the matters raised by the external auditors, independently and objectively, without the element of interference from any party, and to report results of the assessment to the established independent committee".

They stressed that committee will have no representation from the management to ensure its independence.

https://www.theedgemarkets.com/article/serba-dinamiks-independent-nonexecutive-directors-express-concern-over-audit-issue

heheheheh lets enjoy the movie tomorrow.

Fitch rating nothing la. its posted at 3 PM TODAY. By that time investor know already but price stable and yet is swing ups.

Come on even PETRONAS rating is downgrade. This one no isu la with oil and gas company as they are among the most affected by global C19 pandemic price collapse.

kPMG Announce Audit issue with Serba Dinamik

Share price going downhill

hahah bijak Abdul Kadier.He called for an EGM to vote on a resolution to remove KPMG and to appoint BDO as its new external auditor.

Share price again going downhill ----> He enter and buy more share

Abdul Kadier’s decision to withdraw the proposal to remove the Serba Dinamik’s external auditor KPMG.

Share price still going down but not that extreme (Investor take time to digest the news) ----> He enter again and buy more when its cheap

NOW he ups stake again to 16.17%.

hehheheh bijak.

publish on 8.03 PM the edge suddenly retrieve back news about Kadier Sahib keep increasing share holding . Adeh apa la. hehehe

Brent price better above 71 USD or 72 USD on Tuesday when Hibiscus open for treading. Hehehe baru ada powerful boost.

once reversal sign appear..apa lagik attackkk la. yang tak nak beli duduk tepi diam2. hahahah.

Ayo this downgrade nothing la. PETRONAS rating also downgrade ma. Aiyo. Apa la.

profit and revenue increase and very good.

More recently, Exxon Mobil Corp had put up its Malaysian assets for sale, with sources pegging the price tag at between US$2 billion and US$3 billion.

Exxon Mobil is reported to have shortlisted as many as three companies, including Hibiscus Petroleum Bhd and London-traded EnQuest Plc, while others speculated that PTTEP was also in the mix. More recent market banter has it that Hibiscus is leading the pack.

There seems to have been some delays, as Exxon Mobil was slated to announce the winner of the bidding late last year. The announcement was then said to have been pushed to end-February this year. So far, there has been no news on who the winner is.

This is another potential acquisition by Hibiscus within Q3 or Q4 this year.

what the whole week ke suspended. Adeh lama nyer nak tunggu. heheh

yeah i also think its more than 1 billion in size because respol got so many producing assets in Malaysia and Vietnam. You can imagine production only is between 20,000 boe/d and 30,000 boe/d.

dah kenyang makan dah at 0.09.Now tunggu jer hasil.now focus counter lain dulu.

Hibiscus enter new country and market Vietnam

Repsol said to be looking to exit Malaysia

https://www.theedgemarkets.com/article/repsol-said-be-looking-exit-malaysia

(So many oil filed up for graps by Hibiscus)

Repsol Sells E&P Assets in Malaysia, Vietnam to Hibiscus Petroleum

https://www.oedigital.com/news/488091-repsol-sells-e-p-assets-in-malaysia-vietnam-to-hibiscus-petroleum

Good Job Hibiscus getting 2% of Repsol’s global current net output.

https://www.thestar.com.my/business/business-news/2020/11/24/hibiscus-petroleum-on-acquisition-mode

Six month from the above news which is in june we should know already potential assets.Now we know

https://www.oedigital.com/news/488091-repsol-sells-e-p-assets-in-malaysia-vietnam-to-hibiscus-petroleum

fuh priva still standing and strong. power la.

fuh 1Q report superb.

adeh setan tol la. kena average down pulak. cis non stop going down.

this time lockdown slightly different from the first one because this time we closing our country when all commodities price shooting up like crazy. You name it. All when up very very high. Malaysia is commodities country and that is our advantage this time because else where economy become better especially our Major export market such as China, US, Europe,other Asia country and Middle east.

Aiyo this Rosland keep on selling la.

Aiyo KLLee you even know what is PN17. It cannot simply go into that category. All fintec company kaput la.

Habis woo.

its out of control already for Malaysia.

bila nak jadi sedania ni.hehehe. dah kenyang aku makan ni.

Hibiscus Petroleum Q3 Performance in Video Explanation

https://www.youtube.com/watch?v=Wtnp31wwnD4

Malaysia now has more Covid cases per million people than India

https://www.cnbc.com/2021/05/26/covid-malaysia-now-has-more-cases-per-million-people-than-india.html

will start looking at this

Malaysia now has more Covid cases per million people than India

https://www.cnbc.com/2021/05/26/covid-malaysia-now-has-more-cases-per-million-people-than-india.html

hibiscus doing very well also cannot go up woo. bursa casino is very weird.

huh nak masuk ke tak. heheh in dilema. or wait and see. haiya.

Chip crisis in 'danger zone' as wait times reach new record

https://www.theedgemarkets.com/article/chip-crisis-danger-zone-wait-times-reach-new-record

i thought they suppose to push tomorrow. Awal pulak diorang push.

sell everything. Israel now targeting HAMAS, TURKI, IRAN, QATAR & MALAYSIA.

https://www.youtube.com/watch?v=5OB2_-gaIO8

Wait after the case settle la. or the CFO return back if everything ok . Now better wait and see la.

The global chip shortage could last until 2023

https://www.cnbc.com/2021/05/12/the-global-chip-shortage-could-last-until-2023-.html

huraii got it. la la la la.

la la la good job Hibiscus. Lovely flower. heheheh. aiyo hoping for possible new assets coming in la.