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    Hibiscus Petroleum Completes Acquisition of The North Sabah PSC From Shell

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    WeR1 Consultants Pte Ltd
    Hibiscus Petroleum has completed its acquisition of a 50% participating interest in the North Sabah PSC from Shell. This provides Hibiscus Petroleum with a second revenue stream and increases its oil production and reserves. Operatorship of the North Sabah PSC assets was transferred from Shell to Hibiscus Petroleum's subsidiary SEA Hibiscus on March 31, 2018. The North Sabah PSC includes 20 offshore platforms producing oil from four fields located off the coast of Sabah, Malaysia, and will significantly boost Hibiscus Petroleum's production and reserves.

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    Hibiscus Petroleum Completes Acquisition of The North Sabah PSC From Shell

    Uploaded by

    WeR1 Consultants Pte Ltd
    176 views2 pages
    Hibiscus Petroleum has completed its acquisition of a 50% participating interest in the North Sabah PSC from Shell. This provides Hibiscus Petroleum with a second revenue stream and increases its oil production and reserves. Operatorship of the North Sabah PSC assets was transferred from Shell to Hibiscus Petroleum's subsidiary SEA Hibiscus on March 31, 2018. The North Sabah PSC includes 20 offshore platforms producing oil from four fields located off the coast of Sabah, Malaysia, and will significantly boost Hibiscus Petroleum's production and reserves.

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    Press release

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    Hibiscus Petroleum Completes Acquisition of the North Sabah PSC From Shell

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    Hibiscus Petroleum has completed its acquisition of a 50% participating interest in the North Sabah PSC from Shell. This provides Hibiscus Petroleum with a second revenue stream and increases its oil production and reserves. Operatorship of the North Sabah PSC assets was transferred from Shell to Hibiscus Petroleum's subsidiary SEA Hibiscus on March 31, 2018. The North Sabah PSC includes 20 offshore platforms producing oil from four fields located off the coast of Sabah, Malaysia, and will significantly boost Hibiscus Petroleum's production and reserves.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    176 views2 pages

    Hibiscus Petroleum Completes Acquisition of The North Sabah PSC From Shell

    Uploaded by

    WeR1 Consultants Pte Ltd
    Hibiscus Petroleum has completed its acquisition of a 50% participating interest in the North Sabah PSC from Shell. This provides Hibiscus Petroleum with a second revenue stream and increases its oil production and reserves. Operatorship of the North Sabah PSC assets was transferred from Shell to Hibiscus Petroleum's subsidiary SEA Hibiscus on March 31, 2018. The North Sabah PSC includes 20 offshore platforms producing oil from four fields located off the coast of Sabah, Malaysia, and will significantly boost Hibiscus Petroleum's production and reserves.

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    HIBISCUS PETROLEUM BERHAD - PRESS RELEASE

    Hibiscus Petroleum Completes Acquisition of the North Sabah PSC


    from Shell
    • Hibiscus Petroleum secures second revenue stream with completion of the transaction to
    acquire 50% participating interests in the North Sabah PSC from Shell.
    • Operatorship of the assets have been transferred from Shell to SEA Hibiscus.
    • Significant boost in Hibiscus Petroleum’s oil production and 2P Reserves.

    Kuala Lumpur, 2 April 2018 – 8.00a.m.


    Hibiscus Petroleum Berhad (“Hibiscus Petroleum” or the “Company” or the “Group”) is pleased to
    announce that its indirect wholly owned subsidiary SEA Hibiscus Sdn Bhd (“SEA Hibiscus”) has
    completed its acquisition of a 50% participating interest in the 2011 North Sabah Enhanced Oil
    Recovery Production Sharing Contract (“North Sabah PSC” or the “PSC”) and the joint operating
    agreement (“JOA”) in relation to the PSC.

    To recap, SEA Hibiscus had, on 12 October 2016, entered into a conditional sale and purchase
    agreement (“SPA”) with Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd
    (collectively “Shell”) to acquire Shell’s participating interests in the PSC between Petroliam Nasional
    Berhad (“PETRONAS”), Shell and PETRONAS Carigali Sdn Bhd (“PETRONAS Carigali”), and the JOA
    between Shell and PETRONAS Carigali for the total purchase consideration of US$25 million.

    The North Sabah PSC includes 20 offshore platforms across four producing fields located in the South
    China Sea, off the west coast of Sabah, and the Labuan Crude Oil Terminal located in the Labuan
    Federal Territory, in Malaysia. The fields have been producing since 1979 and the PSC provides the
    Group with operatorship and production rights up to 2040.

    Hibiscus Petroleum Chairman, En Zainul Rahim said, “We would like to thank all the parties involved
    especially PETRONAS, PETRONAS Carigali and Shell for their support which has enabled us to complete
    this acquisition. The North Sabah PSC constitutes our second producing asset, providing the Company
    with another revenue stream after the Anasuria Cluster. It is an exciting time for Hibiscus Petroleum
    as we expand and strengthen our technical and operating capabilities, profitability and balance sheet.
    This is an example of Hibiscus Petroleum’s strategy to grow shareholder value by focusing our activities
    on assets where we believe we can offer a unique value proposition to enhance production from
    mature assets in regions of our geographic focus.”

    Furthermore, the North Sabah PSC will significantly boost the Group’s production and proven and
    probable reserves
    HIBISCUS (2P Reserves).
    PETROLEUM BERHADOn ( 7a
    9 8100%
    2 2 - P ) PSC basis, the total oil production averaged approximately

    14.6
    58 kbbls/day
    Jalan Jelutongin 2017, with
    T: +62P
    03 Reserves
    2095 2999and contingent oil resources (2C Resources) as of 1 January
    Damansara Heights F: +3 03 2095 3999
    2018 at approximately 40.9
    50490 Kuala Lumpur
    mmbbls and 79 mmbbls, respectively.
    www.hibiscuspetroleum.com
    1
    Having met all the conditions precedent under the SPA, the transfer of operatorship from Shell to SEA
    Hibiscus concluded on 31 March 2018 and SEA Hibiscus thereby assumed the role of operator of the
    North Sabah PSC. As operator, SEA Hibiscus will be responsible for the day-to-day operations and
    management of the work activities of the assets within the North Sabah PSC.

    “We are pleased to welcome the highly capable team which has transferred from Shell to SEA Hibiscus
    and look forward to working closely with PETRONAS and PETRONAS Carigali to maximise the economic
    value of this asset. Whilst we are excited to develop the opportunities that have been identified to
    realise the considerable potential within the North Sabah PSC fields, our focus will be to improve the
    performance of the asset in a safe and environmentally responsible manner,” said Dr Pascal Hos, Chief
    Executive Officer of SEA Hibiscus.

    For enquiries, kindly contact:

    Head Office Investors and Media


    HIBISCUS PETROLEUM BERHAD (798322-P) Investor Relations Team
    2nd Floor, Syed Kechik Foundation Building ir@hibiscuspetroleum.com
    Jalan Kapas, Bangsar www.hibiscuspetroleum.com
    59100 Kuala Lumpur
    Tel: +6 03 2092 1300 Fax: +6 03 2092 1301

    About Hibiscus Petroleum Berhad


    Hibiscus Petroleum Berhad (Hibiscus Petroleum) is Malaysia’s first listed independent oil and gas
    exploration and production company. Its key activities are focused on monetising its oil producing
    fields and growing its portfolio of development and production assets in areas of its geographical
    focus: United Kingdom, Malaysia and Australia. Hibiscus Petroleum is headquartered in Kuala Lumpur,
    and its shares are listed on the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities).

    For more information, please refer to http://www.hibiscuspetroleum.com

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