Quarterly Results: Highlights of The Second Quarter Results For The Period Ended 31 December 2019
Quarterly Results: Highlights of The Second Quarter Results For The Period Ended 31 December 2019
Quarterly Results: Highlights of The Second Quarter Results For The Period Ended 31 December 2019
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EBITDA/(LBITDA) 109,858 34,881 (2,421) 142,318 Gross Profit Margin 2Q FY2020 1Q FY2020
1 Others
include Group, Investment Holding and Australian activities |
5
5 USD/MYR average rate: 2Q FY2020: 4.150, 1Q FY2020: 4.177 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Historical Brent Crude Oil Price
100
2Q FY2019 3Q FY2019 4Q FY2019 1Q FY2020 2Q FY2020
90
Brent Crude Oil Price, USD/bbl
80
70
60
50
40
Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb-
2018 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020
• North Sabah’s EBITDA margins have maintained within a consistent range since acquisition despite
fluctuations in oil prices.
St Joseph Infill
• Drill 3 infill oil producing wells. • RM142.6 million Completed
Drilling
SF30 Infill
• Drill 3 infill oil producing wells. • RM129.2 million Completed
Drilling
SF30 Infill Drilling and Water Flood Phase 1 Projects Status Update
• Drilling commenced in August 2019 after the PVD-1 jack-up rig completed the St Joseph Infill Drilling Project.
• Successfully completed infill wells campaign with no incidents, including drilling of a side track to improve production
deliverability of the 3rd infill well. The SF30-2 and SF30-4 wells were tested at initial rates of approximately 1,100
bbl/day and 500 bbl/day respectively. The final well, SF30-6ST1 was drilled in November, following the drilling of the
SF30 Water Flood Phase 1 infill water injector.
• Successfully completed drilling and completion of the SF30 water injection well. Topsides facilities modifications efforts
are progressing smoothly, with first water injection expected in February via a Portable Water Injection Module.
• Of the RM55.0 million total for the SF30 Water Flood Phase 1, RM44.0 million was spent as of 31 December 2019, with
the remaining RM11.0 million to be spent in the financial quarter ending 31 March 2020.
Notes:
• Figures are based on 100% interest in the North Sabah PSC
• CAPEX is to be shared equally with our joint venture partner, PETRONAS Carigali Hibiscus Petroleum Berhad
11
Registration Number: 200701040290 (798322-P)
Awards Won
2020 PETRONAS Focused Recognition Awards
Highest Completion Uptime – Successfully designed,
planned and safely completed seven-well campaign
with an uptime of 99.7%, resulting in cost avoidance
of USD2 million
Dec-2022
First Oil
2021
Potential
farm-out
Dec-2020
OGA Approval
of FDP;
FID in place
Mid-2019
Complete
Concept Select
Oct-2018
Acquisition • Site Survey
Completion • FEED
• Tendering for
Facilities
Notes: OGA: Oil & Gas Authority FID: Final Investment Decision
Target milestones are based on Company’s internal targets. FDP: Field Development Plan FEED: Front-End Engineering Design
Transaction Rationale
12km
• Opportunity to aggregate 2C resources (from the
Crown discovery) at a competitive unit cost per barrel
and integrate these reserves as part of the Marigold Crown
area-wide development with the objective of
reducing overall unit development and production
costs.
As at As at As at As at As at
31 Dec 30 Sep 30 Jun 31 Mar 31 Dec
2019 (RM) 2019 (RM) 2019 (RM) 2019 (RM) 2018 (RM)
• Shareholders’ funds as at 31 December 2019 increased by RM52.6m when compared to 30 June 2019. Included in
Shareholders’ funds as at 31 December 2019 are Retained earnings of RM474.8m.
• The Group’s total cash and bank balances and total assets were at reasonably healthy levels. (Note: Total cash and bank
balances do not include approximately RM105m proceeds from the North Sabah December 2019 offtake (which was received in January
2020).)
• Over the course of the next 12 months, we anticipate that we shall undertake certain fundraising activities to ensure
that projects and opportunities that we have in hand, which are expected to enhance production and create value,
may be executed smoothly. The Group currently has no debt and we are in a position to gear up to a conservative level
as the need arises. We shall make the relevant disclosures as our plans mature.