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April 21, 2015 9:59 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Hibiscus Petroleum Berhad

Company Overview

Hibiscus Petroleum Berhad, an investment holding company, explores, develops, and produces oil and gas. The company operates through Investment Holding; Lime; 3D Oil, VIC/L31 & VIC/P57; and HIREX segments. It is focusing on the development of small and medium-sized oil and gas fields in the Middle East, Norway, South Asia, East Asia, and Oceania regions. The company, through its interests in Lime Petroleum Plc, has 4 concessions, including RAK North Offshore, RAK South Onshore, and Sharjah Offshore concessions in the United Arab Emirates, as well as Block 50 in Oman; and 14 concessions in Norway. It also holds interests in VIC/P57 and VIC/L31 concessions located in the West Seahorse field in...

Syed Kechik Foundation Building

2nd Floor

Jalan Kapas

Bangsar

Kuala Lumpur,  59100

Malaysia

Founded in 2007

Phone:

60 3 2092 1300

Fax:

60 3 2092 1301

Key Executives for Hibiscus Petroleum Berhad

Hibiscus Petroleum Berhad does not have any Key Executives recorded.

Hibiscus Petroleum Berhad Key Developments

Hibiscus Petroleum Berhad Announces Change of Financial Year End

Hibiscus Petroleum Berhad announced change of financial year end. The company reported old financial year end on December 31, 2014 and the new financial year will end on June 30, 2015.

Hibiscus Petroleum Berhad Secures Enlarged Financing Facility for its 2015 Drilling Programme

Hibiscus Petroleum Berhad has secured an increase in the financing facility obtained from Skandinaviska Ensklida Banken AB (SEB) from NOK 300 million to NOK 700 million to fund its drilling programme in 2015. The SEB facility was first secured in December 2013.

Hibiscus Petroleum Berhad Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

Hibiscus Petroleum Berhad reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenue of MYR 2,379,000 compared to MYR 6,780,000, loss before taxation of MYR 10,634,000 compared to profit before taxation of MYR 8,215,000, loss after taxation attributable to owners of the company of MYR 10,658,000 or 1.20 sen per basic and diluted share compared to profit after taxation attributable to owners of the company of MYR 9,336,000 or 1.15 sen per diluted share for the last year. The corresponding quarter's profit before taxation was primarily due to the Reversal of Discovery Bonus of MYR 15.8 million. For the year, the company reported revenue of MYR 13,038,000 compared to MYR 15,657,000, loss before taxation of MYR 30,538,000 compared to profit before taxation of MYR 13,405,000, loss after taxation attributable to owners of the company of MYR 28,901,000 or 4.16 sen per basic and diluted share compared to profit after taxation attributable to owners of the company of MYR 14,496,000 or 1.86 sen per diluted share in last year. Net cash used in operating activities was MYR 10,235,000, Purchase of equipment was MYR 33,682,000 and acquisition of intangible assets was MYR 70,678,000. The profit before taxation in the corresponding year was mainly due to the reversal of discovery bonus payable and its related finance costs to Rex Middle East Ltd. of MYR 15.8 million arising from non-discovery of commercially viable hydrocarbons within the existing concessions in the Middle East held by Lime by 31 December 2013.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 27, 2014
Hibiscus Technical Services Sdn Bhd
Merger/Acquisition
June 20, 2014
Timor Hibiscus Limited
 

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