Asset Portfolio

Hibiscus Petroleum holds operated interests in several concessions in the United Kingdom and Australia and a production sharing contract in Malaysia.

Our balanced portfolio consists of production, development and exploration assets.

United Kingdom

The United Kingdom (UK) Continental Shelf is home to Hibiscus Petroleum’s first producing asset – the Anasuria Cluster, a group of producing oil and gas fields and associated infrastructure. We jointly operate this asset via our jointly-controlled entity, Anasuria Operating Company Limited.

Expanding our footprint in the North Sea, we acquired the discovered oilfields called Marigold and Sunflower and expect this development asset to deliver a step change to our production volumes.

We added to the UK portfolio when we completed the acquisition of the Crown discovered oilfield, and most recently acquired interests in three new licences as part of the UK’s 32nd Offshore Licensing Round.

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Malaysia

The 2011 North Sabah Enhanced Recovery Production Sharing Contract (North Sabah PSC) – our first Malaysian Asset – has been under our operatorship now for two full financial years. Our wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, has been operator of the North Sabah PSC since 31 March 2018.

In FY2020, gross oil production saw a step change due to the success of various production enhancement projects. Further projects have been sanctioned to arrest natural decline and increase oil production.

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Australia

In the Bass Strait, we operate the VIC/L31 production licence and VIC/P57 exploration licence. We also has non-operated interested in the VIC/P74 exploration licence in the same area.

With the West Seahorse discovered oilfield, Australia holds significant exploration potential for Hibiscus Petroleum’s future development plans.

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Malaysia

Jurisdiction Malaysia
Fiscal System Production Sharing Contract (PSC)
Licence Name North Sabah PSC
2011 North Sabah Enhanced Oil Recovery Production Sharing Contract
Fields Producing:
St Joseph, South Furious, South Furious 30 (SF30), Barton
Licence Tenure 2040
Direct Interest 50.0%
Operatorship Operated
Asset Type Production
Facilities/Infrastructure 20 Platforms/Structures1, 142 Wells1, 1 Crude Oil Terminal
Net Oil Reserves and Resources (MMbbl) 2P Reserves: 24.62
2C Resources: 24.13
Net Gas Reserves and Resources (Bscf) –

United Kingdom

Jurisdiction United Kingdom
Fiscal System Concession
Licence Name Anasuria Cluster
P013 – Teal, Teal South, Guillemot A P185 – Cook P2535 – Block 21/24d P2532 – Blocks 21/19c & 21/20c
Fields Producing:
Teal, Teal South,
Guillemot A
Discovered:
Kite		 Producing:
Cook		 Discovered:
Teal West		 Prospects:
Cook West, Cook South, Cook North
Licence Tenure Life of Field Life of Field Life of Field Life of Field
Direct Interest 50.0% 19.3% 70.0% 19.3%
Operatorship Jointly-operated Non-operated Operated Non-operated
Asset Type Production Production Development Exploration
Facilities/Infrastructure 11 Subsea Wells, 1 FPSO 2 Subsea Wells (future) –
Net Oil Reserves and Resources (MMbbl) 2P Reserves: 21.54
2C Resources: 2.04		 Subsurface studies yet to commence Subsurface studies yet to commence
Net Gas Reserves and Resources (Bscf) 2P Reserves: 9.94
2C Resources: 1.64		 Subsurface studies yet to commence Subsurface studies yet to commence

 

Jurisdiction United Kingdom
Fiscal System Concession
Licence Name Marigold Cluster
P198 – Blocks 15/13a and 15/13b P2366 – Blocks 15/18d and 15/19b P2518 – Block 15/17a
Fields Discovered:
Marigold, Sunflower		 Discovered:
Crown		 Discovered:
Kildrummy
Licence Tenure Life of Field Life of Field Life of Field
Direct Interest 87.5% 100% 100%
Operatorship Operated Operated Operated
Asset Type Development Development Development
Facilities/Infrastructure 8 Subsea Wells, 1 FPSO (future) 1 Subsea Well (future) 1 Subsea Well (future)
Net Oil Reserves and Resources (MMbbl) 2C Resources: 43.65 2C Resources: 4.0 Subsurface studies yet to commence
Net Gas Reserves and Resources (Bscf) 2C Resources: 8.86 2C Resources: 7.66 Subsurface studies yet to commence

Australia

Jurisdiction Australia
Fiscal System Concession
Licence Name Bass Strait Cluster
VIC/L31 VIC/P57 VIC/P74
Fields Discovered:
West Seahorse		 Prospects:
Pointer, Felix		 –
Licence Tenure Life of Field8 2023 2025
Direct Interest 100% 75.1% 50%
Operatorship Operated Operated Non-operated
Asset Type Development Exploration Exploration
Facilities/Infrastructure – – –
Net Oil Reserves and Resources (MMbbl) 2C Resources: 8.06 Best estimate prospective resources:
12 (Felix)		 Subsurface studies ongoing
Net Gas Reserves and Resources (Bscf) – Best estimate prospective resources: 177 (Pointer) Subsurface studies ongoing

Notes:
1 As of January 2020.
2 As of 1 July 2020, based on net entitlement of SEA Hibiscus Sdn Bhd (SEA Hibiscus), derived from independent technical valuer, RISC Advisory Pty Ltd’s report dated January 2019, adjusted for actual production and internally estimated incremental reserves from executed projects in 2019 and for the 6 months ended 30 June 2020.
3 As of 1 July 2020, based on net entitlement of SEA Hibiscus, derived from independent technical valuer, RISC Advisory Pty Ltd’s report dated January 2019, less 2C contingent resources for executed projects in 2019 and for the 6 months ended 30 June 2020.
4 As of 1 July 2020, based on participating interest of Anasuria Hibiscus UK Limited (Anasuria Hibiscus), derived from Gaffney, Cline & Associates Limited’s report.
5 Based on participating interest of Anasuria Hibiscus as at 31 March 2021 and derived from RPS Energy Consultants Limited’s report as at 1 July 2020.
6 As of 1 July 2020, based on internal estimates.
7 Internal estimate – subject to further studies.
8 Subject to outcome of decision on whether to maintain existing production licence or apply for a retention lease. Licence tenure for a retention lease would be five years.

KEY

  • FPSO – Floating Production, Storage and Offloading vessel.
  • 2P Reserves – Proven and probable reserves.
  • 2C Reserves – Best estimate contingent resources.
  • Bscf – Billion standard cubic feet.

Our Assets


Notes:
1 As of January 2020.
2 As of 1 July 2020, based on net entitlement of SEA Hibiscus Sdn Bhd (SEA Hibiscus), derived from independent technical valuer, RISC Advisory Pty Ltd’s report dated January 2019, adjusted for actual production and internally estimated incremental reserves from executed projects in 2019 and for the 6 months ended 30 June 2020.
3 As of 1 July 2020, based on net entitlement of SEA Hibiscus, derived from independent technical valuer, RISC Advisory Pty Ltd’s report dated January 2019, less 2C contingent resources for executed projects in 2019 and for the 6 months ended 30 June 2020.
4 As of 1 July 2020, based on participating interest of Anasuria Hibiscus UK Limited (Anasuria Hibiscus), derived from Gaffney, Cline & Associates Limited’s report.
5 Based on participating interest of Anasuria Hibiscus as at 31 March 2021 and derived from RPS Energy Consultants Limited’s report as at 1 July 2020.
6 As of 1 July 2020, based on internal estimates.
7 Internal estimate – subject to further studies.
8 Subject to outcome of decision on whether to maintain existing production licence or apply for a retention lease. Licence tenure for a retention lease would be five years.

KEY

  • FPSO – Floating Production, Storage and Offloading vessel.
  • 2P Reserves – Proven and probable reserves.
  • 2C Reserves – Best estimate contingent resources.
  • Bscf – Billion standard cubic feet.