(Alliance News) - Investment firm Polo Resources Ltd said Wednesday that 8.8% investee Hibiscus Petroleum Berhad announced improved oil production in the second quarter of its financial year.
For the three months to the end of December, the Malaysian oil & gas firm said that average oil production from its North Sabah asset rose by 20% from the previous quarter, delivered through infill drilling projects as part of an aggressive production enhancement programme.
The programme involved the drilling of nine wells in Malaysia and the UK.
Financially, Hibiscus reported earnings before interest, taxes, depreciation and amortisation of MYR142.3 million, or USD33.6 million for the quarter, on revenue of MYR271.8 million, through the sale of 921,156 barrels of oil.
For the first quarter, Hibiscus reported Ebitda of MYR77.1 million, on revenue of MYR159.3 million.
Looking ahead, Hibiscus said it is on-track to deliver between 3.3 to 3.5 million barrels of oil for the year ending June.
"The increased production from our North Sabah asset is testament to work the group has put in together with our joint venture partner Petronas Carigali, and keeps us on track towards achieving our 2021 Mission. Further plans are being finalised to drill additional wells in North Sabah as part of our calendar year 2020 production enhancement projects," said Hibiscus Managing Director Kenneth Pereira.
"We will also continue to position ourselves for high-quality acquisitions in our areas of geographic focus and look forward to the potential growth they may bring," Pereira added.
Shares in Polo Resources were down 3.9% at 3.04 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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