KUALA LUMPUR (Nov 20): Hibiscus Petroleum Bhd rose as much as 1.29% or 1 sen in an active trade this morning, after having hit its one-year record high early last week. 

At 11.00am, Hibiscus rose 0.65% or 0.5 sen to 78 sen, with 20.17 million shares traded. The stock had earlier risen to a high of 79 sen.

The company said last week that it targets to increase its oil production at the Anasuria cluster in the UK Central North Sea by up to 56% to 5,000 barrels per day (bpd) in the next two years, from 3,204 bpd in the financial year ended June 30, 2017 (FY17).

Managing director Dr Kenneth Gerard Pereira said the oil and gas (O&G) exploration and production group’s focus is to revitalise its mature assets, in order to ensure the group’s profitability.

“Our strategy is to grow by ‘sweating’ mature assets and developing proven opportunities within our portfolio. The recent project enhancements at the Anasuria cluster have given us the confidence to consider more complex execution of projects, with higher levels of production upside,” Pereira said.