Hibiscus discloses North Sabah Fields reserves, contingent resources

This article first appeared in The Edge Financial Daily, on January 17, 2019.
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KUALA LUMPUR: Hibiscus Petroleum Bhd said yesterday that as of Dec 31, 2018, the gross proved plus probable reserves (2P reserves) and the gross contingent resources (2C resources) of oil in the North Sabah Fields were estimated at 55.3 million stock tank barrels (MMstb), and 85.7 MMstb, respectively.

In a statement to Bursa Malaysia, Hibiscus Petroleum said its indirect wholly-owned subsidiary SEA Hibiscus Sdn Bhd (SEAH) on Nov 1, 2018 appointed RISC Advisory Pty Ltd to audit and assess the reserves and contingent resources within the North Sabah Fields’ Barton, St Joseph, South Furious and SF 30 oilfields under the North Sabah production-sharing contract (PSC), offshore Sabah.

RISC is an independent oil and gas consultancy specialising in reserve and resource evaluation, field development and valuation, technical advice and due diligence, said Hibiscus Petroleum.

“SEAH holds 50% participating interests in the North Sabah PSC and is the operator of the North Sabah Fields. Petronas Carigali Sdn Bhd holds the remaining participating interests in the

North Sabah PSC.

“On Oct 12, 2016, Hibiscus Petroleum had disclosed gross 2P reserves and gross 2C resources as of Jan 1, 2016 of 62 MMstb and 79 MMstb respectively, derived by independent technical valuer, RISC Operations Pty Ltd,” the group added.