KUALA LUMPUR (Mar 1): Having achieved eight consecutive quarters of profitability now, oil and gas (O&G) exploration and production player Hibiscus Petroleum Bhd said it will remain focused on project execution for the remainder of the year.

“I think this is a year for both the big and small O&G companies, but more actively in project execution, as while the oil prices are up, the services rates are still relatively low,” its managing director Kenneth Pereira told reporters after its extraordinary general meeting here today.

For the remaining of the 2018, the group said today it will be cautious on mergers and acquisition (M&A) while remaining focused on the execution of its projects within geographical areas it currently has presence in.

Hibiscus is currently in the midst of concluding its North Sabah asset acquisition by end of the month, barring any unforeseen circumstances.

"I will not talk about its earnings, but we hope that, barring any unforeseen circumstances, [the deal] will completed by March 31 this year. All the necessary papers have been signed between ourselves, Petronas, and Shell," said its chairman Zainul Rahim Mohd Zain.

The group also is planning for the commencement of the drilling of a well for its Anasuria cluster concession off the United Kingdom North Sea this May, which Pereira said will bring “material effects” on results of the project starting next financial year.

By the end of this year, combined production for both its Anasuria cluster — excluding the new well — and the North Sabah asset — given timely completion the acquisition — is expected to be between the range of 8,000 and 9,000 barrels per day.

At noon break, shares in Hibiscus stood three sen or 3.21% higher at 96.5 sen with 40.53 million shares traded, valuing the group at a a market capitalisation of RM1.53 billion.