PETALING JAYA (Dec 4): Hibiscus Petroleum Bhd said it is working towards achieving net production of between 10,000 and 12,000 barrels (bbl) of oil per day for both its Anasuria cluster and North Sabah Production Sharing Contract by the end of FY20.

The group is currently producing up to 9000 bbls per day for both, its managing director Dr Kenneth Pereira said. 

For FY19, the company intends to deliver total oil production attributable to the group of about 2.7 to 3 million barrels of oil (mmbbls).

On capital expenditure, Pereira said the group will be spending close to RM200 million on the two fields for FY19.

"We will be spending about US$30 million this year on development at Anasuria, whereas we will spend about RM70 million for North Sabah," Pereira told reporters at a media briefing, after the group's annual general meeting earlier today. 

As at Sept 30, 2018, the group has total cash balances of RM302 million and operates with no debt.

However Pereira said the group does not discount the possibility of debt or equity fundraising in the near future.

At noon close, shares of Hibiscus closed down 2 sen or 1.85% to RM1.06, for a market value of RM1.68 billion.