Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 14): Hibiscus Petroleum Bhd’s shares climbed 4.54% on news its acquisition of Royal Dutch Shell Plc's 50% stake in the North Sabah oilfield will boost its oil production to 9000 barrels a day, from 4,000 barrels. 

The stock’s uptrend is also supported by a rebound in Brent crude oil price, which was up nine cents or 0.14% at US$62.81 per barrel.

At 2.40pm, Hibiscus’ share price was up 3.5 sen at 80.5 sen with 20.5 million shares done, for a market capitalisation of RM1.27 billion. The stock has risen 51.89% in a year. 

Bloomberg quoted Hibiscus managing director Kenneth Pereira as saying the North Sabah oilfield has a huge potential. 

“We can’t give any projection [on earnings]. It will more or less follow the trend of doubling up,” Pereira said. 

SJ Securities Sdn Bhd senior remisier Goh Kay Chong told theedgemarkets.com he noticed a major fund has started to buy the shares, with buying interest also prompted by the rebound in crude oil price.

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