KUALA LUMPUR (Dec 6): Hibiscus Petroleum Bhd rose as high as 78 sen, shortly after noon market resumed today, equivalent to a gain of six sen or 8.3% from its closing price yesterday.

At 4:17pm, the stock, which was the most actively-traded counter with 67.42 million shares traded, pared some gains and was trading at 76 sen, up four sen or 5.56%. The current price gives it a market capitalisation of RM1.17 billion.

Hibiscus Petroleum has been on investors' radar after the group announced on Monday that it has received Petronas Carigali Sdn Bhd’s consent to acquire a 50% participating interests in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) from Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd’s (Shell).

Hibiscus said the PSC comprises four producing oil fields and associated infrastructure, namely St Joseph, South Furious, SF30, and Barton oil fields. It also contains pipeline infrastructure and the Labuan Crude Oil Terminal.

The PSC provides long-term production rights until 2040, with identified future developments opportunities.

Yesterday, Hibiscus also forecast an "encouraging" performance in its current financial year ending June 30, 2018 (FY18), if crude oil prices stay at current levels.