KUALA LUMPUR (Aug 23): An independent evaluation of Hibiscus Petroleum Bhd’s 50%-owned Anasuria Cluster off the North Sea in UK has revealed an estimated 24.4 million barrels of oil reserves (mmbbls) and 17.5 billion standard cubic feet of gas reserves.

In a bourse filing, Hibiscus said the evaluation was done by Leap Energy Partners Sdn Bhd (Leap Energy), which was appointed by Hibiscus’ wholly-owned subsidiary Anasuria Hibiscus UK Ltd (AHUK) on May 28 this year.

It said that the result is based on July 1, the effective date.

AHUK holds a 50% interest in the Anasuria Cluster which is made up of Teal, Teal South and Guillemot fields, and 19.3% interest in the Cook field.

Hibiscus Petroleum had previously disclosed 2P Reserves of oil and gas net to AHUK as of 1 March 2016 of 20.3 mmbbl and 14.2 bscf, respectively, based on a reserves report issued in June 2016 prepared by RPS Energy Consultants Ltd.

Leap Energy’s economic valuation was based on net present value with a discount rate of 10%, zero inflation rate (no yearly adjustment to capital expenditure and operational expenditure) to the projected cash flow of Anasuria Cluster, and other assumptions.

Leap Energy is an independent consultancy specialising in petroleum reservoir assessment and asset evaluation. The evaluation was supervised by its managing director Laurent Alessio.

Hibiscus rose to a six-month high to close four sen or 4.08% higher at RM1.02 for a market capitalisation of RM1.62 billion.

It was the third highest active stock with some 53.04 million shares traded or more than its 200-day average of 36.1 million.