Hibiscus Petroleum active, up 3.85% on achieving first oil in North Sabah PSC

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KUALA LUMPUR (July 25): Hibiscus Petroleum Bhd shares rose 3.85% in active trade this morning after its unit SEA Hibiscus Sdn Bhd successfully achieved first oil after drilling and completing the SJ-105A well on July 16, which is part of the North Sabah Production Sharing Contract (North Sabah PSC).

At 9.07am, Hibiscus rose 4 sen to RM1.08 with 5.98 million shares done for a market capitalisation of RM1.72 billion.

This is the first of three infill wells being drilled as part of the St Joseph infill drilling project in Malaysia, which is part of the 2011 North Sabah Enhanced Oil Recovery PSC.

SEA Hibiscus assumed operatorship of the North Sabah PSC on March 31, 2018, as a 50% joint-venture (JV) working interest partner with Petronas Carigali Sdn Bhd.