KUALA LUMPUR (Jan 16): Hibiscus Petroleum Bhd said today that as of Dec 31, 2018, the gross proved plus probable reserves (2P reserves) and the gross contingent resources (2C resources) of oil in the North Sabah Fields were estimated at 55.3 million stock tank barrels (MMstb) and 85.7 MMstb respectively.

In a statement to Bursa Malaysia today, Hibiscus Petroleum said its indirect wholly-owned subsidiary SEA Hibiscus Sdn Bhd (SEAH) had on Nov 1, 2018, appointed RISC Advisory Pty Ltd to audit and assess the reserves and contingent resources within the North Sabah Fields' Barton, St Joseph, South Furious and SF 30 oil fields under the North Sabah production sharing contract (PSC), offshore Sabah.

"SEAH holds 50% participating interests in the North Sabah PSC and is the operator of the North Sabah Fields. Petronas Carigali Sdn Bhd holds the remaining participating interests in the North Sabah PSC.

"On Oct 12, 2016, Hibiscus Petroleum had disclosed gross 2P reserves and gross 2C resources as of Jan 1, 2016 of 62 MMstb and 79 MMstb respectively, derived by independent technical valuer, RISC Operations Pty Ltd," Hibiscus Petroleum said.