Friday 29 Mar 2024
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KUALA LUMPUR (Oct 26): Hibiscus Petroleum Bhd's wholly-owned unit Carnarvon Hibiscus Pty Ltd (CHPL) has commenced its drilling operations at its Sea Lion-1 exploration well today.

In a statement to Bursa Malaysia today, Hibiscus said the West Telestro drilling rig was assigned to CHPL on Oct 20 and arrived at the Sea Lion site two days later, following a 196 mile tow from its original location.

"Following an incident-free onsite preparation, the Sea Lion well was successfully spudded at 9.45am today," the oil and gas (O&G) operator added.

According to Hibiscus, the planned total depth of the Sea Lion well is 1,800 metres and the exploration programme is expected to take up to 30 days.

In an earlier announcement, Hibiscus said the O&G field could produce between eight and 15 million barrels of oil.

"The Sea Lion prospect is located 6km from the West Seahorse field. In the event of a commercial discovery at Sea Lion, there exists potential for an integrated development with West Seahorse, thereby, materially reducing development and operating expenditure.

"The estimated prospective unrisked recoverable resources is between 8 and 15 million barrels of oil, with a good probability of success," Hibiscus said.

At 12.30pm midday break, Hibiscus was traded at 61 sen, down 0.5 sen or 0.81% with some 610,000 shares traded. The current price gives it a market capitalisation of RM603.19 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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