Hibiscus Petroleum (KL: HIBISCS) produced an average of 19,912 barrels of oil equivalent a day for the financial quarter ended December 31.
That’s a record for the North Sea operator, which sols 1.3 million barrels (MMbbl) of oil and condensate, and 0.7 million barrels of oil equivalent (MMboe) during the period.
A key drive of that was steady production at the Anasuria cluster, just over 100 miles east of Aberdeen, after issues with the field’s FPSO were resolved.
A production riser on the vessel was replaced in the middle of last year, after it malfunctioned in May 2021.
For 2023, the group estimates to sell a total of 7.3 MMboe of oil, condensate and gas.
But as a result of its bumper production, the Malaysian oil and gas firm took a UK windfall tax of RM104.0 million (£20.5m).
According to the company, this “one-off charge”, which was recognised upon the introduction
of the Energy profits Levy, “will be fully reversed from the Group’s statement of profit or loss” during the period the policy runs, with it due to end in 2028.
Commenting on the group’s outlook, Hibiscus managing director Kenneth Pereira, said “We have seen considerable growth in Q2 FY2023 which can be attributed to better performance from the Peninsula Hibiscus Group assets and the Anasuria Cluster. Despite the one-off negative non-cash adjustment from the Energy Profits Levy regime in the United Kingdom, we were still able to deliver strong EBITDA and PAT numbers.
“While our financial performance in this quarter has benefited from robust oil and gas prices, our operational performance is testament to our effective management of our assets. This strong level of operational performance as reflected in our high uptime figures, has resulted in our Group achieving the highest average quarterly production volume to date. We will continue to focus on improving operational efficiency, maximising value, and promoting growth and sustainability in both Malaysia and the United Kingdom and remain committed to consistently rewarding shareholders through disciplined value creation.”
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