Hibiscus Petroleum plans FY19 capex of RM190 million

PETALING JAYA: Oil and gas exploration and production company, Hibiscus Petroleum Bhd, plans to allocate capital expenditure (capex) of about RM190 million for the financial year ending June 30, 2019 (FY19), for its oil and gas fields in north Sabah and the North Sea Anasuria Cluster.

Managing director Kenneth Pereira said the company remained undecided on the capex’s financing source, which could be from the equity market or debt.

“We have received the board’s approval for the north Sabah investments of RM70 million and for the Anasuria cluster of about US$30 million,” he told reporters at the group’s annual general meeting here yesterday.

Hibiscus remained debt-free with a cash balance of RM302.2 million as at Sept 30, 2018 compared with RM136.0 million as at June 30, 2018. — Bernama

Source: BorneoPost