FAQs

Recently, we had a presentation entitled “Sustainability of the Oil and Gas Business“. The presentation slides can be found on our website via this link. Please refer to the key messages on Slide 16.

20 December 2023

The Board had approved the parameters of the share buy-back (SBB) namely, the maximumSBB price thresholds and the total amount of shares that can be bought back. The Board hadalso approved the SBB framework which includes the composition of the SBB committee,limits of authority and treatment of shares purchased. The SBB Committee which compriseskey management, performs and executes the SBB within such Board approved parameters.

15 December 2023

The Group does not have any interest in Ping Petroleum. They are our joint venture partner for the Anasuria Cluster in the UK.

15 December 2023

We believe that embracing technology and holding our general meetings via a virtual platform enhances the accessibility and inclusivity of our General Meetings, making it convenient for shareholders to actively participate, speak and vote from anywhere.

15 December 2023

We have been organising retail sessions together with financial institutions and investment platforms.

We are working towards having a live session open to all in 2024.

Meantime, the briefing presentation slides are uploaded on our Investor Relations page of this website. Should there be any clarification questions, you may contact the Investor Relations team by emailing faq@hibiscuspetroleum.com.

15 December 2023

Pn Emeliana has conveyed her apologies for not being able to attend the 13^th AGM due to another unavoidable commitment.

15 December 2023

As disclosed in Note 27 (page 41) of the unaudited quarterly report for the quarter ended 30 September 2023, the interest income earned was RM14.4 million. The cash will be utilised for working capital and capital expenditures for the Group.

12 December 2023

As stated under Section 9 of the Circular, the share consolidation is expected to be completed by mid-October 2023.

6 October 2023

The upward adjustment in EPS arises from the lower number of shares in issue arising from the share consolidation. The total quantum of earnings remain the same and accordingly, the share consolidation would not have an impact on the quantum of dividend payout.

6 October 2023

Based on the consolidated profit after tax for the financial year ended 30 June 2022 , the earnings per share would increase from 32.45 sen to 81.03 sen after the share consolidation, as illustrated in the EGM presentation slides. As there is a corresponding upward adjustment in share price, with all factors remaining equal, there would not be a change in PE ratio.

6 October 2023

The cost of the virtual 12th AGM is approximately RM93,000. The costs comprise, amongst others, use of the Remote Voting and Participation facilities, fees for the services of the independent moderator and scrutineer, company secretary and share registrar, advertisement costs for the AGM notice and issuance of hardcopy notification of the AGM. For clarity, the costs of printing of the Annual Report (on a minimum basis) has not been included in the above cost.

20 December 2022

The weighted cost of capital applied is approximately 10% for producing assets. This is in line with the standard for the oil and gas industry.

20 December 2022

It must be realised that risk and rewards are inter-related. If the Company seeks contracts with higher rewards, then it is likely that the risk portfolio of projects underpinned by highly rewarding contracts could also potentially be high. So we have to be cautious when seeking highly rewarding contracts and must ensure that the related risks are also manageable.

20 December 2022

For now, hydrocarbons remain the core business for Hibiscus. Increasing recognition of natural gas as a transition energy source validates our strategy to acquire more gas production, as seen in our acquisition of Repsol’s Malaysia/Vietnam hydrocarbon portfolio. We are constantly reviewing opportunities to invest in other segments of the energy business, including alternative and green energy sources, provided they provide returns to shareholders that are comparable to that of our existing hydrocarbon business.

20 December 2022

The tenure of the term loan is 4 years (extended by another year if the PM3CAA PSC is extended) while the interest rate is 4.00% + SOFR* (Secured Overnight Financing Rate)

*    Current Daily SOFR as at 1 December 2022 (published by the Federal Reserve Bank of New York) = 3.82%

      September 2023 Forecast (based on a Research House as of 21 November 2022) = 4.80%

8 December 2022

1. Total production for the quarter is the average daily net oil production (4,695 bbl/day) multiplied by the number of days in the quarter (90), which gives 422,550 bbl.
2. Prices for the gas produced from the Anasuria Cluster in the UK North Sea is linked to the Heren National Balancing Point Index. Prices for the gas produced from PM3 CAA follows the Upstream Gas Sales Agreement which is linked to the price of High Sulphur Fuel Oil, which itself tracks the price of Brent.
3. Block 46 Cai Nuoc is a producing asset, but due to its relatively low production, the offtake of its oil entitlement is done once a year on average.

5 July 2022

Assuming that the acquisition of the Repsol producing assets in Malaysia and Vietnam progress smoothly to completion, then we believe that the Company would be on a strong foundation and we foresee an exciting future, over the next decade, given the strengthening demand for oil and gas as a source of energy and petrochemicals. Please see the presentation on this link: https://www.hibiscuspetroleum.com/wp-content/uploads/2021/12/2021-AGM-Presentation-Final.pdf. 

The MCO has impacted our operations in several ways:

• Reduced level of maintenance related activities carried out offshore to reduce manpower being mobilized offshore (to reduce risk of exposure to COVID-19 in a congested offshore environment). This has impacted Uptime of facilities in North Sabah.
• Supply chain slower to respond – Spare parts more difficult to procure (particularly in Europe). This has impacted production rates in Anasuria.
• Overall operating costs have marginally increased as we ensure we adhere to all safety related Standard Operating Procedures for all assets.

3 January 2022

The Group will strive to reward our shareholders via the declaration of dividends on an annual basis. The acquisition of the Repsol assets (once completed) is expected to enhance our ability to fulfil this intention.

In doing so, the Group will ensure that we continually manage our funds carefully to carry out business operations, taking into account (i) the level of our cash, gearing and debt profile; (ii) our financial performance; (iii) our projected levels of capital expenditure and other investment plans; and (iv) applicable legal, regulatory, licensing and operating requirements.

3 January 2022

For FY2021 (North Sabah), 4 wells were drilled (as part of the St Joseph Minor & Major Sands Redevelopment Project) which were completed in September 2020 at a cost of RM 94.9 million (net to Hibiscus). None of the existing wells were plugged and abandoned in FY2021. The Company’s plan is to perform the abandonment of the majority of these wells at the end of the economic life of the respective assets.

There were no new wells drilled in Anasuria in FY2021.

3 January 2022

No. Apart from the RM203.6 million proceeds raised from the issuance of Convertible Redeemable Preference Shares (CRPS Proceeds) in November 2020, there is no further equity issuances required to settle the purchase consideration to complete the Repsol Acquisition.

3 January 2022

Organization of a virtual AGM costs approximately 50% less than a physical AGM (excludes the costs of printing of Annual Reports).

3 January 2022

305 attendees (shareholders and proxies) were present.

3 January 2022

Our growing enhanced financial stability has allowed the Group to reward loyal shareholders via the declaration of a maiden interim single-tier dividend of 0.50 sen per ordinary share on 22 February 2021, which was paid on 8 April 2021. Subsequently, on 4 October 2021, the Board of Directors resolved to recommend a final single-tier dividend of 1.0 sen per ordinary share in respect of the financial year ended 30 June 2021, subject to the approval of shareholders of Hibiscus Petroleum, which was received at the 11th Annual General Meeting held on 14 December 2021.

At this juncture, we believe the amount of dividend per ordinary share recommended balances our objective to (amongst others) reward our loyal shareholders while ensuring that we continually ensure the careful management of our funds to carry out business operations, taking into account (i) the level of our cash, gearing, debt profile and retained earnings; (ii) our expected financial performance; (iii) our projected levels of capital expenditure and other investment plans; and (iv) applicable legal, regulatory, licensing and operating requirements.

3 January 2022

We are always looking at opportunities to expand our portfolio which will be subject to availability of capital and all other resources. We will be focusing on opportunities in South East Asia.

3 January 2022

Gas produced from the Repsol fields is sold to PETRONAS and PetroVietnam via a Gas Sales Agreement. Key terms pertaining to this can be accessed from the circular to shareholders released on 13 December 2021, available at https://www.hibiscuspetroleum.com/investor-relations/circular-shareholders/.

17 December 2021

Non-audit fees to external auditors of the Group are incurred for advisory services related to corporate exercises, tax-related services/advice and accounting-related services/advice. A significant portion of such fees incurred in FY2021 was attributed to financial and tax due diligence exercises conducted on the target companies (“Work”) by PwC for the (subsequently announced) acquisition of the Repsol oil and gas producing assets in Malaysia and Vietnam.

The balance of the amount incurred in FY2021 after excluding the amount paid for the Work was lower than the total amount incurred in FY2020.

The Group engages PwC as the professional service provider for these non-audit work scopes due to its prior knowledge of the Group and to deliver the corresponding value-added benefits and efficiencies (as a result of this prior knowledge) in accordance with expected objectives and timelines.

The scope and terms of professional service providers are negotiated and discussed independently in accordance with the Group’s policies and procedures. In this respect, PwC is subject to the same selection criteria and processes as other firms, and thus may be only selected as long as the proposed engagements are not prohibited under the External Auditors Independence Policy, which comply with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards).

9 December 2021

This segment normally records an average quarterly loss after taxation of approximately RM8 million. During the quarter ended 30 September 2021, higher expenses were incurred for activities relating to fund-raising, business development and transition-related work for the proposed acquisition of Repsol’s oil and gas assets.

In addition, there were higher unrealised net adverse foreign exchange impact on inter-company balances of approximately RM1 million.

Please note that the Group did not enter into any hedging contracts.

18 November 2021

No, the purchase consideration of USD212.5 million is fixed.

22 October 2021

As Oil & Gas is deemed an essential service, the Group’s operations have proceeded safely without material disruption since the beginning of Malaysia’s first Movement Control Order in March 2020. To combat the spread and impact of COVID-19 within the organisation, various measures have been taken both on land and offshore at North Sabah and Anasuria. These include “work-from-home” rotations for office-based staff and our offshore teams being subject to strict protocols whilst conducting operations.

Due to the price sensitive nature of the question, we are unable to comment on the Q4 FY2021 results.

6 July 2021

Pending utilisation of the net proceeds from the issuance of the Islamic CRPS, such net proceeds have been placed in a Trust Account maintained with a licensed bank by the independent custodian.

The funds in the Trust Account have been invested in accordance with the provisions set out in Section 2.1.2 of the Circular for the Islamic CRPS. The classification of the investment as Other Investment in the Statement of Financial Position is in compliance with the relevant accounting standards.

It is envisaged that the net proceeds from the issuance of the Islamic CRPS will be used for the recently disclosed proposed acquisition of Repsol assets in Malaysia and Vietnam.

30 June 2021

Future tranches of CRPS will only be issued based on a firm acquisition being announced and will be sized to minimise dilutive effects to existing shareholders, taking into account the requirements of financial institutions that would be supporting the debt component of the acquisition announced. To date, we have successfully raised a total of RM203.6 million via the issuance of 203.6 million Islamic CRPS, the largest CRPS issuance in 2020. About 95% of these CRPS have already been exercised.

27 May 2021

We are looking at potential acquisitions of producing assets in Southeast Asia. Should there be a material acquisition, an announcement will be made accordingly.

27 May 2021

In reference to Marigold, a decision is expected to be made at the end of August 2021 as to which concept will be taken forward for execution, and accordingly, the expected timeline will be based on the chosen concept. In any case, first oil production from Marigold would have to be delivered before the end of 2023.

In reference to Australia, given the Group’s focus on Malaysia and the UK, we have deferred our development plans for our Australia Bass Strait Cluster. As a result, in Q4 FY2020, we recognised provisions for impairment in licences within this Cluster (specifically VIC/L31 and VIC/P57) amounting to RM183.5 million.

27 May 2021

Please refer to our Current Reserves & Resources slide in our Investor Presentation, available at our Investor Relations page.

27 May 2021

For the Anasuria Cluster, decommissioning costs amount to approximately USD6.50 per barrel of oil. Economic life for the Anasuria Cluster is expected to be up to 2038.

In North Sabah, we pay to PETRONAS a dedicated sinking fund related to North Sabah’s Asset Retirement Obligation. Production rights for the North Sabah asset are up to 2040.

7 January 2021

One offtake in North Sabah was deferred to the next quarter in an attempt to realise higher oil prices. You may refer to page 31 of the Quarterly Financial Report for the period ended 30 June, Section 19 ‘Prospects of the Group’.

To mitigate some of the potential crude oil price downside risk in calendar year 2020, SEA Hibiscus Sdn Bhd locked in sales of 750,000 bbls in the second half of calendar year 2020 at USD35/bbl at North Sabah.

Per the agreement, the 750,000 bbls are spread out over 3 offtakes of 250,000 bbls each, one offtake in the quarter ended 30 September 2020 and two offtakes in the quarter ending 31 December 2020.

As a result, the offtake in North Sabah in the quarter ended 30 June 2020 did not form part of this price fixing arrangement. Therefore, the barrels sold in the quarter ended 30 June 2020 were sold at the prevailing market price at the time of the offtake.

7 December 2020

We have seen a sharp reduction in capex commitments by the oil and gas industry in 2020, especially in the exploration and production space, due to the demand destruction caused by COVID-19 and subsequent low oil prices which in turn leads to projects not being financially viable.

In addition, there has been considerable pressure from the climate change movement, particularly on the larger oil and gas players, to exit the crude oil supply sector and to instead focus investments towards greener forms of energy. This is expected to have a knock-on effect on future supply as fewer new wells are drilled, and production enhancement projects are deferred.

Rystad Energy estimate that upstream players may have to spend over USD3 trillion as the current inventory of fields and discoveries will not be sufficient to meet expected oil demand through 2050, even with peak oil demand occurring in 2028.

3 December 2020

Shareholders may make the request to our Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd, by:

1. Going to the Share Registrar’s website at https://tiih.online and selecting “Request for Annual Report/Circular” under the “Investor Services” link, or
2. By filling in the Request Slip available on our Company website. Please go to the “Investor Relations” section, click on “Info for Shareholders & Investors” and under “Annual General Meeting” and you will find the Request Slip at item IV (on page 3).

4 November 2020

The Purchase of Equipment amount was mainly for capital expenditure incurred for North Sabah PSC (RM136m for the South Furious 30 Infill Drilling and the St Joseph Infill Drilling projects), and for the Anasuria Cluster (RM86m for the drilling of a side-track from the GUA-P1 oil producing well on the Guillemot A field and the Cook Water Injection project).

The Acquisition of Intangible Assets amount was mainly for the recognition of North Sabah PSC’s decommissioning liabilities due to be paid in December 2020 (RM54m), capitalised costs incurred for Project Marigold-Sunflower (RM8m), and the initial purchase consideration for License No. P2366 (RM4m).

27 May 2020

Given the prevailing low oil price environment, the Group is reviewing the offtake schedule for 4Q FY2020 and 1Q FY2021 across both assets and may defer some of its crude oil offtakes (not all offtakes) to later quarters in order to realise higher crude prices.

The Group has locked in an average price of USD35/bbl at North Sabah for a total volume of 750,000 bbl of oil to be sold in offtakes in the second half of calendar year 2020.

27 May 2020

1. The deferred taxation amount will be reversed and hence credited to the Profit or Loss Statement in line with the depreciation of the asset base, which will be over the production life of the license.

2. Our revenue from selling crude oil in the UK is denominated in US Dollars while the bulk of our operating costs in the UK are in British Pounds. In a hard Brexit scenario, the British Pound is expected to continue to decline against the US Dollar, which we expect to be favourable for our UK operations.

5 September 2019

The Marigold oilfield lies in License P.198 Block 15/13a in the UK Continental Shelf. The Sunflower oilfield lies in License P.198 Block 15/13b in the UK Continental Shelf. Each field contains one discovery.

8 May 2019

With reference to the chart on page 8 of the investor presentation (available at Investor Relations page), Hibiscus Petroleum’s market capitalisation over the last one year has generally shown a positive correlation with the Brent crude oil prices. We note of course that, apart from the Brent crude oil price, Hibiscus’ share price may be subject to various other factors, some within, and others beyond our control.

8 May 2019

As stated in the Bursa announcement, production was temporarily halted and over the next six days, decisive action was taken by Petrofac and Anasuria Hibiscus UK to mitigate any potential risk. For the avoidance of doubt, the production halt to mitigate the specific identified potential risk was six days. Additionally, as previously disclosed, this production halt is not expected to have a material effect on the earnings of the Hibiscus Petroleum group for the financial year ending 30 June 2019

8 May 2019

The main factor driving Hibiscus Petroleum’s financial results is the price of crude oil. Other important factors include foreign currency exchange rates and taxes.On the assumption that the UK’s fiscal terms related to the oil and gas industry remain unchanged and there is only a small variation in foreign currency exchange rates, then we expect there to be only a minimal impact on our financial results post Brexit.

8 May 2019

The production rate from Anasuria & North Sabah as well as the facilities availability can affect the timing of the cargo offtakes. In FY2019 the Group is targeting to conduct 10-12 cargo offtakes from Anasuria & North Sabah combined, as has been published in the investor presentation, which is available at https://www.hibiscuspetroleum.com/investor-presentation

8 May 2019

The offtake numbers that are reported in the quarterly report are net to the Group.

The value of the oil and gas licenses acquired in both the North Sabah and the Anasuria assets are classified under intangible assets on our Balance Sheet.

Net assets per share as at 30 June 2018 is MYR 0.63. This was arrived at by dividing the total net assets over total number of shares as at 30 June 2018.

Finance costs are mainly attributable to the unwinding of discounts on longer term liabilities (which are provisions for decommissioning costs, deferred consideration, contingent consideration and other long-term payables). These are non-cash in nature.

For the financial year ends that have been highlighted (in particular, FYE June 2016 and FYE June 2017), our revenue was mainly derived from our UK Anasuria Cluster operations. In this regard, it is important to note that the Group’s financial reporting period begins on the 1st of July each year and ends on the 30th of June the following year, which also applies to operations in the UK.

At the beginning of our financial year (which is also the UK tax year), we make a projection of the production volumes that we believe are achievable and estimate the quantum of tax payable depending on oil price assumptions, expected volumes to be lifted and capital projects to be executed. These projections provide us an estimate of the total annual tax payable to the UK tax authorities. The estimate is then reflected in our quarterly financial reports based on latest available information at the point when such reports are made.

Towards the end of each UK financial tax year (Q4 for our Group), we perform a final review of the earlier projected assumptions and make the necessary adjustments based on actual volumes lifted, actual realized oil prices, and actual expenditure on capital projects to ensure that we are paying the right level of tax for the full financial year.

For the financial year ends that you have mentioned, rising oil prices, increases in the achieved levels of production and some delays in the execution of capital projects may have caused us to under-estimate the quantum of tax payable in the earlier quarters. Thus, adjustments had to be made in the final quarter to ensure the correct amount of tax was paid to the UK tax authorities.

In addition, the Group completed the acquisition of 50% participating interests under the 2011 North Sabah EOR PSC on 31 March 2018. As a result, for FYE June 2018 specifically, the Group accrued tax payable on its North Sabah operations for the first time in Q4 FYE June 2018.

The entitlement production number quoted is net to Hibiscus Petroleum Group, after deducting royalty and profit oil share payment to PETRONAS.

18 July 2018

Scheduling of Offtake

We sell our North Sabah crude oil in cargoes of approximately 300,000 barrels. The schedule of each oil offtake is not fixed as several other Production Sharing Contractors also flow their crude oil to the Labuan Crude Oil Terminal (“LCOT”), as we do, and oil is allocated to each party delivering oil to the terminal depending on volumes delivered to the terminal by that party versus the volumes delivered by all parties. The oil belonging to each party gradually accumulates and eventually will build-up to reach a cargo size of approximately 300,000 bbls, At the point when a particular cargo reaches this size, it is prioritized for an offtake. As mentioned above, the frequency of the offtake will depend on the rate of delivery of oil volumes to LCOT.

Selling Price

The price of the oil sold is not fixed as Hibiscus receives the spot price (market price) when crude oil is sold. Once an offtake has been completed, the Company will disclose the specific quantity of oil sold in the Quarterly Financial Result for that particular financial quarter together with information on the actual prices realized for the cargo(es) sold.

5 July 2018

There is no such profit sharing arrangement in place with Shell in the instance where the Tapis oil is above a certain price level.

5 July 2018

Brent crude oil is not fixed and fluctuates in the spot market accordance with global supply and demand considerations which are applicable at any particular time. North Sabah crude is a high quality light and sweet oil and hence generally commands a premium (in the range of 5% to 10%) over Brent crude oil spot price.

5 July 2018

Gross production reflects the average of 100% of oil produced from the North Sabah fields on a daily basis over the quarter. Net production reflects the portion of the gross production that is apportioned to Shell (from 1st April onwards to SEA Hibiscus).

We have reported both gross production (100%) and net entitlement production. Reported oil sold volume is net to Shell and reported crude price is what Shell realized in that particular quarter.

Opex per bbl (unit production cost) is the ratio of gross (100%) OPEX and gross (100%) oil production.

We sell our North Sabah crude oil in cargoes of approximately 300,000 barrels. The schedule of each oil offtake is not fixed as it is a function of production rate (from all PSCs producing into LCOT) and the net entitlement to Hibiscus.

7 June 2018

Hibiscus has offices located in Kuala Lumpur, Kota Kinabalu, and Labuan for the North Sabah operations. Should you wish to speak to a specific department to obtain more information, kindly contact the headquarters (+603-2092 1300) where you will be directed to your required department.

18 May 2018

Hibiscus Petroleum is unable to comment on behalf of Shell as to why it has chosen to sell the North Sabah asset. However, you may refer to a press release dated 2 February 2017 by Shell (click here) in relation to the sale of the North Sabah asset.

7 April 2018

The Company shall provide an update on the operational activities undertaken in the next issuance of its quarterly report. As a listed entity on the Main Market of Bursa Malaysia Securities Berhad, the Company will make the necessary disclosures in accordance with the Main Market Listing Requirements.

22 March 2018

Generally, our assets are in a production mode and we constantly monitor the integrity of the assets and facilities that are part of our production systems. We also have in place reasonable levels of insurance cover consistent with the type of activities that are being undertaken. Nevertheless, the impact of such an event on the company’s balance sheet could be significant as it probably was with BP for the 2010 Deepwater Horizon incident. Hibiscus Petroleum operates our assets in accordance with a Safety Case which requires us to demonstrate that the risks of such events have been reduced to as low as reasonably practicable (ALARP). We also utilise reputable and industry tested contractors to undertake key operational activities.

22 January 2018

These specific commercial parameters relate to the North Sabah Production Sharing Contract. This type of information is strategic to Petronas’ effort to attract E&P (Exploration and Production) players and investors into the Malaysian oil and gas industry and these are bound by strict Confidentiality Agreements with the Malaysian oil industry regulators (PETRONAS).

19 January 2018

You may refer to our Careers page here for more information.

22 November 2017

Typically, the ratings by the credit rating agencies like Moody’s and S&P would be applicable to large-scale borrowers, including corporations and governments, with debt securities such as bonds in issue.At this point in time, credit ratings would not be relevant to Hibiscus Petroleum as it has no outstanding debt securities in issue.

21 November 2017

Hibiscus Petroleum via its wholly owned subsidiary, Anasuria Hibiscus UK Ltd, has entered into a long-term marketing and offtake agreement for the sale of crude oil with BP Oil International Limited (“BPOI”). BPOI is a subsidiary of BP p.l.c.. It distributes and markets crude oil and deals with crude oil forwards and contracts. Using their global marketing network, BPOI identifies a potential customer for our oil, locks in a competitive price for the cargo and arranges the ‘lifting’ of the oil via tanker to the client refinery.In this manner, Hibiscus Petroleum sells the crude oil that it produces. Whilst the company may consider a position in the futures or options market to mitigate oil price risks, the company does not operate a crude oil futures trading business unit.For more information on Hibiscus Petroleum’s business and operations, kindly refer to the section “Management Discussion and Analysis” of the company’s 2017 Annual Report.

21 November 2017

During the period mid 2014 until mid 2017, we have found it very difficult to access the debt markets. Malaysian banks were mostly interested in limiting their exposure only to their current oil and gas sector clients. Hence there was little interest for the banks to take us onboard as a new client in an industry sector where market sentiment was poor.

We also tried alternative sources of borrowings i.e. hedge funds, “special situations” funds but the cost of borrowings exceeded our estimated cost of equity.

Having said that, market sentiment towards oil and gas industry is improving with the stabilization of Brent oil prices above US$50 per bbl. Hence, Hibiscus Petroleum is currently in discussion with potential lenders to secure borrowing/loans for capital expenditure and working capital purposes. However, we are unable to disclose further information as we have signed confidentiality agreements with these potential lenders.

14 September 2017

Income generated by Anasuria Hibiscus UK Limited via the sale of crude oil and gas from the Anasuria Cluster is subject to taxation in the United Kingdom. Such taxable income is subject to 30% corporation tax and 10% supplementary charge. The accounting profit (in this case, the profit before taxation) and taxable income can be different in certain reporting periods because of the differences in principles approved for financial reporting and tax filing. In addition, provision for taxation at the end of each accounting period is pro-rated based on latest available information of the total tax obligations for the full financial year.

14 June 2017

Announcement of quarterly results for each financial quarter is due not later than 2 months from the end of the quarter. For example, the announcement of the quarterly results for the quarter ended 31 March 2017 is due not later than 31 May 2017.

19 May 2017

Crude Oil is a naturally occuring unrefined petroleum product. The Company produces crude oil from the Anasuria Cluster of producing fields offshore United Kingdom in the central North Sea.

Brent is a benchmark crude which is a crude oil that serves as a reference price for buyers and sellers of crude oil. Currently there are three primary benchmarks globally, which are:-

1. West Texas Intermediate (WTI);
2. Brent; and
3. Dubai Crude.

Hibiscus Petroleum uses Brent as a reference price for Anasuria because the quality and type of crude oil produced by the Anasuria Cluster is close to Brent.

3 April 2017