Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (July 2023)
61 slides from Hibiscus Petroleum Bhd's investor presentation, July 2023
Slide 1: An Insight Into Hibiscus Petroleum Berhad
An Insight Into Hibiscus Petroleum Berhad Investor Presentation EXECUTE – ENHANCE – EXCEL July 2023 R1
Slide 2: Disclaimer
Disclaimer The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Content
Content Part 1: Introduction to Hibiscus Petroleum Part 2: Malaysia-Vietnam CAA – PM3 CAA PSC Part 3: Malaysia – 2012 Kinabalu Oil PSC Part 4: Malaysia – 2011 North Sabah EOR PSC Part 5: United Kingdom – Anasuria Cluster Part 6: Vietnam – Block 46 Cai Nuoc PSC Part 7: United Kingdom – Marigold & Sun
Slide 4: Introduction To Hibiscus Petroleum Berhad
Introduction To Hibiscus Petroleum Berhad Malaysian Pure Play E&P Company Part 1 4
Slide 5: Hibiscus Today
Hibiscus Today Revenue generating and profitable production operations Company Snapshot • Listed in 2011 on the Main Market of Bursa Malaysia. • Our goal is to grow our business by enhancing production from mature assets safely and Highlights profitably in regions of our geographic focus. Shares Iss
Slide 6: ESG Highlights
ESG Highlights Environment Social Governance Net Zero Emissions Increase of portfolio of Sponsored HPV¹ Recipient of Health Continue top 25% Constituent of FTSE4Good Producer by 2050 gas assets to 31 % Screenings to Sabah and Safety placing by ESG² Bursa Malaysia Index and B40 women performance awar
Slide 7: Current Reserves and Resources
Current Reserves and Resources • As of 1 January 2023, our net entitlement to 2P oil, condensate and gas reserves and 2C oil resources within the licenses in which we have interests are as follows: 100 UK - Teal West UK - Marigold & Sunflower Million Barrels of Oil Equivalent 75 72.0 5.8 Australia -
Slide 8: Refreshed Vision & Mission
Refreshed Vision & Mission LARGE ENOUGH TO BE MATERIAL, SMALL ENOUGH TO BE AGILE Vision Mission (2017-2021) People Vision Mission (2017 – 2021) To be a Respected and • 100 MMbbls net 2P (proven and Valuable Independent Oil probable) oil reserves/entitlement and Gas Exploration and in existing core a
Slide 9: Leadership Team
Leadership Team BOARD OF DIRECTORS (circa 180 years experience in the O&G industry) Skills and Experience from a Range of Industries and Sectors • Technical, commercial and corporate experience particularly in the oil and gas industry • Finance, accounting and investment banking/management Zainul Ra
Slide 10: Shareholder Base
Shareholder Base A public company with strong liquidity and a diversified shareholder base Number of 4.19 Shares2 % of Shareholder Profile Shares million (million) Average Daily Trading Volume RM 0.875 179.56 8.9 Management Team June 2023 Share Price1 138.90 6.9 Polo Investments Limited 75.46 3.8 Me
Slide 11: Current Portfolio of Assets
Current Portfolio of Assets United Kingdom Secure and Producing with Development Opportunities Anasuria Cluster Teal West ▪ Producing asset ▪ Development asset ▪ Joint-operator (except Cook field) ▪ Operator ▪ Partners: Ping Petroleum, Ithaca ▪ 100% stake Energy ▪ Net 2C: 5.8 MMbbls ▪ Net 2P Oil Res
Slide 12: Leadership Team Visits to PM3 CAA PSC
Leadership Team Visits to PM3 CAA PSC 8 March 2023 4 April 2023 • Dr Kenneth Pereira Managing Director • Deepak Thakur VP Economics & Business Planning • Joyce Vasudevan Head, Corporate Finance • Noor Ashiah Yang VP Group Human Capital • Lily Ling VP Corporate Development 12
Slide 13: Hibiscus23: Inaugural Investor Day 2023
Hibiscus23: Inaugural Investor Day 2023 Hibiscus23 was a series of presentations by our leadership team that focused on the theme: Execute-Enhance-Excel. The presentations included an in-depth analysis of the past and future of our Group, as well as an overview of the performance of our Peninsula Hi
Slide 14: Portfolio of Assets – Malaysia-Vietnam CAA
Portfolio of Assets – Malaysia-Vietnam CAA PM3 Commercial Arrangement Area Production Sharing Contract Part 2 14
Slide 15: Overview of PM3 CAA PSC
Overview of PM3 CAA PSC Production Offshore within Malaysia-Vietnam Commercial Arrangement Area ▪ Well-understood reservoir with long production history ▪ Contains six fields: Bunga Orkid, Bunga Pakma in the North and Bunga Kekwa, Bunga Raya, Bunga Seroja and Bunga Tulip in the South. Asset details
Slide 16: Operating Performance Metrics
Operating Performance Metrics Jan – Mar Oct – Dec Jul – Sep Apr – Jun Unit 20231 2022 2022 2022 Average uptime % 92 91 78 94 Average gross oil & condensate production bbl/day 17,419 15,095 10,802 14,019 Average net oil & condensate production bbl/day 3,344 2,610 2,344 2,590 Average gross gas export
Slide 17: Recent Awards & Achievements
Recent Awards & Achievements Malaysia Upstream Awards 2023 – Awarded Completed the drilling of a 7km well (BOC-29) in Malaysia Upstream Awards 2022 – Awarded the BRONZE SILVER Awards for HSSE Excellence and Project March 2023 - the longest in Malaysia, currently award for Project Delivery Excellence
Slide 18: Portfolio of Assets – Malaysia
Portfolio of Assets – Malaysia 2012 Kinabalu Oil Production Sharing Contract Part 3 18
Slide 19: Overview of 2012 Kinabalu Oil PSC
Overview of 2012 Kinabalu Oil PSC Production Offshore Sabah, Malaysia ▪ Kinabalu Main Producing Field ▪ Kinabalu East Producing Field ▪ Kinabalu Far East Producing Field ▪ Proximity to North Sabah PSC; synergies potential ▪ Favourable fiscal terms (PVB) Asset details ▪ Low risk asset in benign shall
Slide 20: Operating Performance Metrics
Operating Performance Metrics Jan – Mar Oct – Dec Jul – Sep Apr – Jun Unit 20231 2022 2022 2022 Average uptime % 85 86 62 90 Average gross oil production bbl/day 7,035 8,286 5,872 11,343 Average net oil production bbl/day 2,343 2,728 2,084 3,475 Total oil sold bbl 312,320 288,106 288,540 350,236 Ave
Slide 21: Portfolio of Assets – Malaysia
Portfolio of Assets – Malaysia 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract Part 4 21
Slide 22: Overview of the North Sabah PSC
Overview of the North Sabah PSC Production Offshore Sabah, Malaysia 50% interest in the 2011 North Sabah EOR PSC: ▪ St Joseph Producing Field ▪ South Furious Producing Field Asset details ▪ SF 30 Producing Field ▪ Barton Producing Field ▪ All associated equipment and assets related to the PSC includ
Slide 23: Sale of North Sabah Crude Oil
Sale of North Sabah Crude Oil Trades at a significant premium to the Brent crude oil benchmark • The Labuan Crude Oil Terminal (LCOT) is a storage and offloading facility for crude oil produced from our North Sabah asset, as well as from three neighbouring PSCs. • LCOT, which is operated by SEA Hibi
Slide 24: North Sabah Asset Acquisition and Transformation
North Sabah Asset Acquisition and Transformation North Sabah 2011-2022 Production • 10 Oil Producers and 1 Water Injector wells successfully drilled 30 Operatorship in 2019-2020. 25 transfer 20 • First well drilled within 14 months of operatorship transfer. 15 10 • Arrested sharp decline in 5 produc
Slide 25: Operating Performance Metrics
Operating Performance Metrics Jan – Mar Oct – Dec Jul – Sep Apr – Jun Unit 20233 2022 2022 2022 Average uptime % 95 92 93 85 Average gross oil production bbl/day 14,794 14,779 14,968 13,901 Average net oil production bbl/day 4,704 4,626 4,641 4,275 Total oil sold bbl 299,907 538,301 289,635 611,800
Slide 26: Recent Awards & Achievements
Recent Awards & Achievements 10 Million Manhours LTI-free for the North Sabah PSC achieved 5 Star Rating Award given to Labuan Crude Oil Terminal by the on 28 May 2023. Chief Government Security Office, commending the high commitment and priority towards safety and security in protecting national in
Slide 27: Portfolio of Assets – United Kingdom
Portfolio of Assets – United Kingdom The Anasuria Cluster Part 5 27
Slide 28: Overview of UK Portfolio
Overview of UK Portfolio Direct access to cashflows and located in an established legal jurisdiction 100% Atlantic Hibiscus Sdn Bhd 100% Hibiscus Petroleum Berhad Production asset Anasuria Hibiscus UK Limited Development asset Marigold Project 50% 50% Anasuria Cluster Anasuria Operating Company Limi
Slide 29: Overview of the Anasuria Cluster
Overview of the Anasuria Cluster Production in the UK Sector of the North Sea Asset Name Asset Type Hibiscus’ Operator Stake Guillemot A Producing Field 50% AOC Asset details Teal Producing Field 50% AOC Teal South Producing Field 50% AOC Cook Producing Field 19.3% Ithaca Anasuria FPSO FPSO 50% AOC
Slide 30: Sale of Anasuria Crude Oil
Sale of Anasuria Crude Oil Transparent marketing and reporting of our UK crude oil offtakes by BP Oil • Anasuria Hibiscus has entered into a long-term offtake and marketing agreement for the sale of crude oil with BP Oil International Limited (“BPOI”). • Whilst we produce oil daily, we sell our oil
Slide 31: Operating Performance Metrics
Operating Performance Metrics Jan – Mar Oct – Dec Jul – Sep Apr – Jun Unit 2023 2022 2022 2022 Average uptime % 96 92 53 61 Average net oil production rate bbl/day 2,407 2,699 1,211 1,644 Average net gas export rate @ boe/day 292 311 258 239 Average net oil equivalent boe/day 2,699 3,009 1,468 1,884
Slide 32: Anasuria Cluster – Further Opportunities
Anasuria Cluster – Further Opportunities Teal West Tieback & Hub Strategy • Hibiscus has been investigating opportunities to extend the economic life, unlock value and maximise recovery from stranded oil discoveries around the Anasuria FPSO. • The License Agreements were executed for 70% interest in
Slide 33: Schematic of Field Layout and Infrastructure
Schematic of Field Layout and Infrastructure Anasuria FPSO Cook Field Teal Field Teal West Field (Future Development) Teal South Field The asset infrastructure is laid over a distance of approximately 25km from Cook Field in the North to Guillemot A Field in the South, and includes the Anasuria FPSO
Slide 34: Recent Awards & Achievements
Recent Awards & Achievements Gold Award Seven years without a Lost Time Incident on the Awarded by the Royal Society for the Anasuria FPSO achieved on 6 October 2022. Prevention of Accidents (ROSPA) for calendar year 2021 health and safety performance of the Anasuria FPSO facility – 23rd consecutive
Slide 35: Portfolio of Assets – Vietnam
Portfolio of Assets – Vietnam Block 46 Cai Nuoc Part 6 35
Slide 36: Overview of Block 46 Cai Nuoc PSC
Overview of Block 46 Cai Nuoc PSC Production Offshore Malaysia-Vietnam ▪ Block 46 lies in Vietnamese waters adjacent to the PM3 CAA and contains the producing Cai Nuoc field and the undeveloped Hoa Mai field. ▪ Cai Nuoc is an extension of the East Bunga Kekwa field Asset details and was unitised wit
Slide 37: Portfolio of Assets – United Kingdom
Portfolio of Assets – United Kingdom Marigold & Sunflower Part 7 37
Slide 38: United Kingdom: Marigold & Sunflower
United Kingdom: Marigold & Sunflower Asset Type ▪ Development asset Development Asset: A Potential Game Changer Location ▪ 250km northeast of Aberdeen, UK Project area ▪ 82km2 Water depth ▪ ~ 140 m Operator ▪ Anasuria Hibiscus UK Limited (AHUK) ▪ Caldera Petroleum (UK) Ltd (for the remaining 12.5% P
Slide 39: Target Development Milestones
Target Development Milestones • AHUK has been pursuing the development of the Marigold and Sunflower fields in Licence P198 since early 2019. AHUK currently owns 87.5% of the licence and 2C resources of 43.6 MMbbls. • In November 2021, the NSTA requested that Anasuria Hibiscus UK work with Ithaca En
Slide 40: Marigold – Further Opportunities
Marigold – Further Opportunities Kildrummy Discovery On 19 January 2021, AHUK executed the Licence Agreement for 100% interest in Block 15/17a, containing the Kildrummy discovery. The Block is located 8km from Marigold and is hoped that the Kildrummy discovery may become a potential tieback candidat
Slide 41: Portfolio of Assets – Australia
Portfolio of Assets – Australia Bass Strait Assets Part 8 41
Slide 42: Ownership Structure of our Australia Assets
Ownership Structure of our Australia Assets WA/527-P Hibiscus Petroleum Berhad 100% Oceania Hibiscus Sdn Bhd 11.68% 100% VIC/RL17 Carnarvon Hibiscus VIC/P79 VIC/P74 3D Oil Limited T/49P Pty Ltd (CHPL) Licence WA/527-P 100% 100% 100% Retention Lease VIC/RL17 Licence VIC/P74 ▪ West Seahorse Field Lice
Slide 43: Development & Exploration Opportunities
Development & Exploration Opportunities VIC/RL17 Retention Lease Award Date: November 2021 Stake: 100% (Concession Operator) 2C Oil Resources: 8.0 MMbbls Water depth: <50 m Licence Expiry: 2026 Current Status • VIC/RL17: The VIC/L31 Production Licence was converted to Retention Lease VIC/RL17 on 5 N
Slide 44: Financial Performance
Financial Performance Part 9 44
Slide 45: Continuous Improvements & Key Performance Metrics
Continuous Improvements & Key Performance Metrics The key indicator (KPI) that measures asset performance is the operating cost per barrel (OPEX/bbl). Focused on cost management OPEX bbl Production to increase with production enhancement projects As we undertake high capital expenditure projects whi
Slide 46: EBITDA – Boosted by Peninsula Hibiscus Group Assets
EBITDA – Boosted by Peninsula Hibiscus Group Assets 500 450 400 350 300 250 EBITDA, RM 'million 200 150 100 50 0 -50 One-off provision for -100 impairment of our One-off provision for impairment of our Australian assets -150 Australian assets amounting to RM183.5m amounting to RM44.9m -200 -250 1Q 2
Slide 47: Q3FY2023 Operating Segment Financials
Q3FY2023 Operating Segment Financials (I) Group P&L by segment Malaysia – Kinabalu Subtotal Malaysia Total and others United RM’000 CAA Vietnam (PHSB – North Australia Others (1) (HPB Kingdom Kinabalu Others Group) Sabah Group) • Peninsula Hibiscus Revenue 124,938 4,786 198,918 (740) (2) 327,902 107
Slide 48: Strong and Consistent EBITDA Margins
Strong and Consistent EBITDA Margins Flexibility to Navigate Industry Downturns • Operational control grants the ability to concentrate on operating efficiencies (cost control, production enhancement) when oil prices are low and shift to development mode when oil prices are high. • High quality oper
Slide 49: Highlights from the Group’s Balance Sheet
Highlights from the Group’s Balance Sheet As at As at As at As at As at RM 31 Mar 2023 31 Dec 2022 30 Sep 2022 30 Jun 2022 31 Mar 2022 Total assets 5,489.2m 5,592.1m 5,690.8m 5,512.4m 4,506.8m Shareholders’ funds 2,443.4m 2,385.3m 2,448.1m 2,202.0m 1,874.2m Cash and bank balances 864.8m 702.7m 898.8
Slide 50: Key Messages
ef ee Petroleum Key Messages
Slide 51: Key Messages
Key Messages Fully operated and producing portfolio on target to meet Group’s FY2023 targets • Sold 1.1 MMbbl of oil and condensate and 0.7 MMboe of gas in the current quarter from our producing assets • YTD FY2023, we sold 3.5 MMbbl of oil and condensate and 1.9 MMboe of gas • For FY2023, the Group
Slide 52: Appendix
Appendix • Views of Analysts • Hibiscus in The News • Reserves and Resources Classification • Profiles: Board of Directors and Key Management 52
Slide 53: Views of Analysts
e S Petroleum Views of Analysts PUBLIC INVESTMENT BANK PublicInvest Research Results Review HIBISCUS PETROLEUM BERHAD Lifted Marginally by Gas Thursday, May 25, 2023 50 Years of Leading in Excellence. May 24,2025, eutral nt DESCRIPTION Hibiscus Petroleum «isi mx BUY 3 € > 4 share Price mast Fibjscus
Slide 54: Hibiscus in The News
we . e Hibiscus in The News HIBISCUS Petroleum rumor i 2 Companies & Strategies 3 Uneratersentse noma bong Hibiscus eyes Sanaa a ; i 5 settenticcny 5 | iisonaysinae cera rc ord Scere ‘“=seztg aggressive growth ec, eee : Tren suesl neat Grervelanceana gle Se RM1.52bil capex expected to raise producti
Slide 55: Reserves and Resources Classification
Reserves and Resources Classification Increasing Commerciality Low High Low Undiscovered - Discovered - Discovered - Prospective Contingent Reserves Resources Resources Range of Certainty High Estimate 3C 3P Best Estimate 2C 2P Low Estimate 1C 1P High Source: Society of Petroleum Engineers and World
Slide 56: Profiles: Board of Directors
Profiles: Board of Directors Zainul Rahim bin Mohd Zain, Non-Independent Non-Executive Chairman • Appointed to the Board in December 2010. • Serves on the Boards of Cenergi SEA Berhad, Standard Chartered Saadiq Berhad and the Malaysian Dutch Business Council. • Previously Board member of UKM Holding
Slide 57: Profiles: Board of Directors
Profiles: Board of Directors Dato’ Dr Zaha Rina Zahari, Independent Non-Executive Director • Appointed to the Board in September 2017. • Over 33 years’ experience in financial (including Islamic), commodities and securities industry, developing the Malaysian Financial Market, M&A in insurance and Ta
Slide 58: Profiles: Key Management
Profiles: Key Management Yip Chee Yeong, Chief Financial Officer • Joined Hibiscus in November 2013; previously VP Finance & Group Controller in Hibiscus. • Has over 28 years of accounting and finance experience in various industries, namely oil and gas, manufacturing, technology, services, risk con
Slide 59: Profiles: Key Management
Profiles: Key Management Deepak Thakur, CFA, VP Economics and Business Planning • Joined Hibiscus in March 2012. • Over 15 years of experience in the oil & gas industry in a career dedicated to developing financial models & cash flows, performing valuation & sensitivity analysis, debt funding, corpo
Slide 60: Profiles: Key Management
Profiles: Key Management Ashiah Yang, VP Group Human Capital • Joined Hibiscus in February 2023. • Over 25 years’ experience in various areas of Human Capital namely Organizational Development, Talent Management, Reward and Compensation, Employee Engagement/Industrial Relation, Corporate Governance
Slide 61: Contact Investor Relations Team
Contact For more information please contact: Investor Relations Team faq@hibiscuspetroleum.com 61
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