Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (March 2025)
53 slides from Hibiscus Petroleum Bhd's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
INVESTOR PRESENTATION Logo MARCH 2025 www.hibiscuspetroleum.com www.hibiscuspetroleum.com 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: Hibiscus at a Glance
HIBISCUS AT A GLANCE Production with Development & Geographic Diversification Driving Growth, & Operational Exploration Upside Across Stable Regions Excellence United Kingdom 5 5 • 2025-2026 CAPEX funded Producing Development by internal cashflows and assets opportunities borrowing facilities • Outp
Slide 4: Shareholder Return
SHAREHOLDER RETURN Increasing dividend trend with share buy-backs Capitalising on undervaluation via share buy-backs 51.2m Share buy-backs (since Dec 2023 to 24 Feb 2025) RM 2.10 Average share price *FY2023A to FY2024A dividend yield is based on the share price as of the last trading day of the corr
Slide 5: Shareholding Details
SHAREHOLDING DETAILS Actively traded stock with strong institutional following Actively Traded Counter Strong Institutional following3 RM 1.28b 749.1m Institutional Market cap1 Total number of outstanding shares in issue2 Holdings Retail Investors 42.6% 39.6% 77% 3.2m Average daily traded Free float
Slide 6: Leadership Team
LEADERSHIP TEAM Board of Directors Zainul Rahim bin Dr Kenneth Dato’ Sri Roushan Thomas Michael Dato’ Dr Zaha Rina Emeliana Dallan Zaidah binti Ibrahim Mohd Zain Gerard Pereira Arumugam Taylor binti Zahari Rice-Oxley Independent Non- Non-Independent Non- Managing Director Non-Independent Non- Senior
Slide 7: Our Assets
® : i pS mm, aie: OUR ASSETS 8 Hieiscus Petroleum
Slide 8: Current Portfolio of Reserves
CURRENT PORTFOLIO OF RESERVES Hibiscus is the operator for all the producing assets Block 46 Cai Nuoc Net 2P Oil Reserves Anasuria Cluster 70% 50%^ 2P Oil 0.2 MMbbl 2P Oil 15.9 MMbbl | 2P Gas 0.9 MMboe Fyne Block B MLJ 37.5% 2P Oil 3.2 MMbbl | 2P Gas 17.2 MMboe 50.9 42.5% 2C Oil 4.0 MMbbl 2C Oil 1.0
Slide 9: Replenishment Record
REPLENISHMENT RECORD Successful reserves replacement, strong IRRs, & short payback periods Asset Replenishment Record (MMboe) Anasuria Peninsula North Sabah Cluster Hibiscus 29 2016 2018 2022 Internal Rate of 689% Total Net 298% 96% Return (IRR) 81 Production 77.8 Payback Period < 1 year < 1 year 3
Slide 10: Producing Asset Licence Tenures
PRODUCING ASSET LICENCE TENURES Net 2P oil and gas reserves to last up until 2040 with ongoing discussions to extend licence tenures 2P Oil 2P Gas Name of Asset Country (MMbbl) (MMboe) 2020 2025 2030 2035 2040 2045 North Sabah PSC Malaysia 18.4 - Kinabalu PSC Malaysia 6.4 - Malaysia-Vietnam PM3 CAA
Slide 11: Operational Metrics
OPERATIONAL METRICS Production and sales have risen through a series of strategic acquisitions Net Oil Production and Sales (MMbbl) Net Gas Sold (MMscf) Steady growth in net oil and condensate production and sales driven by Strong uptick in gas sales post acquisition of PM3 CAA PSC in January strate
Slide 12: Asset Enhancement Record
ASSET ENHANCEMENT RECORD Skilled in stabilising and increasing production rate post-acquisition NORTH SABAH PENINSULA Previous Operator Hibiscus Previous Operator Hibiscus 94% 97% 96% 25 90% 91% 92% 92% 93% 92% 90% 91% 89% 100 93% 95% 86% 92% Gross Production (kboe/d) 88% Gross Production (kbbl/d) 2
Slide 13: Received 20 Awards and Recognitions in FY2024
RECEIVED 20 AWARDS AND RECOGNITIONS IN FY2024 For safety, project delivery and excellence FOCUSED RECOGNITION FROM PETRONAS MALAYSIA UPSTREAM AWARDS 2024 ✓ High commitment excellent towards Production ✓ GOLD Award for Project Delivery Enhancement and Idle Well Reactivation activities ✓ GOLD Award fo
Slide 14: Growth Plan
GROWTH PLAN 8 Hieiscus Petroleum
Slide 15: Emerging as a Significant E&P Player in the Region
EMERGING AS A SIGNIFICANT E&P PLAYER IN THE REGION Close to achieving our 2026 net production target Develop Convert development assets to Enhance Enhance output and extend Acquire Potential acquisition of producing producing assets economic life of producing fields assets and new licenses Net Produ
Slide 16: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Guiding principles assuming USD70 bbl Brent, selective and disciplined deployment CASHFLOW WATERFALL KEY PRINCIPLES CONTROL LEVERS Priority Spend Investment Criteria Target Criteria Funding 1 Debt Servicing Work program & Minimum Annual Dividend IRR ≥ 15% Internal cash b
Slide 17: Deploying CAPEX
DEPLOYING CAPEX Funded by operating cash flow, cash balance, and existing debt facilities CAPEX (USD’m) Asset Key Highlights FY2025 FY2026 UK: Teal West Teal West Development 88 29 Malaysia-Vietnam: PM3 CAA Bunga Aster Appraisal Well + Exploration Wells 47 40 Malaysia: North Sabah SF30 Waterflood Ph
Slide 18: Hibiscus Entry into Brunei
HIBISCUS ENTRY INTO BRUNEI Acquisition of Block B Maharajalela Jamalulalam (MLJ) Field MLJ1 MLJ2 Platform Acquisition & Asset Overview Platform ➢ A 100% acquisition of TotalEnergies EP (Brunei) – which holds a 37.5% stake in Block B MLJ Field MLJ3 Platform ➢ Block B MLJ is a producing and cash gener
Slide 19: Gas Portfolio Is Materially Enhanced
GAS PORTFOLIO IS MATERIALLY ENHANCED Reaching gas production portfolio of ~50% Gas is a lower emission, transition fuel, which is playing an increasingly major role in the ongoing energy transition Daily Production Rate (% of boe) Before Repsol Acquisition CY2021 CY2023 After Brunei Acquisition 3% 3
Slide 20: Hibiscus First Direct Award of a PSC
HIBISCUS FIRST DIRECT AWARD OF A PSC Award boosts gas infrastructure utilisation to meet growing Peninsular demand Overview ➢ Awarded a 65% participating interest (PI) and operatorship in PKNB Cluster PSC by PETRONAS ➢ Remaining share is held by Petronas Carigali Sdn Bhd ➢ Effective date of the PSC
Slide 21: PM327 PSC Farm-In
PM327 PSC FARM-IN One of the largest exploration blocks offshore Peninsular Malaysia Overview ➢ Signed a farm-in arrangement with Petronas Carigali Sdn Bhd for 30% interest, pending regulatory PM3 CAA PM3 CAA approvals and fulfilment of conditions precedent ➢ Offered as part of the Malaysia Bid Roun
Slide 22: ESG Initiatives
ESG INITIATIVES efiiciscu
Slide 23: Our ESG Pillars
OUR ESG PILLARS Alignment with the United Nations’ Sustainable Development Goals (UN SDG) ENVIRONMENTAL SOCIAL GOVERNANCE Occupational Safety Zero Fatality and zero Lost Time Portfolio Resilience Injury Frequency Strong Risk Management Increasing Natural Gas Reserves Constituent of FTSE4Good Bursa M
Slide 24: Transitioning Towards Net Zero 2050
TRANSITIONING TOWARDS NET ZERO 2050 Target to reduce 50% of GHG Scope 1 and 2 Emissions by FY2030 ❑ Malaysia and Vietnam : emissions reduction being addressed in PM3-CAA area, North Sabah and Kinabalu ▪ Material methane reduction through Membrane Phase 2; collaboration with PETRONAS on Fuel / Combus
Slide 25: Financial Highlights
FINANCIAL HIGHLIGHTS HiBiscu
Slide 26: Segmental P&L Highlights
SEGMENTAL P&L HIGHLIGHTS Consistent annual and sequential growth in topline and profitability Revenue (RM million) EBITDA (RM million) 738.0 325.3 339.9 300.2 302.6 653.2 627.6 603.5 477.4 149.8 1,321.1 1,269.7 2,715.7 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 1,082.7 2,344.8 2QFY24 3QFY24 4QFY24 1QFY25 2Q
Slide 27: Balance Sheet Overview
BALANCE SHEET OVERVIEW Robust balance sheet on the back of growing unrestricted cash balance and total assets Total Assets and Shareholders’ Funds (RM million) Unrestricted Cash and Total Debt (RM million) Total Assets and Shareholders’ Funds expanded on the Healthy net cash position to support CAPE
Slide 28: Still Maintaining Robust EBITDA Margins
STILL MAINTAINING ROBUST EBITDA MARGINS • Proven track record in navigating downturns • Operational control over assets gives us flexibility to adapt expenditures PM3 CAA NORTH SABAH KINABALU 70 100% 120 100% 140 100% 90% 90% 90% 60 65 100 112 120 62 80% 80% 121 80% 58 98 118 50 97 94 95 100 53 54 7
Slide 29: Group Performance
GROUP PERFORMANCE Multifold growth since 2016 SPAC: 2011 Anasuria: March 2016 Peninsula Hibiscus: January 2022 North Sabah: March 2018 Brunei: October 2024 121 ↑ 17.3x 2C Resources (MMbbl) 78 ↑ 2.9x 2P Reserves (MMboe) 27 Daily production (kboe) 28 ↑ 7.0x 7 4 FY2011 FY2013 FY2016 FY2017 FY2018 FY201
Slide 30: Peer Comparison
PEER COMPARISON
Slide 31: We Have Outperformed Our Peers
WE HAVE OUTPERFORMED OUR PEERS Outperformed industry peer average over the past 5 years 5-YEAR REVENUE CAGR Blue Peer Average Red Hibiscus EBITDA Margin 22% 64% 47% 54% 49% 33% 51% 47% 46% 27% 34% 15% Net Profit Margin 38% 13% 17% 17% -8% 1% 4% -5% -3% -56% Return on Equity 36% 8% 16% 16% -4% 4% 10%
Slide 32: Our Valuations Have Upside Potential
OUR VALUATIONS HAVE UPSIDE POTENTIAL Our valuations do not reflect our fundamentals OIL & GAS VALUATION METRIC: EV/2P STANDARD VALUATION METRIC: P/E 5.3 8.8 3.6 3.4 Hibiscus Peer Average Hibiscus Peer Average Source: Bloomberg and respective peer companies’ latest presentations as of 26 Feb 2025 | T
Slide 33: Investment Merits
INVESTMENT MERITS Growth target supported by untapped resources and strong capital position to support development Growth Strategy to hit 35,000 boe/day daily production rate by 2026 Operation Track record of operational excellence, skilled in continuously enhancing efficiencies of current assets Ca
Slide 34: Thank You
THANK YOU For more information, please contact faq@hibiscuspetroleum.com
Slide 35: Overview of North Sabah PSC
OVERVIEW OF NORTH SABAH PSC North Sabah Asset includes the Labuan Crude Oil Terminal which processes 50K oil barrels per day Kinabalu 4 1979 2040 Producing fields Production Start Date PSC expiry PM3 CAA 18.4 MMbbl 8.9 MMbbl Net 2P Oil Reserves Net 2C Oil Resources Vietnam Ownership Structure Off-ta
Slide 36: North Sabah PSC
NORTH SABAH PSC North Sabah Completion of near-field drilling campaign at South Furious Kinabalu Average Net Oil Production Rate (bbl/day) Near-Field Drilling Campaign South Furious Ungu Well PM3 CAA • Lab analysis on collected hydrocarbon sample for South Furious Ungu is 5,065 expected to be comple
Slide 37: Overview of Kinabalu PSC
OVERVIEW OF KINABALU PSC North Sabah Low-cost liquids producing asset with ongoing redevelopment projects; close proximity with North Sabah Kinabalu 3 1997 2032 6.4 MMbbl PM3 CAA Producing fields Production Start Date PSC expiry Net 2P Oil Reserves Vietnam Ownership Structure Off-taker PETRONAS Unit
Slide 38: Kinabalu PSC
KINABALU PSC North Sabah Successful infill drilling programme Kinabalu Average Net Oil Production Rate (bbl/day) PM3 CAA KNWD-18 (First Oil in Aug 2023) and KNWD-08ST1 (First Oil in Oct 2023) infill wells producing well above targets 3,432 Vietnam 2,904 2,371 2,443 United Kingdom Australia Brunei Da
Slide 39: Overview of PM3 CAA PSC
OVERVIEW OF PM3 CAA PSC North Sabah A low-cost producing asset with long production history; possesses material future developments Kinabalu 7 1997 2027 Producing fields Production Start Date PSC expiry PM3 CAA 2 3.1 MMbbl 49.0 Bscf Exploration fields Net 2P Oil Reserves Net 2P Gas Reserves Vietnam
Slide 40: PM3 CAA PSC
PM3 CAA PSC North Sabah Stable gas lift operations and successful well work activities Kinabalu Average Net Oil and Gas Production Rate (boe/day) Bunga Aster-1 Drilling • First oil achieved on 4 May 2024. Sustained oil production from the H4 reservoir, stable gas lift operations, and PM3 CAA • Poten
Slide 41: Overview of Block Cai Nuoc PSC
OVERVIEW OF BLOCK 46 CAI NUOC PSC North Sabah Producing field is tied back to PM3 CAA’s facilities with potential to unlock undeveloped Hao Mai field Kinabalu 1 2003 2027 Producing field Production Start Date PSC expiry PM3 CAA 1 0.2 MMbbl Development field Net 2P Oil Reserves Vietnam Ownership Stru
Slide 42: Overview of Anasuria Cluster
OVERVIEW OF ANASURIA CLUSTER North Sabah Prominent location in the North Sea Kinabalu 4 1996 2035 15.9 MMbbl PM3 CAA Producing fields Production Start Date Economic Life Net 2P Oil Reserves Vietnam Effective Ownership Marketing Agreement with Hibiscus’ United Kingdom Asset Name Asset Type Stake Guil
Slide 43: Further Opportunities at the Anasuria Cluster
FURTHER OPPORTUNITIES AT THE ANASURIA CUSTER North Sabah Strong growth opportunities through our 100% owned development asset – Teal West Kinabalu Exciting Tie back opportunity in Teal West PM3 CAA July Sep 2023 2023 Vietnam Environmental Final Investment Statement (ES) Decision (FID) United Kingdom
Slide 44: Potential Game Changer Development Assets in the UK
POTENTIAL GAME CHANGER DEVELOPMENT ASSETS IN THE UK North Sabah Marigold and Sunflower fields – First oil expected in 2028 Kinabalu Future Opportunities around Marigold: Marigold Asset Kildrummy and Crown Discoveries Marigold and Sunflower are located PM3 CAA north-east of Aberdeen, UK Ithaca Energy
Slide 45: Anasuria Cluster
ANASURIA CLUSTER North Sabah Teal West to produce First Oil by end-CY2025 Kinabalu Average Net Oil and Gas Production Rate (boe/day) Teal West • Subsea tie-back installation PM3 CAA 2,315 expected in second-half of CY2025. 1,912 • First Oil scheduled for end- 1,819 Vietnam CY2025. United Kingdom 2,0
Slide 46: Overview of Australia Assets
OVERVIEW OF AUSTRALIA ASSETS North Sabah Exposure to the prolific O&G producing province – Bass Strait Kinabalu Key Highlights Ownership Structure Direct Interest PM3 CAA 2013 2026 Direct Award Date Licence Expiry Interest Vietnam 100.0% 8.0 MMbbl Hibiscus Net 2C Oil Reserves United Kingdom VIC/P79
Slide 47: Overview of Brunei Darussalam Assets
OVERVIEW OF BRUNEI DARUSSALAM ASSETS North Sabah Exposure to LNG markets, backed by long term gas contract up to 2033 1 2039 Producing field PSC expiry Kinabalu 3.4 MMbbl 109.8 Bscf PM3 CAA Net 2P Oil Reserves Net 2P Gas Reserves 1.0 MMbbl 34.6 Bscf Vietnam Net 2C Oil Resources Net 2C Gas Resources
Slide 48: 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 Standard Chartered Saadiq Berhad. • Previously Board member of Malaysian Dutch Business Council, UKM Holdings Sdn Bhd, Bank Pembangunan
Slide 49: Profiles: Board of Directors
PROFILES: BOARD OF DIRECTORS Dato’ Dr Zaha Rina Zahari, Independent Non-Executive Director • Appointed to the Board in September 2017. • More than 35 years of experience in financial (including Islamic), commodities and securities industry and the developing of the Malaysian Financial Market, M&A in
Slide 50: 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 30 years of accounting and finance experience in various industries, namely oil and gas, manufacturing, technology, services, risk con
Slide 51: Profiles: Key Management
PROFILES: KEY MANAGEMENT Kevin Robinson, VP Project Assurance & Asset Oversight • Joined Hibiscus in April 2019. • Over 46 years of experience in Upstream Oil and Gas mainly in Exploration, Development, New Ventures and Management. • Previously worked at Sapura E&P and Newfield Asia Pacific as Vice
Slide 52: Profiles: Key Management
PROFILES: KEY MANAGEMENT Stewart McMickle, VP New Ventures • Joined Hibiscus in March 2023. • Over 33 years’ experience in the oil and gas industry involving upstream business analysis, LNG and gas marketing, business development and acquisition/divestment of oil and gas properties. Early career spe
Slide 53: Profiles: Key Management
PROFILES: KEY MANAGEMENT Dr Ambrose Gerard Corray, VP InfoTech & Digitalisation • Joined Hibiscus in January 2019. Previously consulted for Hibiscus from bid submission for North Sabah asset in 2016 through transition and transfer in March 2018. • Over 41 years oil and gas industry global experience
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