Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (May 2026)
64 slides from Hibiscus Petroleum Bhd's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION Logo May 2026 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: Oil & Gas Prices to Remain Elevated in the Near-Term
OIL & GAS PRICES TO REMAIN ELEVATED IN THE NEAR-TERM Industry analysts/media reports predict elevating oil & gas prices to sustain amid ongoing US-Iran tensions Rystad Energy Brent price forecasts Brent prices hitting USD135/bbl if • Strait of Hormuz closure: 25% of seaborne oil trade (crude and the
Slide 4: Rising Geopolitical Risks Raises New Questions for the O&G Sector
RISING GEOPOLITICAL RISKS RAISES NEW QUESTIONS FOR THE O&G SECTOR It was talk of USD100/bbl oil until recently → The concern was the closure of the Strait of Hormuz → Markets are now already whispering Now shifting towards potential damage to oil and gas infrastructure USD200/bbl scenarios across th
Slide 5: Ongoing Middle East Turmoil's Impact to Hibiscus
ONGOING MIDDLE EAST TURMOIL’S IMPACT TO HIBISCUS Hibiscus is well-positioned to capitalise from current market conditions Increasing Production Maintaining Cost Discipline ▪ Focus on opportunities to: ▪ Capitalise on contracts which were executed • Immediately increase gas production under low oil p
Slide 6: Hibiscus Today
@ Hisiscus Petroleum
Slide 7: Diversified Asset Base with Balanced O&G Exposure
DIVERSIFIED ASSET BASE WITH BALANCED O&G EXPOSURE Assets in well-established regions; production with development upside; oil and gas balance United Kingdom 5 5 2P: 16.1 MMboe 2C: 52.4 MMboe 83 Producing Development MMboe assets opportunities Net 2P Reserves Vietnam 97% 2P: 20.2 MMboe 2C: 13.1 MMboe
Slide 8: Growing Dividend, Growing Returns
GROWING DIVIDEND, GROWING RETURNS Prioritising Returns To Shareholders Increasing Dividend Trend High priority within capital allocation framework 15 • Ranking after OPEX and debt servicing 6.0 • Dividends are paid on a quarterly basis Div. Yield (%) 13 4.3 Exceeded minimum dividend guidance in FY20
Slide 9: Shareholding Structure
SHAREHOLDING STRUCTURE A truly public, Shariah-compliant company with actively traded stock Actively Traded Counter1 Broad-based Ownership2 • Strong increase in institutional holdings over last 2 months RM 1.51b 737.4m Market cap Total shares Retail Investors Institutional 34.9% Holdings 76% 13.6m 4
Slide 10: Leadership Team
LEADERSHIP TEAM Board of Directors Zainul Rahim bin Dato’ Dr Kenneth Dato’ Sri Roushan Thomas Michael Taylor Dato’ Dr Zaha Rina Emeliana Dallan Zaidah binti Ibrahim Mohd Zain Gerard Pereira Arumugam Senior Independent Non- binti Zahari Rice-Oxley Independent Non- Non-Independent Non- Managing Direct
Slide 11: Our Assets
® : i pS mm, aie: OUR ASSETS 8 Hieiscus Petroleum
Slide 12: On Track to Hit 35,000 boe/day in 2026
ON TRACK TO HIT 35,000 BOE/DAY IN 2026 Increasing production through 3 key projects UK: Brunei: Malaysia: Teal West Development Low-Pressure Compression Project SF30 Waterflood Phase 2 • Completed drilling with subsea installation expected to commence • To increase the MLJ Field • Drilled a total of
Slide 13: Asset Replenishment Record
ASSET REPLENISHMENT RECORD Successful reserves replacement, strong IRRs, & short payback periods Asset Replenishment Record (MMboe) Anasuria North Sabah Peninsula Hibiscus Cluster Reserves Replacement Reserves Replacement Ratio 2017 - 2024: Ratio 2024 - 2025: 201% 288% 2016 2018 2022 13.6 Internal R
Slide 14: Producing Asset Licence Tenures
PRODUCING ASSET LICENCE TENURES Current reserves and resources to last up until 2047 2P Oil 2P Gas Name of Asset Country (MMbbl) (MMboe) 2020 2025 2030 2035 2040 2045 2050 North Sabah PSC Malaysia 13.7 - Kinabalu PSC Malaysia 5.4 - PM3 CAA PSC Malaysia-Vietnam CAA 6.3 13.9 Anasuria Cluster United Ki
Slide 15: Operational Metrics
OPERATIONAL METRICS Production and sales have risen through a series of strategic acquisitions Net Oil Sales (MMbbl) Net Gas Sold (MMboe) Steady growth in net oil and condensate sales driven by strategic acquisitions and Strong uptick in gas sales post acquisition of PM3 CAA PSC in January 2022 and
Slide 16: Building Growth Momentum
BUILDING GROWTH MOMENTUM July 2024 August 2024 October 2024 April 2025 August 2025 January 2026 PM327 Farm In Brunei Teal West PKNB Award Largest Acquisition PM3CAA 20-Year PVEP Tie-in of Project: Block with 4 exploration Completion Extension up to Block 46/13 PSC Preliminary discoveries, block offs
Slide 17: Industry Recognition
INDUSTRY RECOGNITION MPM’s 2024 Royal Society for the Prime Minister’s PETRONAS Emerald Awards Turnaround Campaign Prevention of Accidents (ROSPA) Hibiscus Award • Gold Award – CY2025 health and safety • PM3 CAA • Gold Award – Talent Development performance of the Anasuria FPSO • Sabah Excellence fa
Slide 18: Operational Excellence
OPERATIONAL EXCELLENCE Track record in increasing uptime and enhancing production of assets Previous Operator Hibiscus Previous Operator Hibiscus 94% 97% Gross Production 25 91% 92% 92% 93% 92% 90% 91% 92% 100 North Sabah 86% 90% 89% 90% 93% 96% 95% Peninsula Gross Production 20 80 92% 91% (kbbl/d)
Slide 19: Transitioning Towards Net Zero 2050
TRANSITIONING TOWARDS NET ZERO 2050 Membrane Roadmap to reduce 50% of GHG Scope 1 and 2 Phase 1 Membrane Phase 2 -22% Emissions by FY2030 Flare Tip Replacement Membrane Equipment Net Scope 1 + 2 Phase 2 Reliability/ -46% Process Fuel Cell, -50% Improvements Debottlenecking CCUS Solar + Wind Project
Slide 20: Financial Highlights
FINANCIAL HIGHLIGHTS HiBiscu
Slide 21: P&L Highlights
P&L HIGHLIGHTS Revenue > RM2 bil since FY23, EBITDA > RM1 bil since FY22 Revenue (RM million) EBITDA (RM million) 340 653 630 308 244 573 544 209 477 150 191 433 1,321 1,270 2,716 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 1,083 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 2,345 2,333 1,007 1,697 549 21
Slide 22: 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 cash position to support CAPEX ne
Slide 23: Maintaining Strong EBITDA Margins
MAINTAINING STRONG EBITDA MARGINS PM3 CAA NORTH SABAH KINABALU 70 100% 100 100% 140 100% 90% 90 94 95 90% No No 90% 60 65 120 80% 80 90 80% offtake offtake 84 121 80% 50 54 70% 70 78 79 70% 100 in this in this 70% 51 52 73 73 74 101 49 60% 60 69 60% quarter quarter 60% 40 45 45 80 92 50% 50 57 50% 8
Slide 24: Strong Past 5-Year Growth
STRONG PAST 5-YEAR GROWTH Exceeding 20% CAGR in production, operating cashflows and EBITDA over five years Daily Production (kboe/d) 2P Reserves (MMboe) 2C Resources (MMboe) CAGR 26 CAGR 88 CAGR +24% +13% +8% 110 47 74 9 FY2021 FY2025 FY2021 FY2025 FY2021 FY2025 Revenue (RM m) EBITDA (RM m) Total As
Slide 25: Growth Plan
GROWTH PLAN @ Hisiscus Petroleum
Slide 26: Potential Timely Entry of Strategic Investors
POTENTIAL TIMELY ENTRY OF STRATEGIC INVESTORS Ongoing discussions with reputable parties to further capitalise on current bullish O&G market OBJECTIVES Access To Potential Asset Opportunities Access To Funding Availability of high-quality assets Ability to pursue larger-scale opportunities PLATFORM
Slide 27: Pursuing Growth & Sustainable Horizons: 2030 Mission
PURSUING GROWTH & SUSTAINABLE HORIZONS 2030 MISSION THRUST 1 THRUST 2 OIL & GAS REMAINS ENERGY TRANSITION AS CORE BUSINESS INITIATIVES Setting Up A Robust Generating Stable Platform For Growth Cashflows 27
Slide 28: Thrust 1: Setting Up a Robust Platform for Growth
THRUST 1: SETTING UP A ROBUST PLATFORM FOR GROWTH • SF30 Waterflood Phase 2 (Malaysia) 2026 Mission: On Track • Block B MLJ Asset LPC Project (Brunei) ➢ Daily production of 35,000 boe/day • Teal West Development (UK) ➢ 2P reserves of 100 MMboe • PKNB FDP Approval – 2C to 2P Reclassification 2030 Mis
Slide 29: Malaysia Growth Plan
MALAYSIA GROWTH PLAN PM3 CAA 20-year extension – a key enabler of the PM3 Master Hub Plan PKNB Cluster PSC (Development) PM3 CAA (Production) 4 Discovered Gas Fields Operated interest Platforms Substantial gas resources with tie-back 35% 14 opportunities to existing PM3 CAA infrastructure PSC extend
Slide 30: Growth Pillar 1: PM3 Master Hub Plan
GROWTH PILLAR 1 : PM3 MASTER HUB PLAN 2P Unlocks capacity for value accretive projects Reserves: 12.6 MMboe PM3 Bunga Saffron Incremental • Discovered gas field 2P + 2C: Bunga Yarrow • Potential oil development 26.0 2C Resources: MMboe* CCS 13.4 Bunga Orkid • To commence injection by MMboe Q42028 *a
Slide 31: Growth Pillar: Expansion Within Brunei
GROWTH PILLAR 2 : EXPANSION WITHIN BRUNEI Unlocks future opportunities in a well-established oil and gas jurisdiction Rystad Projects 45% Decline ~29 years1 of Remaining 2C Resource Life Unlocking in Production by 2035 to be Exploited Opportunities 2015: ~370k boepd Immediate objective: 2026: 332k b
Slide 32: Thrust 2: Energy Transition Initiatives
THRUST 2: ENERGY TRANSITION INITIATIVES Leveraging on our competencies to operate and maintain decentralised power generation Our Group generates 126 MW of power offshore across our assets1 • We will transfer this know-how to address electricity generation specifically to support data centres or sem
Slide 33: Driving Growth Through Disciplined Capital Allocation & OPEX/boe Reduction
DRIVING GROWTH THROUGH DISCIPLINED CAPITAL ALLOCATION & OPEX/BOE REDUCTION Maintaining Disciplined Capital Allocation Reducing OPEX/boe Capital allocation framework in place Increase in operations: Priority Spend Value Accretive Economies of scale and reduced costs • Debt servicing Acquisitions • Mi
Slide 34: Fundamentals Not Reflected in Share Price
FUNDAMENTALS NOT REFLECTED IN SHARE PRICE
Slide 35: A Compelling Entry Point Relative to Peers
A COMPELLING ENTRY POINT RELATIVE TO PEERS Our market valuation is significantly lower than the peer average and do not reflect its fundamentals EV/2P (USD/boe) EV/EBITDA (x) EV/Production (USD’000/boepd) 8.5 3.6 29.6 5.3 1.8 16.9 Hibiscus Peer Average Hibiscus Peer Average Hibiscus Peer Average Sou
Slide 36: Significant Discount to Company and Asset Value
SIGNIFICANT DISCOUNT TO COMPANY AND ASSET VALUE Share price is not reflective of tangible and intangible value of Hibiscus Discount even against the book value per share @ 31 December 2025 of RM3.63 Unique platform with attractive portfolio of SEA assets Successful highly scalable acquisition and en
Slide 37: Investment Merits
INVESTMENT MERITS Growth target supported by untapped resources and strong capital position to support development On track to hit 35,000 boe/day daily production rate by 2026 and 2P reserves of 100 MMboe with identified opportunities in the pipeline for further growth. Growth Story Strategy to hit
Slide 38: Thank You
THANK YOU For more information, please contact faq@hibiscuspetroleum.com
Slide 39: Appendices
APPENDICES ws
Slide 40: FY2025 & FY2026 Guidance Snapshot
FY2025 & FY2026 GUIDANCE SNAPSHOT • FY2025 Sales Guidance Achieved • FY2025 Dividend Guidance Surpassed • FY2026 Dividend Maintained At Lower Oil Price FY2025 FY2026 Guidance Guidance Actual Sales Volume 8.6 to 9.1 MMboe 8.9 MMboe 9.0 – 9.4 MMboe Production N/A 9.0 MMboe 9.1 – 9.5 MMboe OPEX N/A ~US
Slide 41: FY2025 Operational Summary by Asset
FY2025 OPERATIONAL SUMMARY BY ASSET Block 46 Cai PM3 CAA North Sabah Kinabalu Block B MLJ Anasuria Cluster Total or Average Nuoc Average uptime % 93 92 81 91 76 93 - Average gross oil & condensate bbl/day 17,542 12,771 6,679 2,087 4,859 296 44,234 production Average net oil & condensate bbl/day 3,11
Slide 42: FY2025 Profit or Loss (by Segment)
FY2025 PROFIT OR LOSS (BY SEGMENT) Peninsular Malaysia Sabah Malaysia Total United RM'000 PM305 and Brunei Vietnam Others1 PM3 CAA PKNB PM327 Subtotal North Sabah Kinabalu Subtotal Kingdom (HPB Group) PM314 Revenue 809,706 7,845 - - 817,551 625,392 309,475 934,867 205,448 303,138 56,506 15,372 2,332
Slide 43: 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 70% Anasuria Cluster 2P Oil 0.1 MMbbl 42.7 50% 2P Oil 9.3 MMbbl | 2P Gas 1.0 MMboe Fyne 42.5% 2C Oil 4.0 MMbbl MMbbl Block B MLJ Teal West 37.5% 2P Oil 3.4 MMbbl | 2P Gas 24.0 MM
Slide 44: Overview of North Sabah PSC
OVERVIEW OF NORTH SABAH PSC Asset includes the Labuan Crude Oil Terminal which processes 50K oil barrels per day North Sabah 4 1979 2040 Kinabalu Producing fields Production Start Date PSC expiry 13.7 2.3 PM3 CAA MMbbl MMbbl Net 2P Oil Reserves Net 2C Oil Resources Vietnam Ownership Structure Off-ta
Slide 45: North Sabah PSC
NORTH SABAH PSC North Sabah Average Net Oil Production Rate (bbl/day) SF30 Water Flood Phase 2 Kinabalu • Drilling of 5 water injectors and 5 oil infill wells at the South Furious 30 field in CY2024/2025 PM3 CAA 4,882 4,875 4,916 • First oil achieved on 31 October 2024 4,803 4,767 • Refurbished tops
Slide 46: Overview of Kinabalu PSC
OVERVIEW OF KINABALU PSC Low-cost liquids producing asset with ongoing redevelopment projects; close proximity with North Sabah North Sabah 3 1997 2032 Producing fields Production Start Date PSC expiry Kinabalu 5.4 MMbbl 0.8 MMbbl Net 2P Oil Reserves Net 2C Oil Resources PM3 CAA Ownership Structure
Slide 47: Kinabalu PSC
KINABALU PSC North Sabah Average Net Oil Production Rate (bbl/day) Kinabalu 3,170 3,055 PM3 CAA 2,638 2,591 2,368 Vietnam United Kingdom Brunei Darussalam 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 47
Slide 48: Overview of PM3 CAA PSC
OVERVIEW OF PM3 CAA PSC A low-cost producing asset with long production history; possesses material future developments North Sabah 7 1997 6.3 MMbbl 13.9 MMboe Kinabalu Producing fields Production Start Date Net 2P Oil Reserves Net 2P Gas Reserves 2 2047 5.0 8.1 PM3 CAA MMbbl MMboe Exploration field
Slide 49: PM3 CAA PSC
PM3 CAA PSC Stable gas lift operations and successful well work activities North Sabah Licence Granted Under Average Net Oil and Gas Production Rate (boe/day) Enhanced PSC & UGSA Terms Kinabalu • PSC expiry (at the time of 11,816 11,968 acquisition): 2027; PSC previously extended from 2018 to 2027 P
Slide 50: Overview of Block Cai Nuoc PSC
OVERVIEW OF BLOCK 46 CAI NUOC PSC Producing field is tied back to PM3 CAA’s facilities with potential to unlock undeveloped Hao Mai field North Sabah 1 2003 2027 Kinabalu Producing field Production Start Date PSC expiry 1 0.1 PM3 CAA MMbbl Development field Net 2P Oil Reserves Vietnam Ownership Stru
Slide 51: Overview of Anasuria Cluster
OVERVIEW OF ANASURIA CLUSTER Prominent location in the North Sea North Sabah 4 1996 2035 Producing fields Production Start Date Economic Life Kinabalu 9.3 MMbbl 1.0 MMboe Net 2P Oil Reserves Net 2P Gas Reserves PM3 CAA Effective Ownership Offtake Agreement with Vietnam Asset Name Asset Type Hibiscus
Slide 52: Further Opportunities at the Anasuria Cluster
FURTHER OPPORTUNITIES AT THE ANASURIA CUSTER Strong growth opportunities through our 100% owned development asset – Teal West North Sabah Kinabalu Exciting Tie back opportunity in Teal West PM3 CAA July Sep 2023 2023 Vietnam Environmental Final Investment Statement (ES) was Decision (FID) was approv
Slide 53: Potential Game Changer Development Assets in the UK
POTENTIAL GAME CHANGER DEVELOPMENT ASSETS IN THE UK Marigold and Sunflower fields – First oil expected in 2030 North Sabah Future Opportunities around Marigold: Kinabalu Marigold Asset Kildrummy and Crown Discoveries Marigold and Sunflower are located Caldera Petroleum north-east of Aberdeen, UK 8.7
Slide 54: Anasuria Cluster
ANASURIA CLUSTER Teal West to produce first oil in CY2026 North Sabah Average Net Oil and Gas Production Rate (boe/day) Teal West Kinabalu • Drilling completed with subsea installation expected to 2,132 2,123 commence in April 2026 PM3 CAA • First Oil expected in mid- 1,819 CY2026 1,696 Vietnam Fyne
Slide 55: Overview of Brunei Darussalam Assets
OVERVIEW OF BRUNEI DARUSSALAM ASSETS Exposure to LNG markets, backed by long term gas contract up to 2033 North Sabah 1 2039 Producing field Concession expiry Kinabalu 3.4 MMbbl 24.0 MMboe Net 2P Condensate Reserves Net 2P Gas Reserves PM3 CAA 0.2 MMbbl 2.0 MMboe Net 2C Condensate Resources Net 2C G
Slide 56: Brunei Darussalam Assets
BRUNEI DARUSSALAM ASSETS North Sabah Low Pressure Compression (LPC) Average Net Condensate and Gas Production Rate (boe/day) Project Kinabalu • HSE: Project achieved the 1- million manhour Lost Time 6,859 6,952 Injury (LTI)-free milestone in PM3 CAA 992 760 July 2025 5,460 5,459 • Commenced operatio
Slide 57: Delivering Reserves, Converting Resources
DELIVERING RESERVES, CONVERTING RESOURCES CAPEX (USD m) ASSETS KEY PROJECTS FY2026 FY2027 Malaysia-Vietnam: PM3 CAA 34 48 Bunga Aster Appraisal Well (1) and Infill/Exploration Wells (3) Malaysia: North Sabah 13 8 SF30 Waterflood Phase 2 Malaysia: Kinabalu 18 40 Redevelopment Project Malaysia: PKNB 5
Slide 58: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK 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 budget phasing as 2 Production Payback ≤5 year
Slide 59: 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 Board of Standard Chartered Saadiq Berhad. • Previously Board member of Malaysian Dutch Business Council, UKM Holdings Sdn Bhd, Bank Pembangunan
Slide 60: 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 36 years of experience in financial (including Islamic), commodities and securities industry and the developing of the Malaysian Financial Market, M&A in
Slide 61: Profiles: Key Management
PROFILES: KEY MANAGEMENT Yip Chee Yeong, Chief Financial Officer • Joined Hibiscus in November 2013; previously VP Finance & Group Controller in Hibiscus. • Over 31 years of accounting and finance experience in various industries, namely oil and gas, manufacturing, technology, services, risk consult
Slide 62: Profiles: Key Management
PROFILES: KEY MANAGEMENT Lai Wai Peng, SVP International Assets • Joined Hibiscus in March 2023. • Over 24 years’ experience in the oil and gas industry with proven track record of establishing, creating value and monetising successful operated upstream oil and gas company. • Worked in diverse roles
Slide 63: Profiles: Key Management
PROFILES: KEY MANAGEMENT Stewart McMickle, VP New Ventures • Joined Hibiscus in March 2023. • Over 34 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 sp
Slide 64: Profiles: Key Management
PROFILES: KEY MANAGEMENT Dr Ambrose Gerard Corray, VP InfoTech and Digitalisation • Joined Hibiscus in January 2019. Held several leadership roles in Hibiscus Petroleum since 2018 including Integration Manager for North Sabah acquisition from Shell and management roles in Human Capital, Corporate Se
Hibiscus Petroleum Berhad — Investor Presentation (May 2026) on 6ix