Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Investor Presentation (October 2025)
58 slides from Hibiscus Petroleum Bhd's investor presentation, October 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION Logo October 2025 www.hibiscuspetroleum.com www.hibiscuspetroleum.com R2
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: 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: 16.3 MMboe 2C: 52.4 MMboe 88 Producing Development MMboe assets opportunities Net 2P Reserves 97% Vietnam 2P: 22.3 MMboe 2P: 0.1 MMboe
Slide 4: Creating Sustainable Shareholder Returns
CREATING SUSTAINABLE SHAREHOLDER RETURNS Prioritising Returns To Shareholders Increasing Dividend Trend 12 7.0 6.0 8.0 sen/share to 10.0 sen/share FY2025 Guidance (Brent USD70/bbl to USD80/bbl) Div. Yield 4.3 5.0 (%) 10 FY2025 Actual 9.0 sen/share* (Brent USD73.5/bbl) 2.9 2.2 2.0 3.0 9.00 Total Shar
Slide 5: Shareholding Structure
SHAREHOLDING STRUCTURE A truly public, Shariah-compliant company with actively traded stock Actively Traded Counter1 Broad-based Ownership2 RM 1.17b 737.4m Total shares Institutional Market cap Holdings Retail Investors 34.9% 45.0% 74% 1.5m September 2025 average Free float daily traded volume Board
Slide 6: Leadership Team
LEADERSHIP TEAM Board of Directors Zainul Rahim bin Dato’ Dr Kenneth Dato’ Sri Roushan Thomas Michael Dato’ Dr Zaha Emeliana Dallan Zaidah binti Mohd Zain Gerard Pereira Arumugam Taylor Rina binti Zahari Rice-Oxley Ibrahim Non-Independent Non- Managing Director Non-Independent Non- Senior Independen
Slide 7: Our Assets
® : i pS mm, aie: OUR ASSETS 8 Hieiscus Petroleum
Slide 8: Asset Replenishment Record
ASSET REPLENISHMENT RECORD Successful reserves replacement, strong IRRs, & short payback periods Asset Replenishment Record (MMboe) Anasuria Peninsula North Sabah Cluster Hibiscus RRR 2017-2024: RRR 2024-2025: 201% 436% 2016 2018 2022 9.0 Total Net Production Internal Rate of 689% 39.2 298% 100% 31.
Slide 9: 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) 2015 2020 2025 2030 2035 2040 2045 2050 North Sabah PSC Malaysia 14.5 - Kinabalu PSC Malaysia 5.9 - Malaysia-Vietnam PM3 CAA PSC 6.8 15.5 CAA Block 46 Cai Nuoc Vie
Slide 10: 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 Strong uptick in gas sales post acquisition of PM3 CAA PSC in January and targeted
Slide 11: Awards and Recognitions in FY2025
AWARDS AND RECOGNITIONS IN FY2025 Recognitions from PETRONAS PETRONAS Emerald Awards ✓ Received a focused recognition from PETRONAS for successfully completing the ✓ Received (3) awards at PETRONAS’ Emerald Production Enhancement and Idle Well Reactivation (PE IWR) for the South Furious Awards: camp
Slide 12: Operational Excellence
OPERATIONAL EXCELLENCE Track record in increasing uptime and enhancing production of assets Previous Operator Hibiscus Previous Operator Hibiscus North Sabah 94% 97% Gross Production 25 90% 91% 92% 92% 93% 92% 90% 91% 89% 90% 100 86% Peninsula 93% 96% 95% Gross Production 20 80 92% (kbbl/d) 88% 88%
Slide 13: Transitioning Towards Net Zero 2050
TRANSITIONING TOWARDS NET ZERO 2050 Membrane Roadmap to reduce 50% of GHG Scope 1 Membrane -22% Phase 1 Phase 2 Flare Tip and 2 Emissions by FY2030 Replacement Membrane Equipment Net Scope 1 + 2 Phase 2 Reliability/ -46% Process Fuel Cell, -50% Improvements Debottlenecking CCUS Solar + Wind Project
Slide 14: Financial Highlights
FINANCIAL HIGHLIGHTS HiBiscu
Slide 15: P&L Highlights
P&L HIGHLIGHTS Consistent annual and sequential growth in topline and profitability Revenue (RM million) EBITDA (RM million) 738 340 653 303 308 630 573 209 477 150 1,321 1,270 2,716 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1,083 2,345 2,333 1,007 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 1,697 549 213 381 988 3
Slide 16: 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 17: Maintaining Robust EBITDA Margins
MAINTAINING ROBUST EBITDA MARGINS PM3 CAA NORTH SABAH KINABALU 70 100% 100 100% 140 100% 90% 90 90% No 90% 95 60 65 90 94 120 offtake 80% 80 80% 121 80% 50 84 79 in this 54 70% 70 78 70% 100 quarter 70% 51 52 73 73 101 49 60% 60 60% 60% 40 45 80 92 50% 50 57 50% 83 50% 78 30 52 60 70 34 40% 40 40% 4
Slide 18: Group Performance
GROUP PERFORMANCE Multifold growth since 2016 SPAC: 2011 Anasuria: March 2016 Peninsula Hibiscus: January 2022 North Sabah: March 2018 Brunei: October 2024 110 ↑ 15.8x 150 2C Resources (MMbbl) 88 ↑ 3.3x 2P Reserves (MMboe) ↑ 6.5x 70 27 Daily production (kboe) 26 7 4 2030 Mission FY2011 FY2013 FY2016
Slide 19: Growth Plan
GROWTH PLAN @ Hisiscus Petroleum
Slide 20: 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 20
Slide 21: 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 22: Growth Pillar: PM3 Master Hub Plan
GROWTH PILLAR 1 : PM3 MASTER HUB PLAN PM3 CAA 20-year extension – a key enabler of the PM3 Master Hub Plan PM3 CAA (PRODUCTION) Operated Interest Platforms 35% 14 PKNB CLUSTER PSC (DEVELOPMENT) PSC extended to FSOs 2047 2 4 Discovered gas fields Substantial gas resources with tie-back opportunities
Slide 23: Growth Pillar: 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 gas development 26.0 2C Resources: MMboe* CCS 13.4 Bunga Orkid • To commence injection MMboe by Q42028 *a
Slide 24: 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 25: 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 26: 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 27: Fundamentals Not Reflected in Share Price
FUNDAMENTALS NOT REFLECTED IN SHARE PRICE
Slide 28: 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) 5.5 18.9 3.0 4.3 14.1 1.5 Hibiscus Peer Average Hibiscus Peer Average Hibiscus Peer Average Sou
Slide 29: Significant Increase in Company and Asset Value in Past 5 Years
SIGNIFICANT INCREASE IN COMPANY AND ASSET VALUE IN PAST 5 YEARS Overall growth has more than doubled vs FY2020 Operations Daily Production (boe/d) 2P Reserves (MMboe) Average Realised Oil Price 26,462 88 (USD/bbl) +91% +35% +190% 77 46 57 9,120 FY2020 FY2025 FY2020 FY2025 FY2020 FY2025 Financials Re
Slide 30: "Short" Story Ends; Rebound Chapter Begins
“SHORT” STORY ENDS; REBOUND CHAPTER BEGINS Share price stabilised with unwinding of short positions; ready for a re-rating 1 2 Historical share price was RM2.40-RM 2.50 in June 2024. If not for With a stable platform, the short selling issue, with the stream of positive events, the share future posi
Slide 31: 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 @ 30 June 2025 of RM3.67 Unique platform with attractive portfolio of SEA assets Successful highly scalable acquisition and enhanc
Slide 32: 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 33: Thank You
THANK YOU For more information, please contact faq@hibiscuspetroleum.com
Slide 34: Appendices
APPENDICES ws
Slide 35: 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 8.8 – 9.3 MMboe Production N/A 9.0 MMboe 9.1 – 9.5 MMboe OPEX N/A ~US
Slide 36: 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 37: FY2025 Profit or Loss (by Segment)
FY2025 PROFIT OR LOSS (BY SEGMENT) Peninsular Malaysia Sabah Malaysia Total United 1 RM'000 PM305 and North Brunei Vietnam Others PM3 CAA PKNB PM327 Subtotal Kinabalu Subtotal Kingdom (HPB Group) PM314 Sabah Revenue 809,706 7,845 - - 817,551 625,392 309,475 934,867 303,138 205,448 56,506 15,372 2,33
Slide 38: 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 50%^ 2P Oil 11.1 MMbbl | 2P Gas 1.2 MMboe Fyne Block B MLJ 37.5% 2P Oil 3.1 MMbbl | 2P Gas 25.4 MMboe 44.9 2C Oil 0.2 MMbbl | 2C Gas 2.0 MMb
Slide 39: 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 14.5 MMbbl 2.4 MMbbl Net 2P Oil Reserves Net 2C Oil Resources Vietnam Ownership Structure Off-ta
Slide 40: North Sabah PSC
NORTH SABAH PSC North Sabah Kinabalu Average Net Oil Production Rate (bbl/day) SF30 Water Flood Phase 2 • Drilling of 5 water injectors and 5 oil infill PM3 CAA wells at the South Furious 30 field in CY2024/2025. • First oil achieved on 31 October 2024. 4,882 4,875 4,803 Vietnam • Refurbished topsid
Slide 41: 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 5.9 MMbbl PM3 CAA Producing fields Production Start Date PSC expiry Net 2P Oil Reserves Vietnam Ownership Structure Off-taker PETRONAS Unit
Slide 42: Kinabalu PSC
KINABALU PSC North Sabah Kinabalu Average Net Oil Production Rate (bbl/day) PM3 CAA 3,170 2,638 Vietnam 2,371 2,368 United Kingdom Australia Brunei Darussalam 1QFY25 2QFY25 3QFY25 4QFY25 42
Slide 43: 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 2047 Producing fields Production Start Date PSC expiry PM3 CAA 2 6.8 MMbbl 15.5 MMboe Exploration fields Net 2P Oil Reserves Net 2P Gas Reserves Vietnam
Slide 44: PM3 CAA PSC
PM3 CAA PSC North Sabah Stable gas lift operations and successful well work activities Licence Granted Under Kinabalu Average Net Oil and Gas Production Rate (boe/day) Enhanced PSC & UGSA Terms • PSC expiry (at the time of PM3 CAA 11,816 acquisition): 2027; PSC previously extended from 2018 to 2027
Slide 45: 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 0.1 MMbbl Development field Net 2P Oil Reserves Vietnam Ownership Stru
Slide 46: Overview of Anasuria Cluster
OVERVIEW OF ANASURIA CLUSTER North Sabah Prominent location in the North Sea Kinabalu 4 1996 2035 11.1 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 47: 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 48: 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 Caldera Petroleum PM3 CAA north-east of Aberdeen
Slide 49: Anasuria Cluster
ANASURIA CLUSTER North Sabah Teal West to produce first oil in CY2026 Kinabalu Average Net Oil and Gas Production Rate (boe/day) Teal West • Subsea tie-back installation PM3 CAA expected in second-half of 2,132 2,123 CY2025. • First Oil scheduled for mid- 1,819 Vietnam CY2026. Fyne United Kingdom 1,
Slide 50: 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 Direct 2013 2026 Interest Award Date Licence Expiry Vietnam 100.0% Hibiscus United Kingdom VIC/P79 WA/527-P T/49P Effective Owner
Slide 51: 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 Concession expiry Kinabalu 3.1 MMbbl 25.4 MMboe PM3 CAA Net 2P Oil Reserves Net 2P Gas Reserves 0.2 MMbbl 2.0 MMboe Vietnam Net 2C Oil Resources Net 2C Gas Res
Slide 52: 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 53: 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 2
Slide 54: 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 55: 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 56: 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 57: Profiles: Key Management
PROFILES: KEY MANAGEMENT Mohammed Farroukh Abdul Aziz, Country Head, Brunei • Joined Hibiscus in January 2023. • Over 26 years’ experience in the oil and gas industry in General Management, Strategic Planning, Asset Management, Development & Production Operations, Financial Performance Management, R
Slide 58: Profiles: Key Management
PROFILES: KEY MANAGEMENT Noor Ashiah Yang, VP Group Human Capital • Joined Hibiscus in February 2023. • Over 26 years’ experience in various areas of human capital namely organisational development, talent management, reward and compensation, employee engagement/industrial relation, corporate govern
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