Corporate and Business Update
(Issued by Hibiscus Petroleum Berhad ("Hibiscus Petroleum" or the "Group") in conjunction with the
Quarterly Report for the Financial Quarter Ended 30 September 2024)
Kuala Lumpur, 19 November 2024 - 12.30pm
Headlines
- First Oil from SF30 Waterflood Phase 2 Project
- First Interim Single-Tier Dividend for FY2025 of 2.0 Sen Per Share
- Share Buy-Back: Total of 29.7 Million Shares Purchased for Circa RM65.4 Million
- Completion of Acquisition of TotalEnergies Brunei
- On Track to Achieve 10-13% Increase in FY2025 Offtake Volumes Over FY2024
Highlights
- Marked an important milestone in the SF30 Waterflood Phase 2 project by safely achieving first oil on 31 October 2024.
- Planned shutdowns in four assets (PM3 CAA, Kinabalu, North Sabah and Anasuria) resulted in production of an average 16,707 boe/day of oil, condensate and gas net to the Group for the financial quarter ended 30 September 2024 ("Current Quarter"). Production is since back online, hitting an average of 27,300 boe/day in October 2024 (including Brunei).
- Despite facing what is expected to be the Group's most challenging quarter for FY2025, which was also affected by the strengthening Ringgit, the Group achieved earnings before interest, taxes, depreciation and amortisation ("EBITDA") of RM149.8 million and a profit after taxation ("PAT") of RM75.6 million for the Current Quarter, on the back of RM477.4 million revenue and an average realised oil and condensate price of USD83.55 per barrel ("bbl"). There was also an increase in the Group's net cash position to RM425.2 million from RM238.5 million.
- Sold 1.7 million bbls of oil equivalent ("MMboe") in the Current Quarter comprising 1.0 million bbls ("MMbbl") of oil and condensate and 0.7 MMboe of gas. On track to achieve target for FY2025 of selling 8.6 to 8.9 MMboe of oil, condensate and gas.
- Realised free cashflows of RM280.7 million in the Current Quarter, from cashflow from operations of RM520.6 million.
- Declared a first interim single-tier dividend of 2.0 sen per ordinary share for the financial year ending 30 June 2025 ("FY2025") on 19 November 2024. A total of 8.5 sen was declared in respect of the financial year ended 30 June 2024 ("FY2024"). Subject to oil prices remaining at or above USD70/bbl, the Group targets to declare a minimum total dividend of 8.0 sen per ordinary share. Should oil prices be above USD80/bbl, the total dividend rises to 10.0 sen per ordinary share.
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- Completion of Acquisition in Brunei Darussalam: Acquisition of TotalEnergies EP (Brunei) B.V. ("TotalEnergies Brunei"), which has 37.5% interest in the Maharajalela Jamalulalam ("MLJ") Field, completed on 14 October 2024.
- Share Buy-back: Purchased a total of 29.7 million shares at an average price of RM2.20 per share up to 18 November 2024. These shares, representing 3.7% of total issued shares, are currently being retained as treasury shares.
This Corporate and Business Update ("Update") covers business activities over the Current Quarter, key developments as of the release of this Update and provides commentary on the operational and financial performance of the Group.
Macro Update
Due to the recent election victory of Donald Trump, we are including a macro outlook. Please refer to our Q1 FY2025 Analyst Briefing presentation slides available on our website.
Operational Updates
Awards
We are pleased to highlight the following recognitions and achievements for safety and production operations in Malaysia:
Hibiscus Malaysia
- In September 2024, we received a Focused Recognition from PETRONAS for successfully completing the Production Enhancement and Idle Well Reactivation (PE IWR) for the South Furious campaign, achieving 1.8 kbbl/day in actual vs planned 1.2 kbbl/day production with zero HSE incidents.
Completion of Acquisition of TotalEnergies Brunei
As announced on 14 June 2024, the Group's wholly owned subsidiary, Simpor Hibiscus Sdn Bhd ("Simpor Hibiscus"), entered into a conditional Share Purchase Agreement ("SPA") with TotalEnergies Holdings International B.V. ("TotalEnergies Holdings") for the proposed acquisition of the entire equity interest in TotalEnergies Brunei for a total cash consideration of USD259.4 million ("Acquisition").
The Acquisition was completed on 14 October 2024, following shareholder approval at an Extraordinary General Meeting on 10 October 2024. Out of the total consideration, the net amount paid at completion was USD146.7 million after taking into account various adjustments as listed below:
USD million | Remarks | |
Purchase consideration | 259.4 | |
(add) Time value amount | 17.0 | Time value amount from the Effective Date of 31 |
December 2022 to and including 14 October 2024 | ||
(less) Pre-closing dividend | (65.0) | Dividend declared and paid by the TotalEnergies Brunei |
to TotalEnergies Holdings | ||
(less) Leakage amount | (15.7) | Mainly dividends and bonuses |
(less) Deposit | (49.0) | Deposit paid by Simpor Hibiscus to TotalEnergies |
Holdings at SPA execution | ||
Closing Amount | 146.7 | |
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The Closing Amount was funded entirely from internal cash and available existing facilities of the Group.
As operator of the newly acquired assets, the Group is well-positioned to continue to build on its successful operational track record which has been demonstrated in its other producing assets in the United Kingdom and Southeast Asia. Performance data from the new asset will be made available in the update for the quarter ending 31 December 2024.
SF30 Waterflood Phase 2 First Oil
On 31 October 2024, Hibiscus Malaysia marked an important milestone by safely achieving first oil for the SF30 Phase 2 Waterflood Development Project.
Well D10 was the first well to come onstream of five planned oil producers, drilled from the newly installed SFJT-D well head platform in the South Furious field. Production will increase with the progressive start-up of the other oil wells in the continuing drilling campaign. Six water injection wells will then be drilled, supported by a Water Injection Facility ("WIF"). The WIF is currently undergoing conversion in Malaysia with a targeted start of water injection in mid-CY2025.
Operational Performance in the Current Quarter
Figure 1 below summarises the operational performance of the Group for the Current Quarter.
Unit | PM3 | North | Kinabalu | Anasuria | Block 46 | Total or | |||||||||||||||
CAA | Sabah | Cluster | Cai Nuoc | Average | |||||||||||||||||
Average uptime | % | 85 | 88 | 72 | 46 | 85 | - | ||||||||||||||
Average gross oil & condensate | bbl/day | 16,238 | 11,677 | 6,095 | 2,963 | 262 | 37,235 | ||||||||||||||
production | |||||||||||||||||||||
Average net oil & condensate | bbl/day | 2,907 | 4,321 | 2,243 | 952 | 112 | 10,534 | ||||||||||||||
production | |||||||||||||||||||||
Average gross gas export rate @ | boe/day | 27,127 | - | - | 446 | - | 27,573 | ||||||||||||||
Average net gas export rate @ | boe/day | 6,076 | - | - | 95 | - | 6,171 | ||||||||||||||
Average net oil, condensate | boe/day | 8,983 | 4,321 | 2,243 | 1,048 | 112 | 16,707 | ||||||||||||||
and gas production rate | |||||||||||||||||||||
Total oil & condensate sold | bbl | 300,512 | 613,133 | - | 102,987 | - | 1,016,632 | ||||||||||||||
Total gas sold | MMscf | 3,856 | - | - | 53 | - | 3,909 | ||||||||||||||
boe | 642,591 | - | - | 8,832 | - | 651,423 | |||||||||||||||
Total oil, condensate & gas | boe | 943,103 | 613,133 | 0 | 111,819 | 0 | 1,668,055 | ||||||||||||||
sold | |||||||||||||||||||||
Average realised oil & | USD/bbl | 85.54 | 83.87 | - | 75.85 | - | 83.55 | ||||||||||||||
condensate price | |||||||||||||||||||||
Average gas price | USD/Mscf | 5.70 | - | - | 9.85 | - | - | ||||||||||||||
Average realised oil, | USD/boe | 50.54 | 83.87 | - | 69.86 | - | 64.09 | ||||||||||||||
condensate and gas price | |||||||||||||||||||||
Average production operational | USD/boe | 19.97 | 27.48 | 20.05 | 85.07 | 56.67 | - | ||||||||||||||
expenditure ("OPEX") per boe2 | |||||||||||||||||||||
Average net OPEX per boe3 | USD/boe | 34.22 | 39.11 | 34.28 | 85.07 | 93.34 | - |
Figure 1: Summary of operational performance for the Current Quarter.
Notes to Figure 1:
- This is computed based on gross production OPEX divided by gross oil, condensate and gas production.
-
This is computed as follows:
+ ( )
, ( )
- Conversion rate of 6,000 standard cubic feet ("scf") per boe. boe - bbl of oil equivalent.
3
Mscf - thousand scf.
MMscf - million scf.
Figures are subject to rounding.
FY2025 Oil and Condensate Offtake Schedule and Gas Sales Outlook
Figure 2 below illustrates the Group's FY2024 oil and condensate offtakes and gas sales from our producing assets, together with the latest estimates for the financial quarter ending 31 December 2024 ("Q2 FY2025") and the financial quarter ending 31 March 2025 ("Q3 FY2025"). In summary, we estimate to sell a total of 2.6 MMboe and 2.5 MMboe of oil, condensate and gas in Q2 FY2025 and Q3 FY2025 respectively, net to the Group. For FY2025, we estimate total sales volume to be approximately 8.6 to 8.9 MMboe.
Total net oil, condensate and gas sales volume (boe) | |||||||||
Actual - | Latest Estimate - Q2 FY2025 | Latest Estimate - Q3 FY2025 | |||||||
Q1 | Oct | Nov | Dec | Jan | Feb | Mar | |||
FY2025 | Total | Total | |||||||
20241 | 2024 | 2024 | 2025 | 2025 | 2025 | ||||
PM3 CAA | Oil & Cond. | 300,512 | - | 300,000 | 300,000 | 600,000 | - | - | - | - |
Gas | 642,591 | 226,936 | 216,000 | 230,000 | 672,936 | 232,000 | 207,000 | 232,000 | 671,000 | |
Kinabalu | Oil | - | 304,528 | - | - | 304,528 | 300,000 | - | - | 300,000 |
Block 46 | Oil | - | - | - | - | - | 113,000 | - | - | 113,000 |
North | Oil | 613,133 | - | - | 300,000 | 300,000 | - | 300,000 | 300,000 | 600,000 |
Sabah | ||||||||||
Anasuria | Oil | 102,987 | - | - | 108,000 | 108,000 | - | - | 169,000 | 169,000 |
Cluster | Gas | 8,832 | - | 4,000 | 10,000 | 14,000 | 6,900 | 6,500 | 7,200 | 20,600 |
Total | 1,668,055 | 531,464 | 520,000 | 948,000 | 1,999,464 | 651,900 | 513,500 | 708,200 | 1,873,600 | |
Total (all | 1,668,055 | 660,483 | 718,000 | 1,157,000 | 2,535,483 | 857,900 | 697,500 | 909,200 | 2,464,600 | |
assets) | ||||||||||
Oil & Cond. | 1,016,632 | 304,528 | 300,000 | 708,000 | 1,312,528 | 413,000 | 300,000 | 469,000 | 1,182,000 | |
Gas | 651,423 | 355,955 | 418,000 | 449,000 | 1,222,955 | 444,900 | 397,500 | 440,200 | 1,282,600 |
Figure 2: The Group's net offtake schedule for Q2 FY2025 & Q3 FY2025.
Note to Figure 2:
1 Actual.
Production
(Note: Block 46 has not been included in this section as its production is not material.)
Malaysia South China Sea
North Sabah PSC: Production Operations
The table below provides a summary of key operational statistics for the North Sabah asset (50% participating interest held by SEA Hibiscus), for the Current Quarter and the prior three financial quarters:
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July to | April to | January to | October to | ||
Unit | September | June | March | December | |
20244 | 2024 | 2024 | 2023 | ||
Average uptime | % | 88 | 86 | 96 | 93 |
Average gross oil production | bbl/day | 11,677 | 12,826 | 13,688 | 13,914 |
Average net oil production | bbl/day | 4,321 | 4,745 | 5,065 | 5,148 |
Total oil sold | bbl | 613,133 | 614,570 | 299,584 | 351,350 |
Average realised oil price1 | USD/bbl | 83.87 | 94.63 | 93.54 | 92.83 |
Average production OPEX per bbl2 | USD/bbl | 27.48 | 25.66 | 15.80 | 21.47 |
Average net OPEX per bbl3 | USD/bbl | 39.11 | 35.80 | 20.83 | 30.69 |
Figure 3: Operational performance for the North Sabah asset.
Notes to Figure 3:
- The average realised oil price represents the weighted average price of all Labuan crude oil sales from SEA Hibiscus.
- This is computed based on gross production OPEX divided by gross oil production.
- This is computed as follows:
+ ( )
, ( )
4 Figures for the period July 2024 to September 2024 are provisional and may change subject to the PSC Statement audit and PETRONAS's review.
-
Average gross oil production is lower compared to the financial quarter ended 30 June 2024
("Preceding Quarter") due to unavailability of St Joseph's compressor from June 2024 until early
October 2024 and platform shutdown for SF30 rig entry. - Two offtakes of 613,133 bbls of oil in the Current Quarter; expecting to sell approximately 300kbbls in Q2 FY2025.
- Average OPEX per bbl is higher in the Current Quarter mainly due to lower production with production costs similar to the Preceding Quarter.
- Capital expenditure for the current quarter was RM37 million (net), primarily for the SF30 Water Flood Phase 2 development project, which includes drilling of 5 oil wells and 6 water injectors in 2024.
Kinabalu Oil PSC: Production Operations
The table below provides a summary of key operational statistics for the Kinabalu asset (60% participating interest held by Hibiscus Oil & Gas Malaysia Limited ("HML"), for the Current Quarter and the prior three financial quarters:
July to | April to | January to | October to | ||
Unit | September | June | March | December | |
20241 | 2024 | 2024 | 2023 | ||
Average uptime | % | 72 | 84 | 90 | 89 |
Average gross oil production | bbl/day | 6,095 | 8,035 | 8,770 | 9,115 |
Average net oil production | bbl/day | 2,243 | 2,904 | 3,432 | 4,102 |
Total oil sold | bbl | - | 349,457 | 308,799 | 350,728 |
Average realised oil price | USD/bbl | - | 84.09 | 93.13 | 89.84 |
Average production OPEX per bbl2 | USD/bbl | 20.05 | 22.67 | 9.74 | 16.63 |
Average net OPEX per bbl3 | USD/bbl | 34.28 | 39.07 | 15.36 | 23.40 |
Figure 4: Operational performance for the Kinabalu asset.
Notes to Figure 4:
1
2
3
Figures for the period July 2024 to September 2024 are provisional and may change subject to the PSC Statement audit and PETRONAS's
review.
This is computed based on gross production OPEX divided by gross oil production. This is computed as follows:
+ ( )
, ( )
5
- Lower production in the Current Quarter due to continuation of annual major maintenance campaign which took place from 26 June to 5 July 2024 and delayed start-up of the high-pressure compressor.
- No offtake was achieved in the Current Quarter; sold 305kbbls in Q2 FY2025.
- Average OPEX per barrel for Current Quarter is lower mainly due to lower production cost, partially compensated by lower production.
- Capital expenditure: RM38 million (net) during the Current Quarter from Kinabalu redevelopment, ESP Pilot well workover activities and other minor capex projects.
Commercial Arrangement Area
PM3 CAA PSC: Production Operations
The table below provides a summary of key operational metrics for the PM3 CAA asset, (35% participating interest held by HML and Hibiscus Oil & Gas Malaysia (PM3) Limited ("HMPM3")) for the Current Quarter and the prior three financial quarters:
July to | April to | January to | October to | ||||
Unit | September | June | March | December | |||
20241 | 2024 | 2024 | 2023 | ||||
Average uptime | % | 85 | 91 | 94 | 93 | ||
Average gross oil & condensate production | bbl/day | 16,238 | 18,782 | 19,471 | 20,536 | ||
Average net oil & condensate production | bbl/day | 2,907 | 3,607 | 2,888 | 3,453 | ||
Average gross gas export rate | boe/day | 27,127 | 33,072 | 33,054 | 32,115 | ||
Average net gas export rate | boe/day | 6,076 | 7,520 | 7,140 | 8,090 | ||
Average net oil, condensate & gas | boe/day | 8,983 | 11,127 | 10,029 | 11,543 | ||
production rate | |||||||
Total oil & condensate sold | bbl | 300,512 | 302,571 | 314,237 | 291,218 | ||
Total gas sold | MMscf | 3,856 | 3,772 | 4,136 | 4,116 | ||
Average realised oil & condensate price | USD/bbl | 85.54 | 88.96 | 89.30 | 92.41 | ||
Average realised gas price | USD/Mscf | 5.70 | 6.22 | 5.41 | 5.96 | ||
Average production OPEX per boe2 | USD/boe | 19.97 | 16.36 | 9.55 | 15.18 | ||
Average net OPEX per boe3 | USD/boe | 34.22 | 27.08 | 17.86 | 24.80 |
Figure 5: Operational performance for the PM3 CAA asset.
Notes to Figure 5:
1
2
3
Figures for the period July 2024 to September 2024 are provisional and may change subject to the PSC Statement audit and PETRONAS's
review.
This is computed based on gross production OPEX divided by gross oil, condensate, and gas production. This is computed as follows:
+ ( )
, ( )
- Average gross oil and condensate production is lower in the Current Quarter vs Preceding Quarter due to the annual major maintenance campaign held in mid-August, partially compensated by sustained performance from H4 reservoirs.
- Average gross gas export in the Current Quarter decreased by 18% due to annual major maintenance campaign and low gas demand from buyers.
- One offtake was achieved in the Current Quarter; expecting to sell approximately 600kbbls in Q2 FY2025.
- Average OPEX per boe is higher vs Preceding Quarter due to annual major maintenance campaign and lower production.
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- Capital expenditure: RM41 million (net) in the Current Quarter for costs related to H4 drilling, turbo compressor and other minor capex projects.
United Kingdom
Anasuria Cluster: Production Operations
The table below shows the operational performance achieved by the asset, based on Anasuria Hibiscus UK Limited ("Anasuria Hibiscus UK")'s participating interest, for the Current Quarter and for the prior three financial quarters:
July to | April to | January to | October to | ||||||||
Unit | September | June | March | December | |||||||
2024 | 2024 | 2024 | 2023 | ||||||||
Average uptime | % | 46 | 78 | 93 | 83 | ||||||
Average net oil production rate | bbl/day | 952 | 1,741 | 2,054 | 1,882 | ||||||
Average net gas export rate @ | boe/day | 95 | 172 | 261 | 237 | ||||||
Average net oil equivalent | boe/day | 1,048 | 1,912 | 2,315 | 2,118 | ||||||
production rate | |||||||||||
Total oil sold | bbl | 102,987 | 188,643 | 188,654 | 173,996 | ||||||
Total gas exported (sold) | MMscf | 53 | 93 | 142 | 130 | ||||||
Average realised oil price | USD/bbl | 75.85 | 84.28 | 87.68 | 81.96 | ||||||
Average gas price | USD/Mscf | 9.78∞/10.21# | 8.59∞/11.33# | 8.61∞/9.59# | 13.43∞/15.21# | ||||||
Average production OPEX per boe1 | USD/boe | 85.07 | 32.39 | 25.59 | 32.97 |
Figure 6: Operational performance for the Anasuria asset.
Notes to Figure 6:
1 This is computed based on gross production OPEX divided by gross oil and gas production. @ Conversion rate of 6,000 standard cubic feet ("scf") per boe.
∞ For Cook field.
# For Guillemot A, Teal and Teal South fields. Figures are subject to rounding.
- Production and opex per boe in the current quarter were affected by the following events:
- planned Offshore Turnaround of the Anasuria FPSO which took place from 3 August 2024 to 10 September 2024.
- detection of a leak from the head flange of gas scrubber.
- oil contamination in gas system which commenced from 24 September 2024. The gas system required an extended outage to perform the necessary remedial actions to decontaminate the systems and return it to service. The gas system returned to service on 25 October 2024.
- One offtake of 102,987 bbls of oil in the Current Quarter. Expect to sell approximately 108 kbbls of oil and 14 kboe of gas in Q1 FY2025.
- Capital expenditure: RM13.2 million, primarily for the upgrade and replacement of facilities on the Anasuria FPSO.
UK - Partial Relinquishment of Licence P2532
On 8 September 2024, the North Sea Transition Authority ("NSTA") approved a partial relinquishment of Licence P2532 (Cook West). The Cook partnership retained the acreage covering the western extension of the Cook Field into Licence P2532 but partially surrendered the northern and southern areas of Block 21/19c and the whole of Block 21/20c due to lack of economic prospectivity.
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Figure 7: Updated Licence P2532 and Licence P2535 acreages
UK - Fyne (Licence P2451)
The NSTA, in April 2024, did not object to our submitted Concept Select Report. This report identifies the Anasuria FPSO as the selected production facility, for Fyne hydrocarbons. In addition, the NSTA approved the extension of the Licence P2451 containing the Fyne oil field, until 30 September 2026. In light of a new UK Supreme Court verdict, the UK government is looking at new Environmental Statement ("ES") guidelines relating to scope 3 emissions. These new ES guidelines are expected to be issued in the first half of CY2025. As such, the Fyne development will remain on hold until these details are confirmed.
UK - Teal West (Licence P2535)
Progress on the Teal West Licence continues with preparations being made to spud the first Teal West production well in Q2/Q3 CY2025, install the umbilical and pipeline back to the Anasuria FPSO in second half of CY2025 with first oil planned for the end of CY2025/early CY2026. To facilitate this, both the rig contract and the contract for vessels for a Summer 2025 installation program for the well, umbilical and pipeline, has been secured. In addition, in April 2024, the NSTA issued the final Field Determination for Teal West and included Part Block 21/25a (Licence P13), which Anasuria Hibiscus UK has been a joint equity holder since 2016. This Part Block lies adjacent to and is connected to Teal West. Given the decision of the NSTA, additional reserves were added to the original Teal West volumes and this is expected to enhance oil production from the Teal West production well.
On 7 November 2024, the NSTA granted the application by Anasuria Hibiscus UK that the P2535 licence in the Teal West Field Determination Area may proceed to the third term which involves the execution of a Field Development Plan ("FDP") to progress the Teal West discovery. The 3rd term expires on 1 December 2042.
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Concurrently, the NSTA has granted the application by Anasuria Hibiscus UK to surrender part of License P2535, thereby reducing the acreage held from approximately 58 square km to about 17 square km. The partial relinquishment was sought as an internal assessment determined that there was no economic prospectivity in the acreage outside the Teal West Field Determination Area and to reduce associated costs.
UK - Marigold, Sunflower and Surrounding Fields
In 2024, the NSTA awarded Anasuria Hibiscus UK a number of surrounding Blocks containing discovered fields, leads and prospects, as part of the 33rd UK Offshore Licencing Round. These Blocks are close to or contiguous to the existing Marigold and Sunflower Blocks. Collectively, these Blocks are known as the Greater Marigold Area Development ("GMAD") and include Blocks 15/12a and 15/17a (Licence P2518) which contains the Kildrummy discovery, Blocks 15/18a and 15/19a (Licence P2608) which contains the Crown discovery and Blocks 15/13c and 15/18c (Licence P2635) which both contain identified prospects and leads. On 14 November 2024, the NSTA accepted Anasuria Hibiscus UK's application for a licence extension for Licence P2518, which will now expire on 30 November 2027.
Financial Performance
For the Current Quarter, the Group reported an EBIDTA of RM149.8 million with an EBITDA margin over revenue of 31%. PAT attained was RM75.6 million and the resulting PAT margin over revenue was 16%.
On 12 September 2024, the Board of Directors resolved to recommend a final single-tier dividend of
1.0 sen per ordinary share in respect of FY2024, subject to the approval of shareholders of Hibiscus Petroleum, at the forthcoming Annual General Meeting on 27 November 2024. Subsequently, on 19 November 2024, the Group declared a first interim single-tier dividend of 2.0 sen per ordinary share for FY2025.
FY2025 | 19 November 2024 | Guidance for FY2025 | ||
Dividends declared (sen) | 2.0 | 8.0 (Brent ≥USD70/bbl) | ||
10.0 (Brent ≥USD80/bbl) | ||||
Figure 8: FY2025 Dividend declarations and guidance.
Key financial based performance metrics are shown in the charts below.
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Figure 9: OPEX per boe, average realised oil, condensate and gas price and EBITDA margin by asset.
Notes to Figure 9:
- The Peninsula Hibiscus Group assets' EBITDA margin in the Preceding Quarter exclude provision for impairment of RM61.0 million.
- North Sabah's EBITDA margin in 3Q FY2024 and 4Q FY2024 exclude the write-offs of well exploration costs amounting to RM78.9 million and RM3.7m respectively.
- Anasuria incurred a Loss Before Interest, Taxes, Depreciation and Amortisation ("LBITDA") in the Current Quarter.
- Average OPEX per boe is computed based on net production and net development OPEX divided by net oil, condensate and gas production.
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