MORNING CALL:19/9/23 - video Dailymotion

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9/18/2023

PIVB thinks that Hibiscus Petroleum’s prospects are solid

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00:00 Public IB has a trading buy on Hibiscus Petroleum after it announced that it had entered into

00:06 an agreement to scale up the Marigold field.

00:09 Based on its RM1.20 target price, this implies a possible upside of 10% based on its last

00:15 close.

00:16 Hibiscus Petroleum announced that it has entered into Marigold Field Unitisation and Unit Operating

00:21 Agreement to jointly develop the Marigold field.

00:24 Developing a greenfield project typically requires a large amount of capital.

00:28 However, it is a challenge for an exploration and production company to seek external funding

00:34 for fossil fuel projects given the environmental concerns.

00:38 PIVB views this integrated development positively as such, as it will reduce the upfront capital

00:43 expenditure required by Hibiscus and reduce carbon footprint in the overall development.

00:49 Although Sunflower Field is part of that block, the Field Development Plan or FDP will be

00:54 submitted separately, hence it does not form part of the UUOA.

00:59 At the moment, no guidance has been given on its financial commitment for the development.

01:04 However, a FDP will be submitted by early 2024.

01:08 The approval of the FDP is expected within 12 months from the submission of early 2025

01:14 and is targeted to achieve its first oil by end 2028.

01:18 Analysts are overwhelmingly positive for Hibiscus with all the calls on it being buys according

01:23 to Bloomberg.

01:24 This works out to an average target price of $1.39, which is 30 cent more than its last

01:29 close.

01:30 [Music]

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