Hibiscus Petroleum Berhad - An Insight Into - January 2022
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An Insight Into
Hibiscus Petroleum Berhad
January 2022
R1
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 investor may desire. It is not the intention to provide, and you may not
rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results
of operations of the Company or its subsidiaries. Unless otherwise stated herein, the information in this presentation is based on the Company's own information and estimates.
Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among
other things, future operating results and various components thereof or the Company’s future economic performance. These forward-looking statements speak, and the
presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown
risks and uncertainties which may cause the Company’s actual performance and financial results in future periods to differ materially from any express or implied estimates or
projections. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ
materially from those forecast and projected. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or
implied, is made regarding future performance. Undue reliance should not be placed on the forward-looking statements.
No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. The information
and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be
placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. Except for statutory liability which cannot be excluded, each of the
Company, its directors, its officers, employees and advisers expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the materials contained in
this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage or consequential loss
howsoever caused or arising which may be suffered directly or indirectly by any person as a consequence of any information in this presentation or any error or omission there from.
All persons should seek appropriate professional advice in reviewing or considering the presentation and all other information with respect to the Company and evaluating the
business, financial performance and operations of the Company. The presentation does not purport to be all-inclusive or to contain all of the information that may be required to
evaluate all of the factors that would be relevant in determining whether to deal in the Company's securities, including but not limited to any person's objectives, financial situation
or needs. Each person should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this presentation and other matters that
may be relevant to it considering whether to deal in the Company's securities. Any strategies mentioned herein may not be suitable for all investors. Investors and prospective
investors are required to make their own independent investigation and appraisal of the business and financial condition of the Company and any tax, legal, accounting and
economic considerations accordingly.
This presentation is not for distribution in, nor does it constitute an offer of securities for sale in, the United States, Canada, Japan, or in any jurisdiction where such distribution or
offer is unlawful. Neither this presentation nor a copy of the presentation can be taken or transmitted into the United States, its territories or possessions, or distributed, directly or
indirectly, in the United States, its territories or possessions or to any US person as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act”). Any
failure to comply with this restriction may constitute a violation of United States securities laws. The presentation and any oral statements made in connection with it are not an
offer of securities for sale in the United States. The Company’s shares have not and will not be registered under the Securities Act and may not be offered or sold in the United States
or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the Securities Act) except pursuant to an exemption from such registration. The
distribution of the presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe
any such restrictions. Any failure to comply with these laws or restrictions may constitute a violation of applicable laws.
This presentation speaks as of the date hereof and is subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Company with any
of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.
2 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Content
Part 1: Introduction to Hibiscus Petroleum
Part 2: Malaysia – 2011 North Sabah EOR PSC
Part 3: United Kingdom – Anasuria Cluster
Part 4: United Kingdom – Marigold & Sunflower
Part 5: Australia – Bass Strait Assets
Part 6: Financial Performance
Part 7: Key Messages
Appendix: Additional Information
3 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Part 1
Introduction to Hibiscus
Petroleum Berhad
Malaysian Pure Play E&P Company
4 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Hibiscus Today
Revenue generating and profitable production operations
Company Snapshot
• Listed in 2011 on the Main Market of Bursa Malaysia. Highlights
• Our goal is to grow our business by enhancing production from mature assets Shares Issued1 2,007,508,817
safely and profitably in regions of our geographic focus.
Shareholders1 ~ 21,000
• Experienced and knowledgeable management team.
• Track record in offshore exploration drilling in Oman (discovery) and in the Bass Market Capitalisation1 RM 1,686,307,406
Strait, Australia and production wells in the UK and Malaysia.
Net Assets2 RM 1,529.5m
• Currently a joint operator and owner of the Anasuria Cluster of producing fields, a
significant cash and profit generating business in the UK North Sea. Cash2 RM 204.0m
• Operator of the 2011 North Sabah EOR PSC with 50% participating interest and Debt2 (RM 2.7m)
PETRONAS Carigali as partner. Also a significant cash and profit generating business.
• Launched Islamic CRPS fund raising exercise on 9 November 2020, with RM203.6m
raised to date for potential new asset acquisitions. Remaining CRPS of 1,796.4m to
expire on 21 March 2022.
• Shariah Compliant. Constituent of the FTSE4Good Bursa Malaysia Index and
FTSE4Good Bursa Malaysia Shariah Index.
RM Million
2,000 Hibiscus Market Capitalisation
Brent Rebased
1,800
1,600
1,400
1,200
1,000
Hibiscus Petroleum was honoured to receive 3 awards, including Best
800 Emerging Petroleum Arrangement Contractor, at the inaugural Malaysia
Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan-
Upstream Awards 2020 organised by PETRONAS
2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022
5 1As at 7 January 2022 | 2As at 30 September 2021 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Sustainability Policy
As Hibiscus celebrates our 10th anniversary in the oil and gas, exploration and production industry, we
look forward through a lens of sustainability framed by our Sustainability Policy, which has been
aligned with the United Nations’ Sustainable Development Goals and their call to a Decade of Action.
ENVIRONMENT SOCIAL GOVERNANCE
• Limiting Emission Intensity; • Safeguarding Wellbeing; • Sustainability-Centric
Planning and Responsible
• Promote Energy Transition; • Diversity & Inclusiveness;
Disclosure;
• Climate Change Adaptation; • Socially Just Transition;
• Strong and Just Structures.
• Responsible Consumption & • Community Engagements;
Production.
• Upholding Just & Humane Values.
6 https://ir2.chartnexus.com/hibiscuspetroleum/docs/sustainability/Sustainability-Policy.pdf Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Energy Transition Strategy
One of Our Goals:
Aspire to be a Net Zero Emissions Producer by 2050
to
Portfolio Resilience Decarbonising Green Investments
• Increase natural gas in our • Develop decarbonizing plan • The Board has approved the
portfolio of hydrocarbon & collaborate with key Group’s green investment
assets; stakeholders (e.g. regulators, criteria – sustainable,
industry partners & profitable & to prioritise
• Gas has an important role in technology providers); opportunities adjacent to our
the future electricity mix as it industry whilst leveraging on
can replace coal and manage Our decarbonising initiatives
Our decarbonising initiatives our existing capabilities;
the intermittency of variable have
have resulted
resulted in in emissions
emissions
renewable energy (e.g. solar improvements in
improvements in FY2021 FY2021 • Exploring green
photovoltaic & wind); compared to FY2020:
compared to FY2020: opportunities in a
•• Reduction
Reduction in Group
in Absolute
Group progressive and disciplined
• Gas can be decarbonised to Emissions by 6%
Absolute Emissions by 6% measure, ensuring
form low carbon fuel (e.g. •• Reduction
ReductionininGroup
GroupEmission
Emission shareholders’ value is
blue hydrogen/ ammonia/ Intensityby
Intensity by 18%
18% preserved.
methanol) for the hard-to- •• Reduction
Reduction in Group
in Methane
Group
abate sectors. Emissions by 42%
Methane Emissions by 42%
Social: Fostering a Just Energy Transition by providing high quality local employment, and strengthening
social cohesion with community initiatives so as to earn our social license to operate.
Climate Governance: Our energy transition strategy is enshrined in our Sustainability Policy and their outcomes have been aligned
with the relevant UN SDGs. Climate-related disclosures are reported in the Group’s annual Sustainability Report.
7 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Decarbonisation of New Assets to be Acquired
Optimisation & Fuel Switching Carbon Capture,
Efficiency Utilisation & Storage
Reduce energy consumption, Switching to renewable energy Achieving deep decarbonising
optimise energy and production or lower carbon fuel for power through innovative use of
efficiency (e.g. membrane generation (e.g. solar and wind). CCUS technologies.
technology).
Prioritise Enhance
Flaring & Venting
Abatement Reliability
Evaluate decarbonising strategies Increase availability rate of gas compressors Invest in technologies to reduce
based on the Marginal Abatement by minimising Loss Production Opportunity flaring (e.g. assisted gas flaring),
Cost Curve (MACC)* approach. to reduce flaring emissions & improve venting and fugitive methane
reservoir maintenance as part of total well emissions (e.g. Leak Detection &
management. Repair).
8 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
ESG Achievements
Constituent of the FTSE4Good Bursa Malaysia Index effective 21 December 2020
FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that
Hibiscus Petroleum has been independently assessed according to the FTSE4Good criteria, and has
satisfied the requirements to become a constituent of the FTSE4Good Index Series.
Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure
the performance of companies demonstrating strong Environmental, Social and Governance (ESG)
practices. The FTSE4Good indices are used by a wide variety of market participants to create and assess
responsible investment funds and other products.
http://www.ftse.com/products/indices/FTSE4Good
▪ Green Lane Policy Qualified Company
• In December 2019, Hibiscus Petroleum was selected as one of the companies qualified under the Green Lane Policy of Bursa Malaysia
Securities Berhad (Bursa Securities) in recognition of its good corporate governance (CG) and disclosure practices.
▪ Ranked in top 10% of PLCs for CG Disclosure and Ranked in top 5% of PLCs for overall CG and Performance by MSWG in 2019
• The Company ranked in the top 10% of Malaysian public listed companies (85th position out of the 866 companies evaluated) for CG
disclosure in the Minority Shareholders Watch Group (MSWG)’s Malaysia-ASEAN Corporate Governance Report 2019.
• The Company ranked in the top 5% of Malaysian public listed companies (38th position out of the 866 companies evaluated) for overall CG
and performance.
▪ Ranked in top 12% of PLCs for CG Disclosure by MSWG in 2018
• The Company ranked in the top 12% of Malaysian public listed companies (99th position out of the 866 companies evaluated) for CG
disclosure in the MSWG’s Malaysia-ASEAN Corporate Governance Report 2018.
▪ Ranked in top 9% of PLCs for CG Disclosure by Bursa Securities
• In a survey of 280 listed issuers conducted in 2016, the Company ranked in the top 9% of all listed issuers surveyed for corporate
governance disclosures in Annual Reports 2015/2016. The analysis carried out by Bursa Securities was based on the six principles of the CG
Code. The Company scored an average of 84.73%, which is significantly higher than the overall mean score of 68.70%.
9 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)
Current Reserves and Resources
• As at 1 July 2021, our reserves were as follows:
100
Million Barrels of Oil Equivalent
75 70.2
4.0 UK - Teal West
50 47.1 UK - Marigold & Sunflower
43.6
23.1 Australia - VIC/RL17
25
Malaysia - North Sabah
8.0
24.0
1.6 14.6 UK - Anasuria
0
2P Oil 2P Gas 2C Oil
Reserves Reserves Resources
Notes to 2P Reserves and 2C Resources:
1 Reserves and resources are as of 1 July 2021.
2 Anasuria 2P Reserves are based on Anasuria Hibiscus UK Limited (“Anasuria Hibiscus UK”)’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2021.
3 North Sabah 2P Reserves and 2C Contingent Resources are based on SEA Hibiscus Sdn Bhd’s current estimated net entitlement, based on RPS Energy Consultants Limited’s report dated August 2021.
4 Marigold & Sunflower 2C Contingent Resources are based on Anasuria Hibiscus UK’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2020.
5 Teal West 2C Contingent Resources are based on Anasuria Hibiscus UK’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2021.
6 VIC/RL17 2C Contingent Resources are based on internal estimates.
10 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Leadership Team
Experience with diversity
BOARD OF DIRECTORS
Skills and Experience from a Range of
Industries and Sectors
• Technical, commercial and corporate
experience particularly in the oil and
gas industry
• Finance, accounting and investment
banking/management
• Audit and risk Zainul Rahim bin Dr Kenneth Dato’ Sri Roushan Thomas Michael Taylor Dato’ Dr Zaha Rina
Mohd Zain Gerard Pereira Arumugam Senior Independent Non- binti Zahari
• Business advisory and corporate
Non-Independent Non- Managing Director Independent Non- Executive Director Independent Non-
finance
Executive Chairman Executive Director Executive Director
KEY MANAGEMENT TEAM
Business Builders
• Experience in pioneering oil and gas
and public listed companies.
• Held senior management positions in
other major O&G and public listed
companies.
Proven Success, Experience and Yip Chee Yeong Dr Pascal Hos Mark John Paton Kevin Robinson Chong Chee Seong Joyce Vasudevan Lim Kock Hooi
Chief Financial SVP New Ventures CEO, Anasuria VP Project Assurance CEO, SEA Hibiscus Head, Corporate Group General
Expertise in the Upstream Business Officer Hibiscus UK & Asset Oversight Sdn Bhd Finance Counsel
• Fast track project execution and
effective project management.
• International experience in exploration,
development and production projects
of varied complexity and size.
Corporate and Commercial Competency
• Strategic planning and operations, cost
optimisation, project monitoring. Deepak Thakur Dr Ambrose Dr Chen Wei Nee Syarifah Aliza Nurzalina Lily Ling Leong Indarjit Singh David Jayakumar
• Domestic and cross border corporate VP Economics and Gerard Corray VP New Energy Syed Azauddin Jamaluddin Shuang Geoscience Advisor Richards
exercises, corporate management, Business Planning VP Corporate Ventures VP Corporate COO, SEA Hibiscus SGM Corporate Head of Subsurface,
audit, corporate finance, securities and Services Governance Sdn Bhd Development SEA Hibiscus Sdn Bhd
oil and gas law.
11 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Shareholder Base
A public company with strong liquidity and a diversified shareholder base
7.13
Number of
million Shares2 % of
Shareholder Profile
Average Daily Trading
RM 0.840 (million) Shares
Volume
December 2021 Share Price1
178.66 8.9 Management Team
150.94 7.5 Principal Asset Management
2,007,508,817 RM 1.686 138.90 6.9 Polo Investments Limited
Total number
of shares in issue1 billion Other Institutional &
Market Cap1 822.07 41.0
Corporate Shareholders
716.94 35.7 Retail Shareholders
• Diversified shareholder base, with no controlling shareholder
• Most large shareholders are involved in or familiar with the O&G industry
1As of 7 January 2022
2As of 31 December 2021
12 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Current Portfolio of Assets
Secure and Producing with Development Opportunities
United Kingdom
Anasuria Cluster Teal West
▪ Producing asset ▪ Development asset
▪ Joint-operator (except Cook field) ▪ Operator
▪ Partners: Ping Petroleum, Ithaca ▪ Partner: Zennor
Energy Petroleum
▪ Net 2P Reserves: 24.0 MMbbls ▪ 70% stake
▪ Net 2C: 4.0 MMbbls
Marigold & Sunflower Blocks 21/19c & 21/20c
▪ Development asset ▪ Exploration asset
▪ Operator ▪ Partners: Ping Petroleum,
▪ Partner: Caldera Petroleum Ithaca Energy
▪ 87.5% stake ▪ 19.3% stake
▪ Net 2C Oil Resources: 43.6 MMbbls
Kildrummy
▪ Development asset
▪ Operator
▪ 100% stake
Malaysia
Kuala Lumpur (HQ) Australia
2011 North Sabah EOR PSC VIC/RL17 (West Seahorse) VIC/P57
▪ Producing asset ▪ Development asset ▪ Exploration asset
▪ Operator ▪ Operator
▪ Operator
▪ 100% stake ▪ Partner: 3D Oil
▪ Partner: PETRONAS Carigali ▪ Net 2C Oil Resources: 8.0 MMbbls ▪ 75.1% stake (excludes indirect
▪ 50% participating interest interest through 3D Oil)
▪ Net 2P Reserves: 23.1 MMbbls
▪ Net 2C Resources: 14.6 MMbbls VIC/P74
▪ Exploration asset
▪ Partner & Operator: 3D Oil
Notes:
1. Stakes represent Hibiscus’ direct ownership interest held under subsidiaries.
▪ 50% stake (excludes indirect interest
2. Reserves and Resources are as of 1 July 2021. through 3D Oil)
3. Anasuria 2P Reserves are based on Anasuria Hibiscus UK Limited (“Anasuria Hibiscus UK”)’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2021.
4. North Sabah 2P Reserves and 2C Contingent Resources are based on SEA Hibiscus Sdn Bhd’s current estimated net entitlement, based on RPS Energy Consultants Limited’s report dated August 2021.
5. Marigold & Sunflower 2C Contingent Resources are based on Anasuria Hibiscus UK’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2020.
6. Teal West 2C Contingent Resources are based on Anasuria Hibiscus UK’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2021.
7. VIC/RL17 2C Contingent Resources are based on internal estimates. Hibiscus Petroleum Berhad
13
Registration Number: 200701040290 (798322-P)Part 2
Portfolio of Assets –
Malaysia
2011 North Sabah Enhanced Oil Recovery Production Sharing
Contract
14 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Overview of the North Sabah PSC
Production Offshore Sabah, Malaysia
Asset : 50% interest in the 2011 North Sabah EOR PSC:
• St Joseph Producing Field
• South Furious Producing Field
• SF 30 Producing Field
• Barton Producing Field
• All associated equipment and assets related to
the PSC including the Labuan Crude Oil Terminal
Asset Acquisition : 31 March 2018
Completion Date
Location : 33km from Kota Kinabalu, Malaysia
Water Depth : 18 – 60m
Operator : SEA Hibiscus Sdn Bhd
Partner : PETRONAS Carigali Sdn Bhd (for the remaining 50%
participating interest)
Production Life : Producing since 1979 with production rights up to Units Total
2040. Remaining Reserves (2P) 1 MMstb* 23.1
Safety Award : Awarded the MSOSH OSH Gold Class 1 Award for Contingent Resources (2C) 1 MMstb 14.6
2018 under the category of Petroleum, Gas,
Petrochemical & Allied Sectors for the St Joseph Platforms/Structures 20
Platform by the Malaysian Society for Occupational Wells2 146
Safety and Health. Won the same award for 2017.
* Million stock tank barrels.
1 North Sabah 2P Reserves and 2C Contingent Resources are based on SEA Hibiscus Sdn Bhd’s current estimated net entitlement, based on
RPS Energy Consultants Limited’s report dated August 2021.
2 As of January 2021
15 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Sale of North Sabah Crude Oil
Trades at a significant premium to the Brent crude oil benchmark
• The Labuan Crude Oil Terminal (LCOT) is a storage and offloading facility for crude oil produced from our
North Sabah asset, as well as from three neighbouring PSCs.
• LCOT, which is operated by SEA Hibiscus, processes approximately 50,000 barrels of oil a day.
• Whilst we produce oil daily, we sell our oil in cargoes from LCOT. SEA Hibiscus has entered into an offtake
agreement for the sale of its entitlement of crude oil with Trafigura Pte Ltd.
Labuan Crude Oil Terminal
16 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)North Sabah Asset Acquisition and Transformation
2011 - 2021 Production
mb/d
Operatorship • 10 Oil Producers and 1 Water
30 Injector wells successfully
transfer
25 drilled in 2019/2020.
20 • First well drilled within 14
15 months of operatorship
transfer.
10
5 • Approximately 8,000 bbl/day
of incremental capacity added
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 LE
through developments.
New Oil Production Enhancement NFA • Active production
enhancement campaigns to
mitigate base decline.
NORTH SABAH Reliability and Uptime
7.0% 6.1%
5.8% • Strong reliability performance
6.0% 5.5% 5.5%
5.0% improvements.
4.7%
Deferment, %
4.6%
5.0%
4.0%
• Prioritisations in safety and
integrity maintenance
3.0%
5.0%
investments, in line with
2.0% 4.3% projected extensions in
3.6% 3.6%
1.0% 2.3% 2.1% 2.1% facilities life end.
0.0%
2014 2015 2016 2017 2018 2019 2020
PD UPD
17 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Operating Performance Metrics
Jul – Sep Apr – Jun Jan – Mar Oct – Dec
Unit
2021 2021 2021 2020
Average uptime % 81 95 95 92
Average gross oil production bbl/day 14,355 17,281 17,796 17,700
Average net oil production bbl/day 5,311 6,394 6,585 6,549
Cargoes sold - 2 2 2 3
Total oil sold bbls 565,292 608,006 599,948 870,874
Average realised oil price1 USD/bbl 75.00 72.07 60.46 39.91
Average OPEX per bbl
USD/bbl 19.16 15.67 10.91 13.29
(unit production cost)
1 The
average realised oil price represents the weighted average price of all Labuan crude sales from SEA Hibiscus.
2 Figures
for the period April 2021 to June 2021 are provisional and may change subject to the PSC Statement audit and Petroliam Nasional
Berhad (“PETRONAS”)’s approval.
• Average uptime and daily production rates for the month of October 2021 have significantly improved,
with the average uptime at 91% and the average net oil production at over 6,000 bbl/day.
18 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Awards Won
Malaysia Upstream Awards 2020
Best Emerging Petroleum Wells Excellence Category – Drilling Excellence Category –
Arrangement Contractor GOLD Award BRONZE Award
2021 PETRONAS Focused Recognition Award
Successful 1st Integrated CTU Catenary Campaign –
Awarded for successfully initiating the 1st Integrated CTU
Catenary Campaign, resulting in safe catenary operations
with an estimated potential instantaneous production gain
of 1,350 bbls per day.
19 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Status of Repsol Acquisition Approvals
Approvals Received Date of Receipt
Peninsula Hibiscus enters into Conditional Sale & Purchase Agreement with
Repsol Exploracion, S.A. for the entire equity interest in Fortuna International 1 June 2021
Petroleum Corporation for a total cash consideration of USD212.5 million
Bank Negara Malaysia ✔
21 June 2021
Barbados Exchange Control Authority for the sale of FIPC Shares to Peninsula ✔
Hibiscus 29 June 2021
Pre-emption rights waiver by each of PETRONAS Carigali and PVEP ✔
9 July 2021
PETRONAS for the change in control of Repsol’s rights, interests, and ✔
obligations under the PSCs 6 November 2021
Shareholders at an Extraordinary General Meeting ✔
28 December 2021
PetroVietnam for the change in control of Repsol’s rights, interests, and
Pending
obligations under the PSCs
20 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Part 3
Portfolio of Assets –
United Kingdom
The Anasuria Cluster
21 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Overview of UK Portfolio
Direct access to cashflows and located in an established legal jurisdiction
100%
Atlantic Hibiscus Sdn Bhd
100%
Hibiscus Petroleum Berhad Production asset
Anasuria Hibiscus
UK Limited Development asset
Marigold Project 50% 50% Anasuria Cluster
Anasuria Operating Company
Limited
12.5% Licence P.198 87.5% Operator
Caldera Petroleum
▪ Block 15/13a (Marigold)
(UK) Ltd ▪ Block 15/13b (Sunflower) Operator
Licence P.013
50% 50%
▪ Teal South Field Ping Petroleum UK
▪ Teal Field Limited
100% ▪ Guillemot A Field
Licence P.2518
▪ Block 15/17a (Kildrummy)
50% 50%
Anasuria FPSO & associated infrastructure
Ithaca Energy UK
Licence P.185 19.3% Limited
19.3% ▪ Cook Field
Licence P.2532 61.4% Operator
▪ Blocks 21/19c & 21/20c
(Contiguous to Cook Field)
70% 30%
Licence P.2535 NEO Energy (ZPL)
▪ Block 21/24d (Teal West) Limited
22 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)United Kingdom: The Anasuria Cluster
Production in the UK Sector of the North Sea
Asset Name Asset Type Hibiscus’ Stake Operator
Guillemot A Producing Field 50% AOC
Teal Producing Field 50% AOC
Teal South Producing Field 50% AOC
Cook Producing Field 19.3% Ithaca
Anasuria FPSO FPSO 50% AOC
Asset Acquisition : 10th March 2016
Completion Date
Location : ~ 175 km east of Aberdeen, UK North Sea
Water depth : ~ 94 m
2P Oil Reserves : 24.0 MMbbls (as of 1 July 2021)1
Production Life : Producing since 1996. Economic life up to 20352
Operatorship : Hibiscus is a joint-operator via the Anasuria
Operating Company Ltd (“AOC”), a Joint-Operating
Company between Hibiscus (50%) and Ping (50%)
Safety Award : Anasuria awarded Order of Distinction from the
Royal Society for the Prevention of Accidents
(ROSPA), United Kingdom for 22 consecutive annual
gold awards.
1 Anasuria 2P Reserves are based on Anasuria Hibiscus UK Limited’s interest and extracted from RPS Energy Consultants Limited’s report dated August 2021
2 Subject to investment, OPEX, oil price and 2P reserves
23 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Schematic of Field Layout and Infrastructure
Anasuria FPSO
Cook Field
Teal Field
Guillemot A Field
Teal South Field
Infrastructure
The asset infrastructure is laid over a
distance of approximately 25km from
Cook Field in the north to Guillemot A
Field in the south, and includes the
Anasuria FPSO.
24 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Sale of Anasuria Crude Oil
Transparent marketing and reporting of our UK crude oil offtakes by BP Oil
• Anasuria Hibiscus has entered into a long-term offtake and marketing agreement for the sale of
crude oil with BP Oil International Limited (“BPOI”).
• Whilst we produce oil daily, we sell our oil in cargoes.
• Using their global marketing network, BPOI identifies a potential customer for our oil, locks in a
competitive price for the cargo and arranges the ‘lifting’ of the oil via tanker to the client refinery.
25 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Operating Performance Metrics
Jul – Sep Apr – Jun Jan – Mar Oct – Dec
Units
2021 2021 2021 2020
Average uptime % 69 53 91 95
Average net oil production rate bbl/day 1,904 1,402 2,463 2,726
1
Average net gas export rate boe/day 301 240 354 383
Average net oil equivalent
boe/day 2,206 1,642 2,816 3,109
production rate
Cargoes sold - 2 1 1 1
Total oil sold bbl 191,770 254,945 274,996 252,289
Total gas exported (sold) mmscf 166 131 191 212
Average realised oil price USD/bbl 76.31 62.67 54.04 40.85
Average gas price USD/mmbtu 4.562/10.443 2.602/5.803 2.302/5.363 1.482/3.873
Average OPEX per boe USD/boe 27.94 38.22 18.15 22.00
• Operational performance for the Current Quarter was affected by unavailability of the critical component
of the subsea infrastructure which malfunctioned in May 2021. Engineering and procurement activities
are currently on-going on a fast-track basis with execution targeted for Q3 CY2022. Until the failed
component is returned to service, we anticipate that there will be an impact on CY2022 offtake volumes
and OPEX per boe.
All figures are net to Hibiscus.
Prices are quoted in United States Dollars. bbl barrels
1 Conversion rate of 6,000scf/boe.
boe barrels of oil equivalent
2 For Cook Field.
mmscf million standard cubic feet
3 For Guillemot A, Teal and Teal South Fields.
mmbtu million British thermal units
26 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Anasuria Cluster – Further Opportunities
Teal West Tieback & Hub Strategy
• Hibiscus has been investigating opportunities to extend the
economic life, unlock value and maximise recovery from
stranded oil discoveries around the Anasuria FPSO.
• The License Agreements were executed for 70% interest in
Licence P2535 (Block 21/24d, containing the Teal West
discovery) and 19.3% interest in Licence P2532 (Block
21/19c and Block 21/20c), contiguous to the Cook field.
These Blocks were offered as part of the 32nd Offshore
Licensing Round launched by the UK Oil and Gas Authority
(OGA) in July 2019.
• The Teal West discovery will be a key focus area as a
potential tieback candidate to the Anasuria FPSO in the near
term. Based on RPS Energy’s report, Teal West contains
approximately 4.0 MMbbls of oil net to Anasuria Hibiscus.
• The Teal West Concept Select Report was submitted to the
OGA on 10 September 2021. Teal West is planned to be Teal West Tie-back to Anasuria FPSO
developed on an accelerated schedule, with the following
future milestones:
‒ Field Development Plan (FDP) submission to the OGA
(estimated first half 2022);
‒ Drilling of oil development well (estimated first half 2023);
‒ Subsea pipelines installation (estimated second half 2023); and
‒ Teal West First Oil (estimated late 2023)
27 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Awards Won
Safety Awards and Achievements
Gold Award
Awarded by the Royal Society for the Prevention of Accidents
(ROSPA) for calendar year 2020 health and safety performance
of the Anasuria FPSO facility – 22nd consecutive annual award
Order of Distinction
Awarded by ROSPA for 22 consecutive Gold Awards
Seven years without a Lost Time Incident on the
Anasuria FPSO achieved on 6th October 2021
Note: Hibiscus has been joint-operator of the Anasuria asset since 10 March 2016. Prior to that, Shell was the operator from
commencement of field production in 1996.
28 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Part 4
Portfolio of Assets –
United Kingdom
Marigold & Sunflower
29 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)United Kingdom: Marigold & Sunflower
A Potential Game Changer
Asset : 87.5% interest in:
• Block 15/13a (Marigold)
• Block 15/13b (Sunflower)
Asset Type : Development
Location : 250km northeast of Aberdeen, UK
Water Depth : Approximately 140m
Acquirer/Operator : Anasuria Hibiscus UK Limited (AHUK)
Partner : Caldera Petroleum (UK) Ltd (for the
remaining 12.5% participating interest)
Sellers : Caldera Petroleum (UK) Ltd
Contingent Oil Resources (MMstb)
2C
Gross* Net
Marigold 44.0 38.5
Sunflower 5.8 5.1
Total 49.8 43.6
* Source: RPS Energy Report, July 2020
30 From hereon, Marigold and Sunflower will be referred to as Marigold Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Target Development Milestones
• AHUK has been pursuing the development of the Marigold and
Sunflower fields in Licence P198 since early 2019. AHUK currently owns
87.5% of the licence and 2C resources of 43.6 MMbbls.
• In January 2021, the OGA requested that AHUK seek to work with Ithaca
Energy Limited, holder of Licence P2158 Block 15/18b, which is
adjacent to the Marigold field and contains the Yeoman discovery, and
propose a common development solution for the resources found in
both licences.
• AHUK has concluded its technical and commercial work related to the
use of an FPSO as a development solution and has submitted our
findings to the OGA. Ithaca has continued to pursue an alternative
development solution which examines the technical and commercial
viability of a tieback of the combined resources to the RepsolSinopec
Piper B platform which is located in close proximity.
• The OGA has indicated a preference for the tieback to Piper B as it will
have a lower carbon footprint through to 2030 and best meets the UK’s
Net Zero objectives as committed at the COP26 conference in Glasgow.
• The solution proposed by the OGA only offers a solution for the
Marigold field. AHUK is currently awaiting clarification on how the
Sunflower development is to be managed in accordance with the terms
of its licence.
2023
Mid-2019 2022 - FID & OGA 2025
Joint Development Approval of FDP Piper B Tieback
Complete - Potential
Concept Approval Option First Oil
Concept Select Farm-out
Oct-2018
Acquisition • Site Survey
Completion • FEED
• Tendering for
Facilities
Notes: OGA: Oil & Gas Authority FID: Final Investment Decision
Target milestones are based on Company’s internal targets. FDP: Field Development Plan FEED: Front-End Engineering Design
31 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Marigold – Further Opportunities
Kildrummy Discovery
• On 19 January 2021, AHUK executed the Licence
Agreement for 100% interest in Block 15/17a,
containing the Kildrummy discovery. The Block is
located 8km from Marigold and is hoped that the
Kildrummy discovery may become a potential tieback
candidate.
Sunflower
Transaction Rationale Marigold
• Opportunity to aggregate 2C resources at a
competitive unit cost per barrel and integrate these
reserves as part of the Marigold area-wide Kildrummy
development with the objective of reducing overall
unit development and production costs.
Location of Block 15/17a (Kildrummy discovery)
32 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Part 5
Portfolio of Assets –
Australia
Bass Strait Assets
33 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Ownership Structure of our Australia Assets
WA/527-P
Hibiscus Petroleum Berhad
100%
Oceania Hibiscus Sdn Bhd
11.68% 100% VIC/P57
VIC/RL17
T/49P VIC/P74
Carnarvon Hibiscus
3D Oil Limited Pty Ltd (CHPL)
100% 24.9% 75.1% 100% Retention Lease VIC/RL17
Licence WA/527-P Licence VIC/P57
▪ West Seahorse Field
20% 50% 50%
Licence T/49P Licence VIC/P74
VIC/RL17
VIC/P57, VIC/RL17 & VIC/P74
34 WA/527-P T/49P Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Development & Exploration Opportunities
VIC/P57 Exploration Licence VIC/P74 Exploration Licence
Acquisition Date: January 2013 Acquisition Date: October 2019
Water Depth/Acreage: c. 50m/340km2 Water Depth/Acreage: 45-75m/1,006km2
Participating Interest: 75.1%1 (Concession Operator) Participating Interest: 50%1
Best Estimate Prospective Best Estimate Prospective 928 Bcf gas
Resources: Pointer: 177 Bcf gas Felix: 12 MMbbls Resources: (Oarfish, BigFin, Megatooth, Stargazer)
Work Completed: Drilled an exploration well in the Licence Expiry: 25 July 2025
Sea Lion prospect in Q4 2015
PHASE 1: PROSPECT GENERATION PHASE
Licence Expiry: 6 March 2024
Years 1-3 Purchase 905km2 reprocessed full-fold 3D seismic data
MINIMUM GUARANTEED WORK PROGRAMME
(Jul ‘19 - Jul ‘22)
Geological and geophysical studies, including interpretation
Years 1-3 Geological and geophysical studies including
and permit-wide mapping of seismic data
(Mar ‘18 - Mar ‘22) petroleum systems analysis/modelling
COMPLETED PHASE 2: WELL DRILLING PHASE (OPTIONAL)
Reprocessing of 230km2 of the Northern Fields
3D seismic data Years 4-6 Drill exploration well(s) (CHPL as operator)
(Aug ‘22 - Jul ‘25)
Seismic interpretation and depth conversion Geological and geophysical studies (3D Oil as operator)
SECONDARY WORK PROGRAMME (OPTIONAL) For substantial farm-in, farmee to be operator for all
Year 4 (Apr ‘22 - Mar ‘23) One exploration well
Current Status
Year 5 (Apr ‘23 - Mar ‘24) Geological and geophysical studies • VIC/P57: Minimum Guaranteed Work Programme completed two years ahead of
schedule. Encouraging results from subsurface evaluation work. 12-month extension
granted by NOPTA to the permit term, with expiry on 6 March 2024.
• VIC/RL17: Retention Lease application for VIC/L31 Production Licence submitted on 4
VIC/RL17 Retention Lease December 2018. On 5 November 2021, NOPTA granted approval of this application
subject to the work program stated in the title instrument and associated conditions
Award Date: November 2021
to be met. The Retention Lease is now called VIC/RL17.
Stake: 100% (Concession Operator) • VIC/P74: Exploration Permit awarded to 3D Oil. Completed farm-in for a 50% non-
2C Oil Resources: 8.0 MMbbls operated interest. Leads with Best Estimate Prospective Resource of 928 Bcf of gas
Water depth:Part 6 Financial Performance
36 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Continuous Improvements & Key Performance Metrics
• The key indicator (KPI) that measures asset performance is the operating cost per barrel
(OPEX/bbl).
Focused on cost management
OPEX
bbl Production to increase with
projects identified for 2020
• As we undertake high capital expenditure projects which involve various tax treatments,
including some that are non-cash in nature, we highlight EBITDA as an important metric.
37 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)EBITDA – Boosted by Two Producing Assets
Acquisition of the North Sabah asset has
250,000 set a higher base for the Group’s EBITDA.
200,000
150,000
100,000
EBITDA, RM '000
50,000
0
-50,000
One-off provision for impairment of our
-100,000 Australian assets amounting to RM185.3m
-150,000
-200,000
-250,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY2017FY2017FY2017FY2017FY2018 FY2018FY2018FY2018 FY2019FY2019FY2019 FY2019FY2020FY2020FY2020FY2020FY2021FY2021FY2021FY2021FY2022
Anasuria N. Sabah Others
Notes: Others include Group, Investment Holding and Australian activities
38 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Financial Highlights by Operating Segment
1Q FY2022
RM’000 North Sabah Anasuria Others1 Group Revenue 1Q FY2022 4Q FY2021
Cargoes sold 2 2 - 4 North 565,292 bbls x 608,006 bbls x
Sabah USD75.00/bbl USD72.07/bbl
Revenue 177,679 67,428 1,583 246,690
191,770 bbls x 254,945 bbls x
Anasuria
Gross Profit 116,850 38,951 1,583 157,384 USD76.31/bbl USD62.67/bbl
EBITDA/(LBITDA) 101,933 35,136 (13,434) 123,635
Gross Profit
1Q FY2022 4Q FY2021
PBT/(LBT) 69,985 18,608 (13,823) 74,770 Margin
North Sabah 65.8% 70.7%
Tax (26,787) (6,465) 5 (33,247)
Anasuria 57.8% 59.6%
PAT/(LAT) 43,198 12,143 (13,818) 41,523
4Q FY2021
EBITDA Margin 1Q FY2022 4Q FY2021
RM’000 North Sabah Anasuria Others1 Group
North Sabah 57.4% 58.8%
Cargoes sold 2 1 - 3
Anasuria 52.1% 42.0%
Revenue 180,871 70,377 1,771 253,019
Gross Profit 127,833 41,918 1,771 171,522 Effective Tax Rate
1Q FY2022 4Q FY2021
(over PBT)
EBITDA/(LBITDA) 106,345 29,559 (5,957) 129,947
North Sabah 38.3% 39.0%
PBT/(LBT) 68,220 16,218 (6,480) 77,958
Anasuria 34.7% 11.1%
Tax (26,578) (1,800) 18 (28,360)
PAT/(LAT) 41,642 14,418 (6,462) 49,598
1 Others
include Group, Investment Holding and Australian activities |
39 USD/MYR average rate: 1Q FY2022: 4.1906, 4Q FY2021: 4.1293 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Historical Operational Performance At Various Oil Price Levels
• The average unit production costs (OPEX per boe or OPEX per bbl) for both the Anasuria Cluster and the North Sabah
PSC are well below the average realised oil price achieved in the respective quarters.
• The careful management of costs to maintain low OPEX and the delivery of production enhancement projects are key
towards obtaining low unit production costs.
• Focus remains on delivering strong and sustainable EBITDA levels as long-term business continuity is of the highest
priority.
Notes:
1. Anasuria’s EBITDA margin in 2Q FY2021 was affected by the period-end retranslation of GBP-denominated balances which resulted in unrealised foreign exchange losses due to
the appreciation of GBP against USD and one-off provisions recognised.
2. North Sabah’s EBITDA margin in 4Q FY2020 excluded the reversal of unrecovered recoverable costs of RM78.2m.
40 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Highlights from the Group’s Balance Sheet
A strong Balance Sheet
As at As at As at As at As at
RM 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
2021 2021 2021 2020 2020
Total assets 2,880.4m 2,788.0m 2,722.3m 2,615.2m 2,492.3m
Shareholders’ funds 1,529.5m 1,473.9m 1,418.4m 1,241.0m 1,196.8m
Cash and bank balances 337.7m 303.2m 226.6m 213.3m 197.2m
Unrestricted cash 204.0m 173.9m 105.5m 102.7m 96.3m
* For more information, please refer
Restricted cash * 133.7m 129.3m 121.1m 110.6m 100.9m to page 6 of the Unaudited
Quarterly Financial Report for the
Total debt (2.7m) (5.7m) (11.0m) (128.6m) Nil quarter ended 30 September 2021.
Net current assets/(liabilities) 226.9m 186.2m 151.5m 174.8m (91.2m)
Net assets per share 0.76 0.74 0.71 0.72 0.75
• Year-on-year, both total assets and shareholders’ funds have grown by RM388.1 million and RM332.7 million respectively. Included in shareholders’ funds as at
30 September 2021 are retained earnings of RM493.4 million.
• Net current assets position as at 30 September 2021 is strong, at RM226.9 million.
• The Group’s total cash and bank balances are at reasonably healthy levels.
• Successful fund-raising of Islamic Convertible Redeemable Preference Shares (“CRPS”) of RM203.6 million to date – to be used for potential targeted
acquisitions in Southeast Asia. (Note: Total debt balances as at 30 September 2021, 30 June 2021, 31 March 2021 and 31 December 2020 relate to the
recognition of the liability component of the CRPS upon the issuance of the first two tranches in November 2020. As at 30 September 2021, 99% of the total
CRPS issued has been converted into ordinary shares, which explains the sharp reduction in the debt balance from 31 December 2020 to 30 September 2021.
The CRPS conversion has also resulted in total issued ordinary shares increasing from 1,722 million as at 31 December 2020 to 2,007 million as at 30 September
2021. Despite this, net assets per share remained fairly consistent compared to 30 September 2020.)
• The Group will continue to engage with financial institutions and industry players to explore funding options and capital raising initiatives which run in tandem
with our growth plans.
41 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Part 7 Key Messages
42 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Key Messages
▪ We sold 757,062 barrels of oil in Q1 FY2022. Target for FY2022 is to deliver approximately 2.5-2.7
million barrels of oil from North Sabah and Anasuria. In the event that the Repsol Acquisition is
completed by the end of CY2021, we expect to add a further estimated 3 million boe of oil and gas.
▪ Further strengthening of oil prices since the previous quarter. Focus remains on our cost
optimisation initiatives whilst ensuring safe and efficient operations.
▪ Signed conditional SPA to acquire Repsol’s Malaysian and Block 46 Vietnam assets. Oil, gas and
condensate production expected to almost triple to 26,800 boe/day post completion, with 2P
reserves increasing by over 1.5 times. Completion expected by end of CY2021.
▪ Extension to USD80 million Prepayment Facility executed with Trafigura, providing access to
funding for working capital, capital expenditure and the acquisition of assets from Repsol.
▪ In FY2021, the Group made significant progress in reducing our Greenhouse Gas emissions (Scope
1 and Scope 2).
▪ Final dividend of 1.0 sen per ordinary share for FY2021, subject to shareholder approval.
Entitlement date of 4 January 2022, with payment on 22 January 2022.
▪ We remain focused on delivering optimal performance in an improving oil price environment.
43 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Appendix
• Views from Analysts
• Reserves and Resources Classification
• Fiscal Systems – UK & Malaysia
• Profiles: Board of Directors and Key Management
44 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Views from Analysts
45 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Reserves and Resources Classification
Increasing Commerciality
Low High
Low
Undiscovered - Discovered -
Discovered -
Prospective Contingent
Reserves
Resources Resources
Range of Certainty
High Estimate 3C 3P
Best Estimate 2C 2P
Low Estimate 1C 1P
High
Source: Society of Petroleum Engineers and World Petroleum Council
46 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Fiscal Systems – UK & Malaysia
UK - Concession System Malaysia - Production Sharing Contract (PSC)
(IOC is licence holder) (NOC is licence holder)
Project Oil Company Project Oil Company Govt./Petronas
Revenue + Revenue Revenue + Cost Recovery + Royalty
- Corporate Income + Profit Oil share of + Profit Oil share of
Tax (30%) Contractors Government
Taxes and Other
Payments
- Supplementary
- Petroleum Income Tax (PITA) + Petroleum Income Tax
Charge (10%)
38% (PITA)
Taxes and Other
- Costs (Capex, Opex - Supplementary Payment + Supplementary Payment
Cost Payments
and Abex)
- Export Duty + Export Duty
- Costs as per participating
Cost interest (Capex, Opex and
Abandonment Cess)
Corporate Income tax
• 30% * (Revenue – Operating costs – 100% Capital
Allowance) • Cost Recovery and Profit Oil Share determined by R/C Index
Supplementary Charge • Contractor will recover Capex & Opex from revenue
• 10% * (Income Tax Base – Additional 62.5% Capital • Royalty is levied at 10% of gross revenue
Allowance) • Supplementary payment is paid when crude price exceeds base price
47 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)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 Cenergi SEA Berhad, Standard Chartered Saadiq Berhad and the Malaysian Dutch Business Council.
• Previously Board member of UKM Holdings Sdn Bhd, Bank Pembangunan Malaysia Berhad, Petronas Carigali Sdn Bhd, redT energy Plc, and was Deputy Chairman of Shell Malaysia,
Chairman of Shell companies in Egypt, and Managing Director of Shell Egypt N.V
• Bachelor of Engineering, majoring in Mechanical Engineering, from the University of Western Australia
Dr Kenneth Gerard Pereira, Managing Director
• Founder of Hibiscus, appointed to the Board in September 2010.
• 33 years’ experience in the oil and gas industry, both in the services and exploration and production sectors.
• Serves on the Board of all of Hibiscus Petroleum’s subsidiaries, and other various private companies.
• Initiated the oil and gas services business of Sapura Group under Sapura Energy Sdn Bhd.
• Bachelor of Science (Honours) degree in Engineering from the University of Bath; an MBA from Cranfield University; and a Doctorate in Business Administration (“DBA”) from the
University of South Australia.
Dato’ Sri Roushan Arumugam, Independent Non-Executive Director
• Appointed to the Board in July 2011.
• Chairman of the Remuneration Committee.
• Serves on the Boards of South Pickenham Estate Company Limited, Pneumacare Limited and Sri Inderajaya Holdings Sdn Bhd amongst other private companies
• Previously served as Manager in Debt Capital Markets Division at Nomura Advisory Services Sdn. Bhd.
• MA in English Language and Literature from St. Catherine’s College, Oxford University; MA in Law from the University of Bristol, United Kingdom; and MBA from Imperial College Business
School, Imperial College, United Kingdom.
Thomas Michael Taylor, Senior Independent Non-Executive Director
• Appointed to the Board in August 2016.
• Chairman of Audit and Risk Management Committee.
• Joined Shell In 1984 until his retirement in 2012. Held various posts and directorships in several Shell Group companies including Finance Director of Shell Malaysia from 2004-2009 and
Finance Director of Brunei Shell Petroleum from 2009-2012.
• MA in Engineering from the University of Cambridge.
• Member of the Chartered Institute of Management Accountants.
Dato’ Dr Zaha Rina Zahari, Independent Non-Executive Director
• Appointed to the Board in September 2017.
• Over 30 years’ experience in financial (including Islamic), commodities and securities industry, developing the Malaysian Financial Market, M&A in insurance and Takaful companies.
• Currently the Chairman of Manulife Holdings Berhad and on the Board of Pacific & Orient Berhad, IGB Berhad and Keck Seng (Malaysia) Berhad as an Independent Director. Licensed by
Securities Commissions of Malaysia for corporate advisory services.
• Previously served as CEO, RHB securities Bhd; COO, Kuala Lumpur Options and Financial Futures Exchange; and Head of Exchanges of KLSE, MESDAQ, MDEX and Labuan Offshore Financial
Exchange.
• BA (Hons) Accounting and Finance from Leeds UK; MBA from Hull University; DBA from Hull University on capital markets research, specialising in derivatives; Global Leadership
Development Programme, International Centre Leadership in Finance (ICLIF).
48 Hibiscus Petroleum Berhad
Registration Number: 200701040290 (798322-P)Profiles: Key Management
Yip Chee Yeong, Chief Financial Officer
• Joined Hibiscus in November 2013; previously VP Finance & Group Controller in Hibiscus.
• Has over 27 years of accounting and finance experience in various industries, namely oil and gas, manufacturing, technology, services, risk consulting, audit and taxation.
• Previously worked at Saatchi & Saatchi as Finance Director of the Malaysia and Singapore offices, and subsequently at Microsoft Malaysia as Chief Financial Officer.
• Fellow member of the Association of Chartered Certified Accountants, United Kingdom and member of the Malaysian Institute of Accountants, Malaysia.
• Bachelor of Arts in Accounting and Finance, Middlesex University.
Dr Pascal Hos, SVP New Ventures
• Joined Hibiscus in February 2011 as Head of Petroleum Engineering and was Chief Executive Officer of SEA Hibiscus Sdn Bhd prior to commencing current role.
• Over 21 years experience in general management, field development, reservoir engineering, production technology and rock mechanics in major local and foreign companies.
• Previously worked as a PhD Researcher with NASA and worked at Shell International EP as a Reservoir Engineer/ Research Project Manager and Subsurface Team Lead.
• Bachelor of Science in Mechanical Engineering and PhD in Mechanical Engineering, Rice University.
Mark John Paton, CEO, Anasuria Hibiscus UK Limited
• Joined Hibiscus in March 2013.
• Over 41 years experience in the oil & gas industry, both in services and exploration and production sectors.
• Previously worked at BP Exploration as a Production and Commissioning Engineer, and worked at BHP Petroleum as a Well Services Supervisor, Production Manager and General
Manager of North Australia Operations.
• Founded Upstream Petroleum, an O&G service company, and was Chief Executive Officer of ASX-listed Cue Energy Resource Ltd.
• Bachelor of Science in Chemical Engineering, University of Leeds. Fellow of the Institution of Chemical Engineers.
Kevin Robinson, VP Project Assurance & Asset Oversight
• Joined Hibiscus in April 2019.
• Over 43 years experience in the Oil and Gas Industry in Technical and Senior Management positions, Involved in Exploration, Development and New Ventures in Asia – Pacific, North
Sea and South America/Mexico.
• Previously worked at Sapura E&P and Newfield Asia Pacific as Vice President. Founded and significantly expanded Newfield’s position in Malaysia. Also worked for Oryx and Huffco in
Technical positions.
• BSc in Geology (Hons), Sheffield University. MSc in Geochemistry, Leeds University.
Chong Chee Seong, CEO, SEA Hibiscus Sdn Bhd
• Joined Hibiscus in December 2017.
• Over 20 years in the oil and gas industry, with experiences in surface / subsurface engineering and business development, including design, fabrication, HUC, operations, production
planning, petroleum economics and business process management.
• Started career in ExxonMobil, and later joined Newfield Malaysia, which was acquired by Sapura Energy in 2013.
• Master in Mechanical Engineering (MEng), Cambridge University. Master of Arts in Engineering, Cambridge University.
49 Hibiscus Petroleum Berhad
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