We must share info with other mah. This means Sapura Kencana pay a very high price for it. VIC/P57 also have premium oil (brent).

"Newfield’s assets in Malaysia are held under three
companies-Newfield Peninsula Malaysia, Newfield Sabah and
Newfield Sarawak. The total purchase price is up to US$898m
or RM2.85bn. The asset comprises proven and probable 36m
barrels of oil equivalent as of 31 Dec 2012 with current
estimated production of 23,000 barrels oil per day."

36 mil barrel = US898 million

Hibiscus acquire 3D Oil VIC/P57 for A$27 mil have oil deposit of 9.2 mil barrel

9.2/36 mil barrel= 25.5% equivalent to Newfield oil in Malaysia.

This mean Hibiscus acquired VIC/P57 at a very cheap price.

And if they find oil in Oman Block 50 (have estimate about 160 - 200 mil barrel). What will Hibiscus share price be????.

Hi Flowerpower, they said this quarter and will make announcement.

Hibiscus an Puncak Niaga doing joint bit for Newfield Exploration Co. Asset in Malaysia worth billions of ringgit.

Pls post proper information and dont mislead

IN Bussiness Times Today

Hibiscus, Ho Hup take the limelight
KUALA LUMPUR: Hibiscus Petroleum Bhd and Ho Hup Construction Co Bhd seem to be getting more than their fair share of interest from the stock-buying public.

Hibiscus, which counts billionaires Tan Sri Quek Leng Chan and Tan Sri A.P. Arumugam as its shareholders, is seen to be slowly moving away from operating as a special purpose acquisition
company (SPAC).

Hibiscus was the country’s first SPAC to be listed on the stock exchange, but ironically some of its recent moves seem to suggest the company plans to aquire quantifiable assets to back up its resume.

This can be seen from its move to acquire Newfield Exploration Co’s oil and gas assets in Malaysia and China.

Newfield is the fourth largest oil producer in Malaysia and its assets are said to be worth some US$1.7 billion (RM5.4 billion).



By next month, Hibiscus should know if it is successful in making the purchase, but that has not stopped the market from speculating.

Hibiscus shares were 13 sen higher at RM2.06 a share on Friday.

Here is what people say about Dr Rabi Bastia:-

He is not a magician or a tarot card reader. Yet, he can see what lies miles beneath the Mother Earth.

Dr. Bastia has received numerous awards and distinctions in India and abroad. In the year 2006, he was honored with the coveted Gold Medal at the Association of Exploration Geophysicists Conference. The Government of India conferred The National Mineral Award in the year 2003 in recognition of his scientific dedication and pursuit. During his tenure with ONGC he bagged scientific awards for three consecutive years from 1993 to 1995, including the prestigious ‘Young Executive’ Award. He was the first Indian Chairman of International Quality and Productivity Centre (IQPC) at the Deepwater Drilling Asia 2005 Convention held in Kuala Lumpur, Malaysia.
He is a member of several geo-scientific organizations like Association of American Petroleum Geologists and Society of Exploration Geophysicists. In recognition to this outstanding contribution in the field of Science and Engineering the Government of India has conferred him the “Padma Shree”, one of India’s highest civilan awards in the year 2007.In the same year, he has also been awarded The “Bharat Gaurav” from the State of Orissa, another landmark achievement and very recently the “Infraline Service to Nation Award in Energy Excellence”. He has also been conferred with “Who’s Who in the World” in the year 2008, in recognition to his outstanding professional excellence in the field of petroleum.
Besides his industry assignments, he is also actively pursuing some research projects in the field of oil exploration with Stanford University, USA, University of Utah, USA and Norwegian Technological University, Norway. He is currently teaching a course in “Petroleum Exploration” as Adjunct Professor in IIT, Bombay. He has written a book titled “Geologic Settings and Petroleum Systems of India’s East Coast Offshore Basins: Concepts and Applications

No worries, hibiscus have Dr Rabi Bastia, very famous in the world of oil and gas. Here is the writeout:-

Dr. Rabi Narayan Bastia
Padmashree, Sr VP, Head of Exploration Assets
Reliance Industries Ltd

Dr. Rabi Narayan Bastia is a renowned geoscientist and well known exploration and management leader in the Hydrocarbon Industry both at national and international levels. Born on 2nd October, 1958, he had his early education in the State of Orissa, graduating in sciences from Utkal University. Subsequently he obtained his Masters degree in Petroleum Exploration from Norwegian Technological University, Norway and a Doctoral degree in Geology from IIT, Kharagpur. He has been serving the Indian petroleum industry for about 3 decades in different capacities with distinction

He is currently holds Sr. Vice President Position in the Petroleum Business (E&P) Division of Reliance Industries Limited – India’s industrial giant in the private sector. Prior to this, he had a long and successful tenure with the Oil and Natural Gas Corporation. Dr. Bastia’s contribution in exploring for hydrocarbons in the deep water regions of India is commendable. The gas discovery in the Krishna-Godavari basin is the world’s largest find of the year 2002, discovery in the Mahanadi offshore are his major contribution. His strong conviction in robust workflow, benchmarking with the Industry’s best, stringent peer review and validation by super-specialists have proved to be an integral part of recent success stories of India’s oil and gas exploration.

Note: Reliance Industries now worth more than USD30 Billion.

I don't really think so the drilling is on 15th Oct because no announcement out yet. They earlier said between mid Oct and mid Nov.

The Masirah North East prospect is located in Block 50 offshore Oman. The Aban VII (250' ILC) has been contracted to carry out a 2-well drilling program on the Masirah North North (NN) and Masirah North East (NE) prospects. Drilling is expected to commence in November 2013. Masirah NE has been estimated to hold 48 MMbbls in unrisked best estimate recoverable resources.

- from SubSealQ write out

The Masirah North North prospect is located in Block 50 offshore Oman. The Aban VII (250' ILC) has been contracted to carry out a 2-well drilling program on the Masirah North North (NN) and Masirah North East (NE) prospects. Drilling is expected to commence in November 2013. Masirah NN has been estimated to hold 177 MMbbls in unrisked best estimate recoverable resources.

fully agreed with you, rikki

rikki thank u for the info. Huat ah !!!

Bursa Announcement:
HIBISCUS PETROLEUM BERHAD (“HIBISCUS PETROLEUM” OR THE “COMPANY”)
 Private Placement of CRPS to Pacific Meadow and conversion price fixed at 1.85
”

limchimleong and rikki thank you, will take your word. I also wish everyone here to make big profit.

Tomorrow may break the all time high of 2.19

Look like will charge in short time, RSI will cross 70%

Ini harilah !!!

REX already touch all time high , 95 cents. Hope Hibiscus follow suit

http://www.theaustralian.com.au/business/opinion/newell-3d-vision-a-blinder/story-fnciil7d-1226730320643#sthash.7VRbdiCa.dpuf

ASX Release
1 October 2013
Finance for West Seahorse Oil Development
3D Oil Limited (ASX:TDO) announces that it is formally commencing the financing process for the development of the West Seahorse oilfield and exploration drilling in VIC/P57. 3D Oil is working closely together with Hibiscus Carnarvon Pty Ltd, a wholly owned subsidiary of Hibiscus Petroleum Berhad (KLSE:HIBISCUS), on the financing plan. Hibiscus is the 50.1% owner and joint venture operator of VIC/P57, as well as being 13% shareholder in 3D Oil.
The West Seahorse development has an estimated total capital expenditure of US$125-150 million. This estimate includes the US$15 million Britannia jack-up rig that has already been purchased by the Joint Venture. Plans for additional exploration are based on a single high-potential well in the VIC/P57 permit with an estimated total capital expenditure of US$20 million.
Sources of Finance
The Joint Venture has received contributions and commitments of US$27 million towards the development of West Seahorse. This has been provided Hibiscus under the farm-in agreement announced with 3D Oil on 15 August 2012.
The Britannia jack-up rig is currently being converted to a Mobile Offshore Production Unit (MOPU). It is expected to be on-sold (with funds returned to the Joint Venture) and leased back from a suitably credentialed MOPU Operator. Hibiscus is in advanced discussions with MOPU parties about a possible sale and leaseback.
The Joint Venture will be seeking project finance debt for the majority of the capital expenditure. Initial discussions with a number of local and international banks have been encouraging and indicative levels of finance are in the order of 50-70% of the total capital expenditure for the West Seahorse development.
Additional sources of non-project debt finance will also be considered by the Joint Venture, including mezzanine and structured finance. This will be considered on appropriate risk-return metrics in order to minimise the level of additional equity contributions required by the Joint Venture.
Joint Venture Equity Contributions
The amount of any required equity contribution from the joint venturers will not be known until discussions with project and non-project debt financiers have been further advanced.
Hibiscus has indicated to 3D Oil that it has capacity to source any additional contributions of it’s equity to the Joint Venture from its internal capital sources.
As the West Seahorse development plan has progressed, 3D Oil has received approaches from third parties interested in acquiring an interest in VIC/P57. As a result, for any additional equity contributions to the Joint Venture, 3D Oil will consider:
1. Farm-down of its current 49.9% interest in VIC/P57 (including in the West Seahorse Production Licence, which is expected to be granted shortly); and
2. New issue of ordinary and/or structured equity within 3D Oil.
3D Oil and the Joint Venture have appointed Lion Capital Advisory to assist with arranging a financing plan that will optimise project debt and also ensure that additional equity is raised in the most efficient manner possible.

staying all along around 8 to 9 cents, yesterday i check was 11 cents and today 12 cents.

3D Oil share price shoot up to 12 cent now. Could it be they have got the field development plan and production license approve?

As i said earlier, i am holding till end 2014. Almost bottom, should stay around 1.80. Don't panic.

uk turn green, us future now up 48 point. decide your own

too risky to buy now, wait for correction

this morning REX International break the all time high of 93.5 cents. This morning new high 95 cents.

how come hibiscus havent make any announcement to bursa?. Mahu goreng lagi?. In total they now have 12 concession. The new one are PL 707 and PL 708 in Norway and VIC/P42 in Australia. Bigger news than this?

what i have earlier i still keep till end 2014 or it reaches RM3. I did buy some warrant during the correction 2 to 3 weeks ago. Sold today and buy back then sell for fast profit. Manage to buy some mother share before it close today. Look like it can move further.

not yet but through my finding, REX manage to scan oil in Norway PL 498, Dahan and Oman.

dont need to thank me, its your good luck

jasonj you look ve...ry happy.

Hope it move up slowly from here.

Monthly chart show a tight squeeze, MACD already just cross 0 line. looking at it, should be ok to buy at this price.

already start

should see some action 2nd part of the day. Hopefully !!!.

"Update on the investment in Trinidad & Tobago
The Company is also pleased to update that its investment in Trinidad & Tobago is on track with initial
due diligence completed, along with a firmed up drilling programme. The Company estimates that a
multi-well campaign will start at the end of the year or in the early part of 2014.
Upon completion of the investment, Rex International Holding’s 51.99 per cent subsidiary will hold a
75 per cent stake in the South Erin Block and a 51 per cent stake in the Cory Moruga Block ‘E’ after
completion of farm-in obligations.
The Company’s proprietary technologies have indicated considerable potential in the licences
contemplated. Independent experts have previously ascertained 20 million barrels of Original Oil in
Place (OOIP) with an assumed recovery factor of 19.5 per cent for the South Erin Block and 40 million
barrels OOIP for the Cory Moruga Block ‘E’, with an assumed recovery factor of 20 per cent. The
Inniss-Trinity field contains substantial reserves to be produced. As the Inniss-Trinity field is awarded
as an Incremental Production Service Contract (IPSC), the reserves will not be recorded in the
Company’s books but revenue generated will contribute towards the Company’s profit and loss statement."

- this portion of statement nothing to do with Hibiscus, only with Rex International. Hibiscus portion is only the licences part.

Nothing to do with the drilling program. With this announcement Hibiscus will add 2 new concession licences in Norway that is PL 707 and PL 708 without need to pay for it.

The above announcement causes Rex share price to surge 7%. Lets see what will happen to Hibiscus share price when they announce this news.

"Rex International Holding Limited (“Rex International Holding”,
the “Company”, and together with its subsidiaries, the “Group”), one of the largest companies listed
on the Catalist of the Singapore Exchange Securities Trading Limited, is pleased to update that its 65
per cent indirectly owned subsidiary Lime Petroleum Norway AS (“Lime”), will receive 10 per cent
stakes in each of two new exploratory licences in Norway from North Energy ASA (“North Energy”),
as a result of the co-operation agreement between Lime and North Energy. "

- Hibiscus has 35% stake in Lime Petroleum Norway. Hibiscus have not announce this news yet.

Latest News:
PRESS RELEASE
Rex International Holding to acquire stakes in two more licences in Norway. Total licences to increase to 15 in four regions from initial 10 as at listing on 31 July
Rex’s technology strongly validated by North Energy’s live test results Due diligence completed and drilling programme firmed up for Trinidad & Tobago licences

SINGAPORE, 18 September 2013 – Rex International Holding Limited (“Rex International Holding”,
the “Company”, and together with its subsidiaries, the “Group”), one of the largest companies listed
on the Catalist of the Singapore Exchange Securities Trading Limited, is pleased to update that its 65
per cent indirectly owned subsidiary Lime Petroleum Norway AS (“Lime”), will receive 10 per cent
stakes in each of two new exploratory licences in Norway from North Energy ASA (“North Energy”),
as a result of the co-operation agreement between Lime and North Energy. No consideration is
needed to be paid for the transfer of the 10 per cent stakes, which is pending regulatory approval.
These two licences had been awarded to North Energy in the 22nd licensing round by the Norwegian
Oil and Energy Department in June 2013. Both licences, PL 707 and PL 708, are situated in the Barents
Sea, in proximity to the coast on the Finnmark East platform.
Mr Måns Lidgren, CEO of Rex International Holding, said, “North Energy received the second largest
award of licences in this licensing round in Norway, and we are privileged to be able to tap on our
strong working relationship with them to participate in two of the most exciting and valuable licences
in the area. At listing, we had shared our intention to grow our portfolio from 10 licences to 20 within
the next 12 months. Over the last two months since our listing, we have grown our initial portfolio
from 10 to 13, including the investment of a 51.99 per cent stake in a company that will hold three
licences in Trinidad & Tobago, and now to 15. We anticipate to announce more deal flows in the
coming months.”Rex International Holding’s portfolio of licences are in four proven prolific hydrocarbon regions,
namely, Norway, the Middle East, Trinidad & Tobago and the USA.
Strong validation of Rex’s technology
Mr Måns Lidgren added, “North Energy had recently shared in their second quarter results
presentation, that they had analysed 59 prospects using Rex Virtual Drilling over the past two years.
Out of the 41 wells which had been drilled since, 35 predictions by Rex Virtual Drilling were spot on.
This 85 per cent success rate (96 per cent success in predicting dry wells in 24 out of 25 drillings and
69 per cent success in predicting presence of commercial oil in 11 out of 16 drillings) is strong
validation of our technology’s effectiveness.”
Update on the investment in Trinidad & Tobago
The Company is also pleased to update that its investment in Trinidad & Tobago is on track with initial
due diligence completed, along with a firmed up drilling programme. The Company estimates that a
multi-well campaign will start at the end of the year or in the early part of 2014.
Upon completion of the investment, Rex International Holding’s 51.99 per cent subsidiary will hold a
75 per cent stake in the South Erin Block and a 51 per cent stake in the Cory Moruga Block ‘E’ after
completion of farm-in obligations.
The Company’s proprietary technologies have indicated considerable potential in the licences
contemplated. Independent experts have previously ascertained 20 million barrels of Original Oil in
Place (OOIP) with an assumed recovery factor of 19.5 per cent for the South Erin Block and 40 million
barrels OOIP for the Cory Moruga Block ‘E’, with an assumed recovery factor of 20 per cent. The
Inniss-Trinity field contains substantial reserves to be produced. As the Inniss-Trinity field is awarded
as an Incremental Production Service Contract (IPSC), the reserves will not be recorded in the
Company’s books but revenue generated will contribute towards the Company’s profit and loss
statement.

Rex make a strong come back after profit taking from 87 to 80 this morning, now brake yesterday high of 88.5 cents, now trading at 89 cents

Ini kali lah.

First time i see the warrant trade premium to the mother share. Something is on.

touch 88 cents, something is brewing in Hibiscus, hopefully !!!

Rex International just break the all time high of 84.5 cents, now trading at 87 cents, up more than 22%.

Another news, North Energy the operator of Norway block pl 503 (Lime have 12.5%) will evaluate to drill or to drop this coming 4th quarter.

Some good news on Rex software (VD). Loyz and Rex last year sign an agreement to use Rex Software on 35 concession licence. Last year also saw Loyz Energy (Singapore), Rex International and Fram Exploration doing a JV to find oil in USA (colorado and dahkota) using VD software. This project in to drill 80 well (all marginal well/ very small well). The project start around Mei this year. Yesterday Loys Eenergy announce they have strike oil at well 2 and 3 and now doing oil flow test.

Let have sweet dream : Imagine 22.4% stake of 160mil barrel is about 35 million barrel (US220 million). If hibiscus sell half of it to recover some capital gain and maintain the other half. The first will be US110 mil. The other half of 17 mil barrel, say they produce and sell it at a net profit of US40 per barrel, so US 40 x 17 mil barrel is US 680 mil. In total hibiscus return will be US 110 +US 680 mil = US 790 mil x 3.2 (exchange rate) =RM 2.52 billion.