Joe95, I concur. The weak holders are selling and the majority is holding on due to impending news re testing and that is why there is low volume. There is strong resistance at 2.22 by the PDT's. If the news is good, expect it to be broken with high volume.

prc4wifefe, thanks for the fruitful information.

PDT victim shall be duly ignored.

As mentioned on numerous occassions, this counter is for the long term. At least till 2015 before major fruition. Trade this counter at your own peril. The PDT's have been laughing all the way to the bank. There was distribution at 2.14 before the contagion selling which caught them out too. They have curbed it now at 2.22 and a consolidatory period ensues when they buy and sell with 0% brokerage. The astute ones, including all the major shareholders have been holding and will continue to hold.

From the start, this counter has been a PDT darling. They - SM - have been minting since inception with their 0% brokerage to the detriment of contra and short term speculators. Trade this counter at your own peril. Many lost out in the panic selling yesterday, many more in the upheavals in the past. Kudos to the long term holders and major shareholders who have no compunction about the undulations either way and also those of us who continue to keep faith in the astute Hibiscus management.

Tinkerbell : Unfair on ladies? There was no gender specificity. Kindly re-read, re-comprehend and re-clarify upon re-digestion.

"Res ipsa loquitur" (the facts speak for themselves).

scha·den·freu·de
noun, often capitalized \ˈshä-dən-ˌfrȯi-də\

: a feeling of enjoyment that comes from seeing or hearing about the troubles of other people

Having been an acive participant in social forums since 1996, I note that the most insecure peeps with tremendously low self-esteem normally partake in garnering joy when hearing about the troubles of other people.

Over the Christmas period when this counter went on a slump, the number of people who possessed these vices of low self-esteem came in for no other reason than to show symptoms of schadenfreude.

Make no mistake, this counter will undulate. When it dips againon T+4, I urge all genuine investors not to be irked by these sorry laddies who purposefully make negative comments because there is nothing going on in their shallow lives. Ignore them instead and say a silent prayer that they cease enjoyment from the troubles of others because they lead pathetic lives.

Kudos to the genuine investors who held and are still holding ala ALL the major shareholders.

I wish thee God Speed ahead.

NKN1, I agreed with his take on not panic selling on a long term perspective - which is what this counter is all about. Evidently,it doesnt adhere to chart formations, indicators, oscillators, matrixes,clouds,VSA,candlesticks etc for short term traders.

As for the other "hilarious postings", frankly, I do not have the time, nor the inclination to read it especially when it pertains to his personal exhibitions.

Have a Happy Christmas ahead.

I concur with Duit. Do not panic sell in knee jerk fashion. Let's all think longer term guys. Indeed, this is a setback. However, the prospects are pretty good in Oz and Norway.

We shall overcome.

Hey guys, read the press release. The headline of the Hibiscus press release was that the hydrocarbons were non commercial. It was not sensationalised in the manner the Star spinned it.

Positive news about Hibiscus on drilling contract. It's on the go. Brace yourselves for an estimated 160 million barrels of oil in one of their blocks : http://www.theedgemalaysia.com/business-news/250422-hibiscus-awards-drilling-contract-to-aban-.html

Hibiscus Associate Firm Wins Another 4 O & G Concessions in Norway

Star Biz
11/4/12

PETALING JAYA: Lime Petroleum Plc, in which Hibiscus Petroleum Bhd has a 35% stake, has signed a letter of intent (LOI) with Norway-based North Energy ASA and Rex Oil & Gas Ltd to give it interests in four additional oil and gas concessions in Norway.

The total acreage of the four Norwegian concessions is about 3,412 sq km, of which partial interest shall be assigned to Lime's wholly owned subsidiary, Lime Petroleum Norway ASA, a company incorporated in Norway. The Norwegian concessions are governed by production licence agreements.

“The potential volumes in the concessions have not been verified by an independent party. Obviously some internal estimates have been made which resulted in these concessions being selected but until we have done more work and properly verified our data, we would not like there to be speculation on the potential of these concessions,” said Hibiscus managing director, Dr Kenneth Pereira.

A technology services agreement between North Energy and Rex will be executed simultaneously under which, Rex will exclusively deliver certain technology services to North Energy with regards to production licences in which a share is assigned to Lime.

“The key services to be delivered will be the interpretation of seismic data held by North Energy. The Rex Technology Services Agreement will end on Dec 31, 2012 without any right of early cancellation of termination,” said Hibiscus in a press statement.

Lime has at least a three-year exclusive access to Rex Technologies in the Middle East while North Energy will have access to these technolgies in the Norwegian Concessions up to Dec 31, 2012 through the proposed acquisition of Norwegian interests by Lime.

“Rex had performed a number of tests on selected North Energy assets using Rex Technologies, and thus, Rex and Lime were subsequently offered the opportunity to participate in North Energy's production licences,” Hibiscus told Bursa Malaysia.

It said a framework sale and purchase agreement would be signed before April 30, 2012. There will also be a special sales and purchase agreement (SSPA) for each interest to be acquired.

“The SSPAs will include Dec 31, 2012 as a long-stop date, after which the obligations of the parties to complete the various agreements will cease for any of the assigned interests which has not been transferred prior to the long-stop date,” said Hibiscus.

Meanwhile, the assigned interests to Lime will be effective from Jan 1, 2012.

Norway is the world's third largest gas exporter and the world's sixth largest oil exporter. Globally, Norway was fourth in development investments in 2011. The average annual oil and gas discoveries in Norway which recorded a discovery hit rate of 51.1% in 2011

These Norwegian concessions are on top of the fourth concession in the Middle East which Lime was supposed to give Hibiscus as a condition to completing its acquisition of Lime.

Hibiscus is not required to pay anything more for these concessions, as under its earlier agreement with Lime Petroleum, any future acquisitions will only be paid by Lime.

Looks like more good news may be brewing. Indeed,hold or accumulate...

Star Biz
Friday April 6, 2012
Hibiscus Petroleum sets up Aussie unit

PETALING JAYA: Hibiscus Petroleum Bhd announced to Bursa Malaysia that its wholly-owned subsidiary Oceania Hibiscus Sdn Bhd has incorporated a wholly-owned subsidiary in Australia, Carnarvon Hibiscus Pty Ltd with an initial paid-up share capital of A$95 comprising 95 ordinary shares of A$1 each.

I concur. The warrants are at a good dicount now and can be exercised in 20 days time. Right now, this counter is weeding out the weak holders, but the value has yet to be unlocked. The prudent thing is to hold.

From Bursa site :

Submitting Merchant Bank : HONG LEONG INVESTMENT BANK BERHAD
Company Name : HIBISCUS PETROLEUM BERHAD
Stock Name : HIBISCS-WA
Date Announced : 29/07/2011

Instrument Type : Warrants
Description : Three (3)-year 2011/2014 Warrants

Listing Date : 25/07/2011
Issue Date : 21/07/2011
Issue/ Ask Price :
Issue Size Indicator : Unit
Issue Size in Unit : 334,436,522
Maturity Date : 24/07/2014
Revised Maturity Date :
Exercise/ Conversion Period : 3.00 Year(s)

Revised Exercise/ Conversion Period :
Exercise/Strike/Conversion Price : MYR 0.5000
Revised Exercise/Strike/Conversion Price :
Exercise/ Conversion Ratio : 1:1
Revised Exercise/ Conversion Ratio :
Mode of satisfaction of Exercise/ Conversion price : Cash
Settlement Type/ Convertible into : Physical (Shares)

Remarks :
Each Warrant shall entitle the holder to subscribe for 1 new ordinary share of RM0.01 each in Hibiscus at the exercise price of RM0.50 per Warrant at any time during the period commencing from and inclusive of the date of completion of the qualifying acquisition up to 3 years from the date of listing.



2012, Bursa Malaysia Berhad. All Rights Reserved.

Qualifying Acquisition is scheduled to be voted on during EGM on the 21st of March. Once approved, thereafter, warrants can be exercised at price of RM0.50. Currently it is undervalued and has a premium of 36 sen. A pretty good discounted buy by any measure.

From the Star Biz today. Something is brewing...

Saturday March 3, 2012
Tycoon Arumugam raises stake in Hibiscus Petroleum
By TEE LIN SAY
linsay@thestar.com.my

PETALING JAYA: Reclusive tycoon Tan Sri A.P. Arumugam has increased his shareholding in Hibiscus Petroleum Bhd from 6.4% to 8.8% via an off-market deal, said sources.

On Wednesday, four million shares were transacted at an average price of RM1.78, while yesterday, another 6 million shares were crossed at the same price. The stock closed on Friday at RM1.80 on volume of 2.69 mil shares.

Arumugam first emerged in the company last July when his son Roushan Arumugam was announced to have bought 23 million shares or a 5.5% stake in the company.

Back then, he made the indirect purchase via Littleton Holdings Pte Ltd, of which he owns 90%. While no price was disclosed, it was believed that Littleton took up part of the placement of Hibiscus' initial public offering shares at 75 sen.

Roushan, is a director of Hibiscus and a corporate representative of Littleton and investment holding company, Sri Inderajaya Holdings Sdn Bhd.

Arumugam is the chairman and founder of Sri Inderajaya, which has significant investments in six major industries globally and consisting of agriculture technologies, consumer products, education, industrial technologies, property, telecommunications and travel and tourism.

Meanwhile, Hibiscus got the green light from the Securities Commission on Feb 16 to proceed with the acquisition of the 35% equity stake in Lime Petroleum plc for US$55mil (RM168.3mil) cash.

Hibiscus will be holding its EGM on March 21 to obtain approval from its shareholders for this qualifying acquisition.

Lime has three oil and gas concessions in the Middle East Ras Al Khaimah, Sharjah both in the United Arab Emirates (UAE), and the largest one in Oman, with the fourth potential concession in Fujeirah, also in the UAE. Each concession is for 20 years.

Hibiscus, which is Malaysia's first special purpose acquisition company has a protection clause for its shareholders.

Under the protection clause, shareholders voting against the qualifying acquisition at the EGM will be able to receive about 90% of the initial public offering price of 75 sen, or 67.5 sen per share plus interest and less distribution costs.

However, as the company's last traded share price of RM1.80 is 165% higher than the refund amount, such protection clause is a redundant option for shareholders.

Yes,the smart investors are bullish about the long term potentital of this counter.

To princeofthie3ves :

From Hibiscus website on the conversion of son:

Key Terms: Warrants-A

1 free detachable Warrant-A for every share held. Exercise Price RM0.50 per Warrant-A.

Listing Warrants-A is listed and tradable. Expiry Date 3 years from listing date (25 July 2011)

Exercise Period Anytime during the period commencing from and inclusive of the date of completion of the Qualifying Acquisition up to and including the Expiry Date.

Any Warrants-A not exercised during the Exercise Period will lapse and cease to be valid (up to and including 24 July 2014).

By March 21 - TP for mother is RM2.50 and son to follow at RM2.00 (minimum).Son has catching up to do as AFTER the EGM, anyone holding the son can CONVERT to the mother by paying extra 50 cents. Now the son is very undervalued as many people afraid if the EGM fail and cannot get approval from shareholders but this is not going to happen. Most shareholders will vote yes.