Did the previous CFO tender his resignation with sufficient notice, and have you found a replacement?

Mr. Vincent Jacob Lee was our Chief Financial Officer / Vice President Finance. He resigned to pursue certain personal goals. He provided adequate notice of his resignation and has offered the company the benefit of his knowledge and experience, going forward, if they are required on an ad-hoc basis. We wish him the very best for his future.

Mr. Yip Chee Yeong (see page 57 of our most recent Annual Report for his profile) has been promoted to the position of Vice President Finance / Group Controller to oversee the activities of the finance function.

19 May 2017

Other Expenses in the Consolidated Statements of Profit or Loss showed an increase of approximately RM10m in the current quarter ended 31 March 2017 when compared to the quarter ended 31 March 2016. What were these expenses and are they recurring?

The main components of Other Expenses are depreciation and amortisation of equipment and intangible assets relating to the Anasuria Cluster, both of which are non-cash in nature. As you will recall, the acquisition of the Anasuria Cluster was completed on 10 March 2016. As a result, such costs were incurred for only a month in the quarter ended 31 March 2016 compared to three months in the current quarter. These costs are recurring in nature.

14 June 2017

We noticed the recent fall of the share price, we would like to know if there is any change in Hibiscus income or if Hibiscus is expecting any impairment or loss of oil production from North Sea asset or other assets. Is Anasuria operation still up and running and on target?

There are a few factors that affect/move the share price of a Company, among them are the market interests or sentiment on the Company's shares. We do not have control over this.

The Company is responsible for making timely disclosure of information that may impact share price. In this regards, we have and continue to fulfil our responsibilities.

18 April 2017

What is the expected date for the announcement on the Company’s Quarterly Results?

Announcement of quarterly results for each financial quarter is due not later than 2 months from the end of the quarter. For example, the announcement of the quarterly results for the quarter ended 31 March 2017 is due not later than 31 May 2017.

19 May 2017

Although the balance sheet did not reflect any bank borrowings, the P&L indicated interest payments. If there is no borrowing, what were the interests paid for?
With reference to the Unaudited Quarterly Financial Report for 31 December 2016, the finance costs in the Profit or Loss is largely explained in notes 15.1 and 15.2 in the Report.

These finance costs mainly relate to the accounting treatment of our Deferred Consideration payment due to the vendors of our Anasuria asset and the future Decommissioning Costs also related to Anasuria. These costs do not draw on the cash reserves of the company and we confirm that the company, remains free of debt.

23 March 2017

When is the acquisition of the equity in the 2011 North Sabah EOR PSC expected to be concluded?
We are bound by strict Confidentiality Agreements with the vendors (Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd) and the Malaysian oil industry regulators (PETRONAS) relating to progress on the North Sabah acquisition. We will only be permitted to make a disclosure when there is a material development and such disclosure would need to be approved by Shell and PETRONAS.

As a listed entity on the Main Market of Bursa Malaysia Securities Berhad, the Company is required to make material disclosures in accordance with the Main Market Listing Requirements. Following the announcements made on 12 and 26 October 2016, we wish to advise that further announcements will be made in due course, as may be appropriate.

23 March 2017

the following from hibiscus website :

Is it Brent or Crude Oil that is generating sales revenue to the Company, as different sources are stating differently? If both, which one is the main product?
Crude Oil is a naturally occuring unrefined petroleum product. The Company produces crude oil from the Anasuria Cluster of producing fields offshore United Kingdom in the central North Sea.

Brent is a benchmark crude which is a crude oil that serves as a reference price for buyers and sellers of crude oil. Currently there are three primary benchmarks globally, which are:-

1. West Texas Intermediate (WTI);

2. Brent; and

3. Dubai Crude.

Hibiscus Petroleum uses Brent as a reference price for Anasuria because the quality and type of crude oil produced by the Anasuria Cluster is close to Brent.

3 April 2017

How was it possible that the average selling price for quarter ending 31/12/16 can be below the low of brent crude spot price of USD43.60 during the same period?
In the first instance, we would like to inform our shareholders that our crude offtakes from Anasuria are marketed by the London office of BP Oil International Limited. As part of our crude oil sales activity, BP oil traders conduct a transparent bidding process for each offtake and, subject to our approval, award the winning bidder the relevant parcel of crude oil (normally in cargoes of circa 250K bbls, net to Hibiscus). Furthermore, when we quote a ‘Realised Oil Price’, we are reporting a net selling price that has taken into account the charges applied by BP as our marketing agent and the vessel charter costs for delivery of the oil to the refinery.

We should also clarify that whilst we produce oil on a daily basis, we do not sell oil each day but, instead we sell oil in cargoes (or parcels) of circa 250 K bbls per delivery (net to Hibiscus). Oil produced each day is processed and STORED in the cargo oil tanks on our Anasuria Floating Production Storage and Offloading (‘FPSO’) facility until we have in our inventory the desired volume.

Once we have the desired volume, it is sold (in one batch) at a single price / bbl.

Our cargo (that resulted in our second quarter revenue) was bid out, sold and delivered by BP (on our behalf) before the OPEC meeting held in November 2016 (as explained under note 18 of the Unaudited Quarterly Financial Report for 31 December 2016 (‘Report’)). Hence, we obtained a price that was prevalent at the time of the delivery.

Please note that the average oil price shown in the Report is USD41.70 per barrel.

In summary, we do not sell oil in the spot market. BP markets, collects and delivers cargoes on our behalf, selling our oil in advance (normally approximately two months in advance). We pay BP a fee for performing this service and this ensures that we do not take the credit risk of the eventual buyer of the oil. Finally, spot prices may be indicative but are not accurate in our business model.

23 March 2017

I also better cabut, quality time with hubby, take care bird!

i have no idea :)

yes

during my advertising days, it's imperative that we know who our "target audience" is, and how to reach them, nowadays online ads semua also can reach, as long you there, sure get one!

true, true when there’s a problem with advertising like this, it’s a big problem

Bird, I think online ad real teruk. Google especially. Try download from google for free, than you know grrrrr

Hi connie, hru dear? Happy CNY to you :)

My personal TP RM1.50, others here might be higher :)

HIBISCUS is one counter it can naik cepat and also jatuh cepat, if you believe in hibiscus, hold to it.

with the regard to the call warrant issued by maybank listed tomorrow, both are not in the money, the excercise prices are higher than current market price on 2:1 ratio, the best thing to do monitor, if the bank wants to push up, you can make some money, no guarantee, just my opinion, good luck all, I'm still an investor, hold long time :)

Hi all, good to see old friends again and welcome to new friends. Thanks for taking the time to check out posting on this place.

yup I remember those days, jangan Sa, jangan main contra Sa, LOL Take care my friend

if you nak day trade senang bull market, you lari here you can masuk there make more money but not in this kind of market, advisable to stay away, if long term investor using your own money, its up to you to say or leave, if you choose to stay its just paper loss/unrealized loss, it you leave the loss becomes real

which counter?

I guess so

hubby's opinion this kind of company buat buat then minta tanah free from the government hmmmm

This company formerly under Datuk Abu Talib Mohammed, the brother of Maju Holdings Sdn Bhd's shareholder Tan Sri Abu Sahid Mohammed, if I'm not mistaken

yup

I dunno, news from dealer friend, its kindda sketchy.

PM says intraday short selling will be allowed to all investors

hmmm I still have mine, those shares I bought long long time ago, a friend in RHB says can go up, what u see now is temporary, I dunno, maybe they know better because the new warrants under them, on the market now, just becareful, if you can't take it, off the PC, go out to the real world make some money :D

oh really? not my fav counter though, bad experience during their ADAM days, hubby still do bussiness with them, I will let him know about that

wah you so rajin here

currently stocks recommended by Bursakakis, Bursa Master, IBs, those stocks are in my stock monitor but not in, I focus on long term ownership of good businesses :)

rikki is also my friend, so good idea to share on stocks recommendation

Hi mark, I'm good. Usually silent reader. I see many new IDs, don't know whether my old friends still around. Good Luck to you and everyone here!

wow!

Some of the highlights of 2017 Budget

Here are the highlights of the 2017 Budget proposals announced on Friday by Prime Minister Datuk Seri Najib Tun Razak:

Lower corporate tax

* Govt has proposed to reduce the corporate tax for the year of assessment 2017 and 2018

* Reduce tax rate between 1 and 4 percentage points for companies with significant increase in taxable income for year of assessment 2017 and 2018.

* Reduce tax rate from 19% to 18% for SMEs with taxable income up to first RM500,000.

* Extend double taxation promotion on operating expenditure borne by anchor companies for the Vendor Development Programme until 31 December 2020.

Amendment to Bankruptcy Act 1967

* To enable bankrupt individuals to rejoin business activities by amending the Bankruptcy Act for social guarantors and those diagnosed with chronic diseases as well as the elderly.

Infrastructure, railway projects

* New 600km East Coast Rail Line connecting Klang Valley to East Coast, costing RM55b. Conects Port Klang, ITT Gombak, Bentong, Mentakab, Kuantan, Kemaman, Kerteh, Kuala Terengganu, Kota Bharu ends in Tumpat

* RM100m to restore East Coast railway line along Gua Musang – Tumpat that was destroyed during flood.

* To increase trip frequency of ETS for JB-Padang Besar route, RM1.1b allocation to buy more train sets

Boosting investments in small, midcap companies

* Govt-linked investment companies will set aside up to RM3b to fund managers to invest in potential small and midcap firms

* Capital Market Research Institute will set up Capital Market Development Fund with initial funding of RM75m

* Stamp duty on instruments of transfer of real estate worth more than RM1m to rise from 3% to 4% from Jan 1, 2018

Broadband incentives for rakyat

* Malaysian Communications and Multimedia Commission (MCMC) will provide RM1 billion to ensure the coverage and quality of broadband nationwide reaches up to 20 megabytes per second.* From January 2017, fixed line broadband service providers will offer services at a higher speed for the same price.

* A subscriber of 5 mbs per second package at RM149 will enjoy a package with twice the speed, which is 10 megabytes per second. Within the next two years, for this package, the speed will be doubled with the reduction in prices by 50%.


BR1M, subsidies

* BR1M’s assistance for 2017. Households with monthly income below RM3,000, raised to RM1,200

* For households earning RM3,000-RM4,000, the BR1M allocation increased from RM800 to RM900

* Government will provide nearly RM10b for fuel subsidies including cooking gas, toll charges, public transport

* For the purchase of reading materials, PCs, sports equipment be combined as lifestyle tax relief up to RM2,500 from 2017

Affordable housing for first time buyers

*Govt vacant lands at strategic locations will be given to GLCs and PR1MA to build 30,000 houses. The selling price RM150,000 to RM300,000.

*Govt to build 10,000 houses in urban areas for rental to eligible youths with permanent job, Rental up to 5yrs, below than market rate

* Rakyat-Centric projects will be continued through Private Finance Initiative with allocation of RM10b

Empowering taxi drivers, Uber

* Taxi drivers to get Govt grant of RM5,000 to buy new vehicles, individual taxi permits, RM60m allocation

* For ride-sharing drivers who don't own car, down payment can be made using BR1M, rebate RM4,000 to buy Proton Iriz*

Private retirement schemes

* Effective 2017, the Government proposes to introduce a one-off increase of the existing RM500 incentive to RM1,000 to PRS contributors. Minimum accumulated investment of RM1,000 during the otwo years. For this, an allocation of RM165mil will be provided.

* RM400 million will be allocated, among others for clean air and ecotourism initiatives.

Link : http://www.thestar.com.my/business/business-news/2016/10/21/some-of-the-highlights-of-2017-budget/

Hellooo Hellooo anybody home?

Yup, I think the good thing about telegram is the channel, can read and compare with those from stock broking houses which I dapat everyday in my email....hmmm

Ma
Mark hardly have time for anything. Telegram aso read only if don't paticipate/chat ada members don't like, if participate no one answered. Lol.

The group nope. The channel yup. :)

Hi all

Best wishes for the holidays and happiness throughout the New Year. :)

True, true, all the best!

GTG

Not really, I baca only, I tak participate, been super busy with other things..hmmm Market everywhere red red :(

Hi all. :)

LOL i wonder too why TH keep on buying notion, so now under the radar. Not so good news for fan of tycoon Tan Sri Khoo Kay Peng

https://superawesomedeals.wordpress.com/2016/01/08/london-court-grants-malaysian-beauty-queen-divorce-from-tycoon/

rikki, you too in TJ telegram group ka?

YS, that's so funny!!! LOL

Nope. Once in the blue moon masuk. My dealer friend aso my FB friend, but never cakap about stocks there, anything email or whatsapp...hmmm

YS one of my FB friend aso anak buka acc, so everytime birthday, happy birthday to his son instead of him LOL

University ....

If CT there aso I dunno LOL

Tony! :)

rikki, TJ also ada telegram group ka? The group am in ada Tony, SW, Chrissy, Nancy, Hepi, the rest I tak tau, perhaps pakai different ID. Ho.T that day I cari you, cos ada orang nak back door listing, now that group also cabut...hmmm

Hit, how's business cucuk tanam? LOL

YS, true true...hmmm

Thanks duit and rikki. Rikki, Hot. T, any news?

duit dunno most of them, 200 members I think I only kenal like 5% LOL

ys, yup :)