Earlier when they failed to acquired the Hydra Energy counter did not go into suspension. So this time it could be significant milestones they achieved to get the approval from Petronas North Sabah or development on the ligitation claims on Lime Petroleum. Looks like North Sabah deal as the targeted timing seems match what they reported earlier. Let's see what they announce soon

Can't blame most investor. As not all are accountant to understand the underlying meaning of the report. But if you read all the news around, the headline for Hibiscus is , "Profit drop by 92%"...it create negative environment for this counter. If you ask me, RM 6 mil nett profit does sound disappointing, as most are expecting more. Again this is due to downtime (utilizations rates of 70%++) compare to last Q. This is partly offset by higher oil price. And there are others unforseen cost reported like high tax of RM 10 mil, admins cost .... all that reduce Hibiscus profitability. In long run Hibiscus need to get more of production facilities to leverage those S&A cost, else it will not perform well.

Chang, this results is below from your expectation, you happy with the results?

Even below than i estimated earlier of 18-22 mil

QR out , Dnex only made RM 15 mil nett

Hibiscus is oil commodity producer , of course their profit and loss depends on oil price which it's not under their control. What they can control is operating cost which will translate into their bottom line. Looks like today it has strong support ,strong quater is imminent I guess

GM 68, if your assumption is right , example last quarter they make nett profit around RM 10 mil, average at USD 42 per barrel. Assuming prediction remaining the same 3000 barrel per day , in one Q they are producing 270,000 barrel of oil. Increase of 1USD will give them additional profit of USD 270k ( RM 1.16 mil). From USD 42 to average coming quarter the oil price average is around USD 52, that is staggering of USD 10 increase per barrel. Which means this coming quarter results will at least have increase of RM 11.6 mil profit ? Add with base profit of RM 10 mil, perhaps Hibiscus will report around RM 20-22 mil profit ? Anyone agree on this simple calculations?

latest FAQ from hibiscus website

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

What is the expected date for the announcement on the 1/1/2017 to 31/3/2017 Quarterly Results?
Announcement of the quarterly results for the quarter and period ended 31 March 2017 is due not later than 2 months from 31 March 2017. In this case, the announcement will be released by 31 May 2017 the very latest.

19 May 2017

Hengyuan and petronm is different. They are in downstream. In fact if oil down is good for them. Their raw materials is crude oil to refine them into petrol. They are up because for past 2 years oil price is very low and their profit shoot up. Normally downstream business margin is very low. Hibiscus, petronas carigali, crest energy are upsteam business. Means oil price up is good for them.

QR release on 24 may evening. That's what MD said.

@Chang , yes for Dnex business kind of model or project base is very much depends on whether which orders can be convert into sales at certain Q to reflect the profits on that particular Q. But as i said, i assume its equally share with 4Q, that is why it comes to rm 18 mil. Like you said this Q might slightly better and subsequent Q might be lower so at the end depends Dnex able to book new fresh orders to move the revenue and profits up.

Guys, the QR might not as good as we thought. Last year Dnex profit was sore so much due to Ping and one off evaluation gain due to Anusuria acquisition. Someone in AGM asked the MD, this one off gain will not be repeated this year unless they acquire another similar assets which he don't think so. And whatever Anusuria gain is goes to Ping pocket and NOT to Dnex pocket yet. And MD mentioned they are not asking Ping to declare dividend due to more money require to upkeep Anusuria and future exploration work.
The 1 off gain around rm 75 mil, full year profit was rm 133 mil. If 1 off gain not repeated, it will derived to rm 58 mil. MD said confident reach 25% increase in profit - derive to rm 72.5 mil in current FY. So if we assume 4 Q is equally, max coming QR to be reported will be RM 18 mil.

At this price level what is the risk ? Even north Sabah deal is out with just 50% anusuria and improving profitability , 40++ cent is very fair price. I don't see why insider would dump the shares if north Sabah is not successful. But if successful the upside is there and don't forget they have 60 mil cash to look for new acquisition. Well unless oil price sudden drop to below usd 30, else price at current level is very safe.

Malaysia's Hibiscus is starting to bloom
Country's first publicly-listed E&P player making headway in region's oil and gas scene
Russell Searancke
Kuala Lumpur
3 May 2017 13:54 GMT
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Hibiscus Petroleum has a unique status in Malaysia as the country’s first publicly-listed exploration and production company, and is evolving into an ambitious and capable production operator.

Its short history since listing in 2011 as a Special Purpose Acquisition Company (SPAC) has been eventful, and conspicuous by the high number of asset transactions in which Hibiscus has participated.

Some did not work out, such as its proposed acquisitions of Hydra Energy and an interest in the Kitan oilfield, while its foundation project — an exploration venture in the United Arab Emirates and Oman with Lime Petroleum — is under legal dispute.

Hibiscus’ engaging managing director Kenneth Pereira says that given the oversupply of oil affecting global oil prices, Hibiscus’ decision to reduce its investment in exploration based activities seemed justifiable .

Meanwhile, the company was also busy in Australia making development plans for its West Seahorse oil asset.

Then in March last year, it completed its biggest deal yet — the US$52.5 million acquisition of a 50% joint operating interest in the Anasuria Cluster in the UK North Sea which provides net production of about 3500 barrels per day of oil.

It quickly followed up with a US$25 million agreement to buy Shell’s 50% joint operating interest in the North Sabah enhanced oil recovery project off Malaysia which is a mature oil producing asset.

On the map

The Anasuria deal has put Hibiscus on the map and, assuming the completion later this year of the North Sabah deal, the company will be on its way to meeting its mission of producing a net 20,000 bpd of oil by 2021.

The Sabah asset has four producing oilfields — St Joseph, South Furious, SF 30 and Barton — as well as the Labuan oil terminal and offshore infrastructure.

Pereira says North Sabah provides “a great opportunity to improve our operating footprint”.

If the transaction is approved by Petronas, it will represent Hibiscus’ first asset in Malaysia, but hopefully not the last.

“Malaysia is an attractive place to invest,” says Pereira, a co-founder of the company who had spent 20 years working for the Sapura Group. “There are multiple international companies here operating many production sharing contracts, I think that’s for a good reason.

“There are mature fields that present unique opportunities, which may take a different mindset to squeeze out additional barrels.

"We think it’s an exciting time, and the important thing is to remain cost competitive, to be smart and disciplined on keeping operating expenses as low as possible.” He describes Hibiscus — named after the Malaysian national flower — as a small company which is “big on ideas and imagination”.

“Our strategy since listing has been to invest in a balanced portfolio of assets, but it’s fair to say our focus is more on development and producing assets at this time.”

Hibiscus has a mandatory exploration well in Australia in a couple of years, and has infill drilling plans at Anasuria. West Seahorse is on hold for now, which is largely a capital allocation issue, adds Pereira. “First we need to focus on Anasuria (for growth) and hopefully North Sabah because they are already on stream with available capacity within the current infrastructure.”

Pereira has an experienced group of technical experts in his management team including Mark Paton, David Richards, Pascal Hos and Devarajan Indran, while he is also complimentary about his 50:50 Anasuria joint venture partner Ping Petroleum, also headquartered in Malaysia.

“Ping has roots and had connections in the North Sea, the Anasuria opportunity actually came to them, and they were seeking a partner. At that time oil was US$100-plus so we agreed to do it together, and the rest is history.”

As at the end of 2016, Hibiscus had proven and probable oil reserves of 25.7 million barrels from the Anasuria and West Seahorse assets, 60 million ringgit in the bank and zero debt.

was it something wrong with the north sabah acquisition? why it took so long to get Petronas blessing? anyone can share?

As for VEP they are expecting to get awarded for Thai border for both Malaysia and Thai government. Pending for final approval. In fact now they are already appointed as consultant to Thai side to implement vep. There is upside in other Thai border on this business segment.

As for the NSW the contract might get extended again cause it's been extended twice already. So is depends on the readiness of new ucustom. For Ucustom dnex is appointed as 1 of the 2 service provider. And in the new platform dnex confident they can retain most of their existing user or customer due to stickiness for them been using dnex system for such a long time. They don't foresee they are losing much revenue on this during ucustom implementation.

QR will be posted on 24 may evening. That's what MD said. Now it's under audit before release.

Dnex also looking to explore more opportunity for registration and workers permit by riding with bukit megah. In short they soon be compete head to head with myeg

Also MD said acquire Ping is just starting point to become upstream player. They wanted to become oil field operator on its own instead of depends on Ping associate company

About illegal workers registration contract , the system is completed within 2 weeks for bukit megah. And it's start running to generate revenue rm 30 per case. Assuming it's equally share with myeg and another vendor for 600k illegal worker , they are looking to book rm 6 mil

MD also said about the umbrella contract with PCSB. The market is around USD 200-300 mil per annum. And so far only Dnex are only bunk company have such contract and licenses. He is very confident this year he can book min 10% of such drilling contract from Petronas.

MD did said about DTFZ where with what infrastructures and corroboration with Custom, they are poised to benefit with this. Supposing this is to answer how the Alibaba benefiting Dnex

Greatful you always said better counter than dnex. So why bother buy more if goes up. There are better yield counter

Latest foreign buy buying is Amundi & Insiderfonder

http://quotes.wsj.com/MY/DNEX/company-people

You can see which funds own Dnex now, so far Norwegian fund own the most. Maybe they are buying more or others starting buying..

https://www.wsj.com/articles/north-korean-missile-launch-failed-south-korea-says-1492298519?mod=e2fb

Not entirely bad news on this, at least the MD is very very confident in DNEX, even bought the shares at this level. We should see some good news or financial resutls announce soon

Answer is out : Azman bi Karim sold the 130 mil shares to Zainal Abidin

Thinkfirst , how many more dnex mother shares u hold now ?

thinkfirst , how you know the buyer not Malaysian ? It's market rumour ?

More interesting will be who is buying that 130 mil shares. Most likely it was censof selling as reported they need more capital

or you can presss CTL + F2 , D to check DBT

happycool if you using the Excel Force online trading format, you can check this when you click "direct business transaction"

check "direct business transaction" from the tab in the live quote, the transaction was done at 4:15pm , 130 mil shares, at 0.43, total RM 55.9 mil

wondering who is buying this off market 130 mil shares ?

130 mil shares done off market for mother shares at 0.43