Mon. Jun 17th, 2024

Hibiscus Petroleum Makes Second Oil Discovery from Bunga Aster Exploration Well Offshore Malaysia, Vietnam

Hibiscus Petroleum Berhad’s subsidiary Hibiscus Oil & Gas Malaysia Limited (“HML”) has successfully completed the drilling of the Bunga Aster-1 exploration well. The Bunga Aster-1 well encountered approximately 17.5 m of oil-bearing sandstone with up to 46 m of potential oil column. Multiple oil samples were collected during the logging campaign. Initial assessments indicate good reservoir characteristics.

This marks the company’s second significant oil discovery within a 12-month period, following the discovery of Bunga Lavatera in 2023. According to sources, drilling took place with PV Drilling’s PV Drilling III jack-up rig.

The decision to drill the Bunga Aster-1 exploration well from the existing Bunga Orkid-D platform has successfully enabled quick monetization of this discovery, the company reported. First oil production is expected to begin in May 2024.

Hibiscus is the operator of the PM3 Commercial Arrangement Area Production Sharing Contract (“PM3 CAA PSC”). PM3 CAA is in the “Commercial Arrangement Area between Malaysia and Vietnam,” according to Hibiscus, in 56 m water depth. The assets operate on fixed platforms with gas pipelines to Peninsular Malaysia and Vietnam, oil export via FSO Orkid and FSO PM3 CAA.

HML is proceeding with a “thorough” evaluation and appraisal of the oil discovery to further define the size and commerciality. The Bunga Aster discovery will add additional reserves and oil production to the PM3 CAA PSC, thereby extending the economic life of the PSC.

Hibiscus plans to continue exploring other near-field prospects in the PM3 CAA PSC in the next three years.

Hibiscus Petroleum Berhad (Hibiscus Petroleum) is Malaysia’s first listed independent oil and gas exploration and production company. Its key activities are focused on monetizing its oil-producing fields and growing its portfolio of development and production assets in areas of its geographical focus: Malaysia, United Kingdom and Vietnam.

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