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BERNAMA - HIBISCUS PETROLEUM 2Q NET PROFIT JUMPS TO RM102.34 MLN bernama.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bernama.com Daily Mail and Mail on Sunday newspapers.
Hibiscus targeting material prospects offshore Malaysia upstreamonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from upstreamonline.com Daily Mail and Mail on Sunday newspapers.
Hibiscus Petroleum (Hibiscus) which was initially against paying the 5 per cent Sabah Sales Tax (SST) on petroleum products has decided to pay the RM85.7m owed to the Sabah Government. It is understood that it was to create a stable environment for continuing investment and smooth operations in Sabah. It removes the lingering uncertainty in its Sabah operations that could affect its operational efficiency. The Group is expected to pay the SST annually, an estimated RM44.8m per year assuming crude oil sales of around 2.1 mbbls from North Sabah and 700 mbbls from Kinabalu field ....
KUALA LUMPUR (Oct 5): Hibiscus, which had previously questioned the imposition of state sales tax (SST) on its two units operating in Sabah, has proceeded to pay the tax amounting to RM85.7 million. The SST was imposed on revenues from petroleum products sold by SEA Hibiscus Sdn Bhd under the North Sabah production sharing contract (PSC) and Hibiscus Oil & Gas Malaysia Ltd (previously known as Repsol Oil & Gas Malaysia Ltd) under the 2012 Kinabalu Oil PSC. ....
HIBISCUS Petroleum Bhd is clearly riding nicely on the upcycle of oil prices. On Thursday it posted a second-quarter profit that beat analysts’ expectations. And as Maybank Investment Bank (Maybank IB) Research points out, the profits have yet to take into account earnings from the recently completed acquisition of assets from Spain’s Repsol. ....