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Hibiscs is expected to pay SST to Sabah estimated MYR50mil per year for 2.8mbbls from Sabah.
While Hibiscs is projected to produce 50,000 - 75,000 bpd from existing oilfields around the world.
Average crude oil production is around 20,000bpd
Average Crude oil last quarter around USD85 boe at USD1 = MYR4.40
Estimated crude oil sales is MYR650mil per quarter.
Forecast crude oil sales for FY23 is MYR2.5mil
Estimated crude oil cost of production around USD40boe
SST effect on PAT is negligible.
People seems worried about tax issues of the company, but they kinda forgot last quarter Sabah had only one offtake, this quarter had 2 , moreover, the technical issues which troubling uk oil field (production riser) had been solve last year, according to last qr, which will boost the profit of the company significantly. Sabah authorities are having jurisdiction on production on offshore sabah, 5% , I don’t understand why investors is concerned?
Hibiscs already making MYR1.3bil with 2 more quarters to go....
By the end of FY23, Hibiscs will closing its gap on Digi, TM alike..
Yehaaaaa
Congrats!!
