KUALA LUMPUR: Shares of Hibiscus Petroleum fell to a low of 29 sen on Tuesday as traders sold the stock despite news about its recent Sea Lion-1 exploration well.
At 11.38am, shares of the oil and gas production and exploration company was down 22.5 sen to 29 sen. It was very actively traded with 135 million shares done.
The FBM KLCI was up 5.97 points or 0.36% to 1,670.04. Turnover was 1.359 billion shares valued at RM738.65 million. There were 423 gainers, 315 losers and 317 counters unchanged.
However, investors seemed unsure about the prospects due to the slide in crude oil prices and believed there should be a consolidation in the industry.
On Oct 27, it was reported its unit Carnavon Hibiscus Pty Ltd, has begun drilling operations at its Sea Lion-1 exploration well.
In a filing with Bursa Malaysia, the company said the West Telestro drilling rig was assigned to Carnarvon Hibiscus on October 20 and had arrived at the Sea Lion site two days later after a 196-mile tow from its original location.
“Following an incident-free onsite preparation, the Sea Lion well was successfully spud at 9:45am (KL time) on Oct 26,” the company said.
The planned total depth of the Sea Lion well was 1,800 metres and the exploration programme was expected to take up to 30 days.
The Sea Lion prospect was located offshore northwest of the Gippsland Basin (permit VIC/P57) where Carnarvon Hibiscus held a 75.1% interest, and was approximately 6 km from the West Seahorse field (permit VIC/L31), where Carnarvon Hibiscus holds a 100% interest.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
