Hibiscus Petroleum makes exploration discovery offshore Malaysia

Hibiscus Oil & Gas Malaysia Limited (HML), a subsidiary of Hibiscus Petroleum, successfully completed the drilling of the Bunga Aster-1 exploration well offshore Malaysia. The 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 second significant discovery within 12 months, following the discovery of Bunga Lavatera in 2023.

First oil production is expected to commence in May 2024. In light of this positive result, HML will progress with a thorough evaluation and appraisal of the discovery to further define the size of the discovery.