Hibiscus Petroleum has discovered significant oil in the PM3 Commercial Arrangement Area Production Sharing Contract (PM3 CAA PSC) offshore Peninsular Malaysia.
This marks Hibiscus' second consecutive exploration discovery within 12 months, following the discovery of Bunga Lavatera last year.
After completing the drilling of the Bunga Aster-1 exploration well, the company announced that the well encountered about 17.5 metres of oil-bearing sandstone with up to 46 metres of potential oil column. Multiple oil samples were collected during the logging campaign.
According to Hibiscus, the first oil production is expected to commence next month.
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The oil and gas explorer said it will progress with a thorough evaluation and appraisal of the discovery to define its size further.
The company also plans to explore other near-field prospects in the PM3 CAA PSC in the next three years under the stewardship of Malaysia Petroleum Management, Petroliam Nasional Berhad (PETRONAS).
Hibiscus is Malaysia's first listed independent oil and gas exploration company.
During October and December 2023, the company's average net quarterly production hit 22,191 barrels of oil equivalent per day (boepd) - the first time its quarterly production exceeded 22,000 boepd.
