Sea Hibiscus appoints risc to undertake audit on North Sabah Psc
Published on: Thursday, January 17, 2019
By: Bernama
KUALA LUMPUR: Hibiscus Petroleum Bhd’s wholly-owned unit, SEA Hibiscus Sdn Bhd, had in November 2018 appointed RISC Advisory Pty Ltd to undertake an independent audit and provide an assessment of reserves and contingent resources within the Barton, St Joseph, South Furious and SF 30 oil fields in the North Sabah PSC, offshore Sabah.
SEA Hibiscus holds 50 per cent participating interests in the North Sabah PSC and is the operator of the North Sabah Fields while Petronas Carigali Sdn Bhd holds the remaining participating interests in the North Sabah PSC.
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In a filing to Bursa Malaysia on Wednesday, the company said the basis of assessment undertaken by RISC comprises, amongst others, reviewing the internal interpretation and resource evaluation assumptions and annual Review of petroleum resources.
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