Hibiscus further suspended on material announcement
BY WONG WEI-SHEN
KUALA LUMPUR: Hibiscus Petroleum Bhd has requested for a further suspension of trading in its shares effective 9am today, pending the release of a material announcement on a proposed acquisition.
“This proposed acquisition is not related to the well status update released this morning,” the company said in its filing with Bursa Malaysia on Monday morning.
Bursa approved the application and trading in Hibiscus shares will continue to be suspended from 9am to 5pm today.
Its shares have been suspended since Nov 5 pending the release of an announcement.
In a separate announcement, Hibiscus provided an update on its Sea Lion-1 exploration well.
Its unit Carnarvon Hibiscus Pty Ltd (CHPL) said the 30-day drilling program is progressing safely and has now reached the total planned depth of the well as of today.
“All target formations have been reached. From data obtained through real time logging while drilling through the target formations, some zones of technical interests were identified and CHPL as operator of the VIC P57 block, will now commence limited formation evaluation tests on these zones,” it said.
On Oct 20, 2015 CHPL accepted the West Telesto drilling rig and commenced operations on Oct 26.
The formulation evaluation testing will be performed by open-hole wireline logs. It said the tests are important as it will be used to assess the presence or absence of moveable hydrocarbons.
“Testing will begin immediately and results from these tests are expected by end of this week,” it said.
The results of these tests are required to determine whether the zones of technical interest have sufficient accumulation of hydrocarbons to be of commercial significance, HIbiscus said.
The Sea Lion prospect is located offshore northwest of the Gippsland Basin (permit VIC/P57) where CHPL holds a 75.1% interest and is approximately 6 km from the West Seahorse field (permit VIC/L31) where CHPL holds a 100% interest.