By TMR

Hibiscus Petroleum Bhd said the gross proved plus probable reserves and the gross contingent resources of oil in the North Sabah fields were estimated to be 55.3 million stock tank barrels (MMstb) and 85.7 MMstb respectively.

The gross proved plus probable reserves and the gross contingent resources as of Jan 1, 2016, were at 62 MMstb and 79 MMstb respectively.

The revised figures were provided by RISC Advisory Pte Ltd, which was contracted to undertake an independent audit and provide an assessment of the reserves and contingent resources within the Barton, St Joseph, South Furious and SF 30 oil fields in the North Sabah production sharing contract (PSC), off Sabah.

Hibiscus holds a 50% participating interests in the North Sabah PSC and is the operator of the block.

Petronas Carigali Sdn Bhd holds the remaining participating interest PSC.