Hibiscus taps former Petronas VP for exploration as board member

By AZALEA AZUAR

OIL and gas (O&G) exploration veteran Emeliana Dallan Rice-Oxley has joined Hibiscus Petroleum Bhd as an independent and non-ED, effective today.

The former Petronas VP for exploration (upstream) brings to the board more than 30 years of industry experience, the company said in an exchange filing yesterday.

She has led Petronas’ international exploration growth strategy with key entries into selective, prolific basins in the Americas and West Africa as well as the national oil company’s strategy to accelerate monetisation of the gas-rich resources in East Malaysia, the filing added.

Rice-Oxley served Shell Oil Co for more than 26 years before joining Petronas in 2012 as the SGM/VP exploration for Malaysia, according to her LinkedIn profile.

She currently sits on the business advisory board of Heriot-Watt University Malaysia and is an advisory board member for the Women’s Global Leadership Conference, Houston.

She graduated with a B.Sc in Geology from the University of South Carolina and holds a professional certification in decision quality and risk management from Stanford University, California.

In the same statement, Hibiscus Petroleum said it has recommended a final single-tier dividend of 1.0 sen per ordinary share for the financial year ended June 30, 2022. It has also declared an interim dividend of 1.0 sen per ordinary share which was paid on July 22.

Hibiscus Petroleum also updated investors on the Sabah state sales tax (SbST) and its tax settlement with the Inland Revenue Board on ongoing tax disputes connected to the production sharing contract known as PM3 CAA PSC

It said the Sabah state government had imposed state sales tax on petroleum products sold by SEA Hibiscus Sdn Bhd and Hibiscus Oil & Gas Malaysia Ltd (previously known as Repsol Oil & Gas Malaysia Ltd) under the North Sabah PSC and the 2012 Kinabalu Oil PSC, respectively.

On advice of their external legal advisors, it said SEA Hibiscus and Hibiscus Oil & Gas had taken issue with the SbST imposition.

“That notwithstanding, in order to create a stable environment for continuing investment and smooth operations in Sabah, SEA Hibiscus and Hibiscus Oil & Gas on 21 September 2022 proposed, without prejudice to their respective rights as applicable, to pay the claims imposed by the Sabah State Government on revenues for the sale of crude oil under the North Sabah PSC and the Kinabalu PSC respectively,” it said.

Consequently, it said the group has made the appropriate accruals for all liabilities related to this matter in FY2022 amounting to RM85.7 million, which has been accepted by the Sabah state government on Sept 27.

On the IRBM tax matter, Hibiscus Petroleum said a consent order recording the settlement is expected to be presented to the Court of Appeal at its scheduled hearing today.

Following this latest development, it said the provisions for the additional taxes and penalties made by Repsol prior to completion date were updated and the resulting gain recorded by the group upon the reversal of the earlier provisions to the group’s profit or loss statement for FY22 amounted to RM125.5 million.