HIBISCUS Petroleum Bhd announced the successful drilling of the Bunga Aster-1 exploration well in the PM3 commercial arrangement area production sharing contract (PM3 CAA PSC).

Operated by its wholly-owned subsidiary, Hibiscus Oil & Gas Malaysia Limited (HML), the drilling operation encountered approximately 17.5 meters of oil-bearing sandstone, indicating the presence of substantial hydrocarbon reserves.

Furthermore, it added, there is potential for up to 46 meters of oil column, suggesting promising prospects for future extraction.

This accomplishment is particularly noteworthy as it follows closely on the heels of another successful discovery, Bunga Lavatera, made in 2023.

“The decision to drill the well from the existing Bunga Orkid-D platform has successfully enabled quick monetisation of this discovery. First oil production is expected to commence in May 2024,” it said.

Looking ahead, Hibiscus Petroleum remains focused on maximising the potential of the Bunga Aster discovery.

Plans are underway for a comprehensive evaluation and appraisal process to accurately determine the size and scope of the reservoir.

Hibiscus Petroleum said this newfound resource is expected to contribute significantly to the reserves and overall oil production of the PM3 CAA PSC, extending its economic viability and ensuring long-term sustainability.

Moreover, the company is committed to ongoing exploration efforts in the region, with a keen eye on other near-field prospects within the PM3 CAA PSC.

Collaborating closely with various stakeholders, including Malaysia Petroleum Management and Petroliam Nasional Bhd (Petronas), Hibiscus Petroleum aims to leverage its expertise and resources to unlock further potential and drive continued growth in the sector. — TMR