Malaysia-listed independent Hibiscus Petroleum has made its second consecutive discovery on the Block PM3 CAA production sharing contract in Vietnam. Hibiscus Petroleum Berhad has announced that its wholly-owned subsidiary, Hibiscus Oil & Gas Malaysia, is the operator of the PM3 commercial discovery area. The Bunga Aster-1 well, located offshore Malaysia and Vietnam, encountered approximately 17.5 meters of oil-bearing sandstone with up to 46 meters of potential oil column. Hibiscus Petroleum Bhd has completed drilling the Bunga Aster-1 exploration well and is expecting its first oil production to start next month. This new oil discovery is significant for the petroleum industry and highlights the success of geographical exploration efforts in the region.

Hibiscus Petroleum’s Success in Block PM3 CAA Contract

Hibiscus Petroleum Berhad’s subsidiary, Hibiscus Oil & Gas Malaysia, has achieved another breakthrough in the petroleum industry with its second consecutive discovery on the Block PM3 CAA production sharing contract. The exploration well, Bunga Aster-1, located offshore Malaysia and Vietnam, has yielded promising results. It encountered approximately 17.5 meters of oil-bearing sandstone, with a potential oil column of up to 46 meters. This accomplishment showcases the success of geographical exploration efforts in the region and highlights the potential for further oil discoveries.

The PM3 commercial discovery area, operated by Hibiscus Oil & Gas Malaysia, has been a focal point for the company’s exploration activities. The successful drilling of the Bunga Aster-1 well has further solidified the company’s position in the petroleum industry. With this new oil discovery, Hibiscus Petroleum Bhd is expected to commence oil production from the Bunga Aster-1 well next month. This marks a significant milestone for the company as it moves towards revenue generation from its exploration efforts.

Key Points:

Hibiscus Petroleum has made its second consecutive discovery on the Block PM3 CAA production sharing contract.

The Bunga Aster-1 well encountered approximately 17.5 meters of oil-bearing sandstone.

The potential oil column at the Bunga Aster-1 well is estimated to be up to 46 meters.

Hibiscus Oil & Gas Malaysia is expecting its first oil production to begin next month.

The success of this exploration well highlights the potential for further oil discoveries in the region.

Citation: “Hibiscus strikes oil with PM3 CAA wildcat.” Upstream Online, 26 April 2022.