Bunga Lavatera

Location

The Bunga Lavatera discovery is located in the PM3 CAA PSC, an area where Malaysia and Vietnam have overlapping claims, in the offshore region of Peninsular Malaysia.

Discovery and Drilling

• The Bunga Lavatera-1 exploration well was drilled using the PV Drilling III jack-up rig from the Bunga Pakma A platform.
• The well reached a total depth (TD) of 6,000 meters in mid-April 2023.

Reservoir and Hydrocarbons

• The well discovered gas in both the primary and secondary target sands, indicating the presence of hydrocarbons.
• Although the reserves proven by Bunga Lavatera-1 are described as relatively modest, the discovery has enhanced the company's understanding of the geology in the PSC.

Production and Development

• The well has been completed as a gas producer.
• Initial production was anticipated to start during the third quarter of 2023, following the hookup of required topside facilities.

Significance

• The Bunga Lavatera discovery is the first of two significant discoveries made by Hibiscus Petroleum within a 12-month period, the second being the Bunga Aster discovery in 2024.
• This discovery contributes to the overall reserves and production capacity of the PM3 CAA PSC, helping to extend the economic life of the production sharing contract.

Partners and Stakeholders

• Hibiscus Petroleum Berhad is the operator of the PM3 CAA PSC with a 35% stake through its subsidiary, Hibiscus Oil & Gas Malaysia Ltd.
• Other partners include Petronas Carigali Sdn. Bhd. (a subsidiary of Malaysia’s state-owned Petronas) and Vietnam’s state-owned PetroVietnam Exploration Production Corp. Ltd..

Future Plans

• Following the success of Bunga Lavatera, Hibiscus Petroleum plans to continue exploring other near-field prospects in the PM3 CAA PSC over the next three years, in collaboration with various stakeholders and under the stewardship of Malaysia Petroleum Management and PETRONAS.