Hibiscus Petroleum Bhd: Riding on higher crude oil prices
Technical View
(i) HIBISCS (S: RM0.625, R: RM0.68-0.705, LT TP: RM0.73, CL: RM0.62)
Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia.
• Proposed acquisition of Repsol Exploración SA assets which has approximately 2.0% of global net crude oil output for USD212.5m cash will HIBISCS double daily production to 18,500 bdp.
• Riding on recovery in crude oil prices amid improved demand, supply disruptions and escalating geopolitical tension in the Middle East.
• Technically, price has formed a flag-formation breakout above RM0.655 level, targeting the next resistances at RM0.68-0.705 with long term target set at RM0.73.
Source: Bloomberg, M+ Online
Technical View
(i) HIBISCS (S: RM0.625, R: RM0.68-0.705, LT TP: RM0.73, CL: RM0.62)
Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia.
• Proposed acquisition of Repsol Exploración SA assets which has approximately 2.0% of global net crude oil output for USD212.5m cash will HIBISCS double daily production to 18,500 bdp.
• Riding on recovery in crude oil prices amid improved demand, supply disruptions and escalating geopolitical tension in the Middle East.
• Technically, price has formed a flag-formation breakout above RM0.655 level, targeting the next resistances at RM0.68-0.705 with long term target set at RM0.73.
Source: Bloomberg, M+ Online