currently, Hibiscus $/boe is at $20 in avg from both it's Anasuria and North Sabah assets. if the oil price goes higher next year, it will improve it's margins significantly. and increase capex to achieve the 2021 target. the bpd has grown from 3.5k in 2015 to 8.4k last year vs target of 20k; which means new assets is required. the oil reserves is progressing really well > 100 mmbl; as of 2019 2P reserve is 50 mmbl and 2C reserve is 71 mmbl. Just my opinions, could be wrong. hope it helps.

closer to hibiscus, the company has been really diligent in keeping it's balance sheet healthy and not using debt to finance explorations but rather equity funding. the surplus cash can be used to acquire new assets instead of traditional explorations. the company has set a target of producing 20k barrels of oil per day (bpd) and 100M barrels (mmbl) of proven and probable oil reserves by 2021. That's not an easy task as it's capital intensive to achieve it. Hence, imo - div can wait first.

imo - this is how it works. oil price up, upstream o&g capex goes up as it's profitable to explore and drill more, good selling price, improves cash flow, and production growth. the opposite happens if oil price goes down. Profit margins depends on the difference between the selling of oil price per barrel versus the $/barrels of oil equivalent (boe). Hence, the impact to profitability and hence improving share price is not immediate. if it is immediate, it's speculative in nature.

tzyh cheng, thanks for the sharing. the oil cut is an extension to it's existing cut that originally should last until Mar and now possible extending to year end by additional 500k barrels per day. while the opec and opec+ has agreed to do so, there is the U.S. shale oil the new largest oil producer, Brazil and Norway still. trade war impact means potential slowing economy and leads to lower demand for oil.

wow, David. 200 lots starting position. that entry price of yours is close to the price of equity funding carried out back in 2015. new shares issued at the price of 67 cents, 85 cents and 88 cents.

hengyuan is mainly refinery and pretty much depends on it's capability to refine diff grades of crude via diff processes such as cracking, reforming, additives and blending. distribution terminals for dispensing product to bulk customers.

Lol, David. slow and steady is better. personally, it will be interesting to watch it's development next year as recurring income from it's water concession business in Vietnam is expected to start coming in then.

what do you think, Chew Chin? will be good to exchange opinions and not sure whether there will be sifu willing to share here for learning purposes.

Lol, alan pan. give you a like for the comment shhh... diam diam. ghlsys has the market reach - malaysia, thailand, Philippines, Australia, and Cambodia + Indonesia. anymore? :)

congrats, Jason. it's your own plan and decision that led to the gains. Keep it up! Thanks to the mgmt of D&O too.