KUALA LUMPUR (July 6): Hibiscus Petroleum Bhd (KL:HIBISCS) announced that it has achieved first oil at its 100%-owned Teal West field in the UK’s North Sea.

The field achieved an initial daily output of about 6,000 barrels, within the expected start-up range of 4,000 to 10,000 barrels, Hibiscus said in an exchange filing on Monday, noting that the rate is expected to increase progressively once operating conditions stabilises after well optimisation.

Teal West is expected to contribute additional volumes to its UK business segment as well as support the North Sea Transition Authority's objective of maximising economic recovery from the UK Continental Shelf, the company said.

Hibiscus swung to a net profit of RM80.11 million for the third quarter ended March 31, 2026 (3QFY2026) in the absence of one-off, non-cash deferred tax charge of RM167.3 million tied to the UK Energy Profits Levy recognised in the corresponding quarter last year.

Revenue, nevertheless, fell by 9.6% year-on-year to RM517.76 million due to weaker commodity prices and lower offtake volumes across its Malaysian assets.

Hibiscus shares closed one sen or 0.54% higher at RM1.85 on Monday, giving the company a market capitalisation of RM1.36 billion. The stock has gained 23% so far this year.