Hong Leong Investment Bank (HLIB) Research stated that with net incremental barrels coming from the recently drilled Bunga Aster-1 under PM3 CAA by May 2024 as well as Teal West and South Furious 30 by the end of 2024, the Hibiscus production rate will grow to 27–28 kbpd by 2025.

"To supercharge its production rate towards its ambition, we understand that Hibiscus is on the lookout for brownfield acquisitions.

"Although the mode of funding is still uncertain at this juncture, management guided that the hurdle rate would be 15 per cent and a payback period of less than four to five years," it said in a note.

The firm maintained "buy" on the stock with a target price of RM3.20.