Hibiscus said it "expects high-quality acquisition opportunities will be emanating in south-east Asia as the fields in the area mature and established players look to review their portfolios".
"By 2021, existing assets are expected to deliver 12,000 barrels of net oil per day. We will close the gap with an acquisition. We will be extremely selective and will only invest in assets that we believe will generate strong positive cashflows," Hibiscus managing director Ken Pereira said.
"Hibiscus believes it is in a strong position for growth as it continues to build its technical capability and track record as a capable operator, having received awards and recognition from industry bodies and regulators for operational and safety performances.
"In addition, its aggressive production enhancement programme in 2019 to drill nine wells in Malaysia and the United Kingdom combined, demonstrates Hibiscus' commitment towards growing its business in these areas," Hibiscus said.
From the newly drilled wells, Hibiscus is targeting to deliver 3.3 to 3.5 million barrels of oil in financial year 2020, which is up to 16% higher than the actual oil delivered in financial year 2019.
"With the current and future enhancement projects across both North Sabah and Anasuria assets, together with potential production from new acquisitions, Hibiscus aims to achieve its 2021 Mission of 20,000 barrels of oil production per day," Hibiscus said.