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Download PDF of this article here: https://docdro.id/6eLgUPo
In light of the recent fall in oil prices due to the Saudi-Russian dispute and dampening demand for oil due to the lockdowns implemented globally, O&G stocks have taken a severe beating, falling approximately 50% from their highs at the beginning of the year. Not spared from this onslaught is Hibiscus Petroleum Berhad (Hibiscus), a listed oil and gas (O&G) exploration and production (E&P) company.
Why invest in O&G stocks in this particularly uncertain period? For one, valuations of these stocks have fallen to multi-year lows, bringing the potential ROI on these stocks to attractive levels. Oil prices are cyclical, and are bound to return to the mean given a sufficiently long time horizon. The trick is to find those companies who can survive through this downturn and emerge into “normal” profitability once oil prices rebound.
In this article, I will explore the upsides and downsides of investing in Hibiscus. I will do my best to cater this report to newcomers to the O&G industry – rather than address exclusively experts and veterans of the O&G sector. As an equity analyst, I aim to provide a view on the company primarily, and will generally refrain from providing macro views on oil or opinions about secular trends of the sector. I hope you enjoy reading it!
Stock code: 5199.KL
Stock name: Hibiscus Petroleum Berhad
Financial information and financial reports: https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5199
Company website: https://www.hibiscuspetroleum.com/
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Company Snapshot

Hibiscus Petroleum Berhad (5199.KL) is an oil and gas (O&G) upstream exploration and production (E&P) company located in Malaysia. As an E&P company, their business can be basically described as:
· looking for oil,
· drawing it out of the ground, and
· selling it on global oil markets.
This means Hibiscus’s profits are particularly exposed to fluctuating oil prices. With oil prices falling to sub-$30 from about $60 at the beginning of the year, Hibiscus’s stock price has also fallen by about 50% YTD – from around RM 1.00 to RM 0.45 (as of 5 April 2020).
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While the company is domiciled in Malaysia, its two main oil producing fields are located in both Malaysia and the UK. The Malaysian oil field is commonly referred to as the North Sabah field, while the UK oil field is commonly referred to as the Anasuria oil field. Hibiscus has licenses to other oil fields in different parts of the world, notably the Marigold/Sunflower oil fields in the UK and the VIC cluster in Australia, but its revenues and profits mainly stem from the former two oil producing fields.
Given that it’s a small player and has only two primary producing oil fields, it’s not surprising that Hibiscus sells its oil to a concentrated pool of customers, with 2 of them representing 80% of its revenues (i.e. Petronas and BP). Fortunately, both these customers are oil supermajors, and are unlikely to default on their obligations despite low oil prices.
At RM 0.45 per share, the market capitalization is RM 714.7m and it has a trailing PE ratio of about 5x. It doesn’t carry any debt, and it hasn’t paid a dividend in its listing history. The MD, Mr. Kenneth Gerard Pereira, owns about 10% of the company’s outstanding shares.
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Reserves (Total recoverable oil) & Production (bbl/day)

To begin analyzing the company, it’s necessary to understand a little of the industry jargon. We’ll start with Reserves and Production.
In general, there are three types of categories for a company’s recoverable oil volumes – Reserves, Contingent Resources and Prospective Resources. Reserves are those oil fields which are “commercial”, which is defined as below:
^{As defined by the SPE PRMS, Reserves are “… quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.” Therefore, Reserves must be discovered (by drilling}, recoverable (with current technology), remaining in the subsurface (at the effective date of the evaluation) and “commercial” based on the development project proposed.)
^{Note that Reserves are associated with development projects. To be considered as “commercial”, there must be a firm intention to proceed with the project in a reasonable time frame (typically 5 years}, and such intention must be based upon all of the following criteria:)
^{- A reasonable assessment of the future economics of the development project meeting defined investment and operating criteria; - A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development; - Evidence that the necessary production and transportation facilities are available or can be made available; and - Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated.}
Contingent Resources and Prospective Resources are further defined as below:
^{- Contingent Resources: potentially recoverable volumes associated with a development plan that targets discovered volumes but is not (yet} commercial (as defined above); and) ^{- Prospective Resources: potentially recoverable volumes associated with a development plan that targets as yet undiscovered volumes.}
In the industry lingo, we generally refer to Reserves as ‘P’ and Contingent Resources as ‘C’. These ‘P’ and ‘C’ resources can be further categorized into 1P/2P/3P resources and 1C/2C/3C resources, each referring to a low/medium/high estimate of the company’s potential recoverable oil volumes:
^{- Low/1C/1P estimate: there should be reasonable certainty that volumes actually recovered will equal or exceed the estimate; - Best/2C/2P estimate: there should be an equal likelihood of the actual volumes of petroleum being larger or smaller than the estimate; and - High/3C/3P estimate: there is a low probability that the estimate will be exceeded.}
Hence in the E&P industry, it is easy to see why most investors and analysts refer to the 2P estimate as the best estimate for a company’s actual recoverable oil volumes. This is because 2P reserves (‘2P’ referring to ‘Proved and Probable’) are a middle estimate of the recoverable oil volumes legally recognized as “commercial”.
However, there’s nothing stopping you from including 2C resources (riskier) or utilizing 1P resources (conservative) as your estimate for total recoverable oil volumes, depending on your risk appetite. In this instance, the company has provided a snapshot of its 2P and 2C resources in its analyst presentation:
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Basically, what the company is saying here is that by 2021, it will have classified as 2P reserves at least 23.7 million bbl from its Anasuria field and 20.5 million bbl from its North Sabah field – for total 2P reserves of 44.2 million bbl (we are ignoring the Australian VIC cluster as it is only estimated to reach first oil by 2022).
Furthermore, the company is stating that they have discovered (but not yet legally classified as “commercial”) a further 71 million bbl of oil from both the Anasuria and North Sabah fields, as well as the Marigold/Sunflower fields. If we include these 2C resources, the total potential recoverable oil volumes could exceed 100 million bbl.
In this report, we shall explore all valuation scenarios giving consideration to both 2P and 2C resources.
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The company further targets a 2021 production rate of 20,000 bbl (LTM: 8,000 bbl), which includes 5,000 bbl from its Anasuria field (LTM: 2,500 bbl) and 7,000 bbl from its North Sabah field (LTM: 5,300 bbl).
This is a substantial increase in forecasted production from both existing and prospective oil fields. If it materializes, annual production rate could be as high as 7,300 mmbbl, and 2021 revenues (given FY20 USD/bbl of $60) could exceed RM 1.5 billion (FY20: RM 988 million).
However, this targeted forecast is quite a stretch from current production levels. Nevertheless, we shall consider all provided information in estimating a valuation for Hibiscus.
To understand Hibiscus’s oil production capacity and forecast its revenues and profits, we need to have a better appreciation of the performance of its two main cash-generating assets – the North Sabah field and the Anasuria field.
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North Sabah oil field
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Hibiscus owns a 50% interest in the North Sabah field together with its partner Petronas, and has production rights over the field up to year 2040. The asset contains 4 oil fields, namely the St Joseph field, South Furious field, SF 30 field and Barton field.
For the sake of brevity, we shall not delve deep into the operational aspects of the fields or the contractual nature of its production sharing contract (PSC). We’ll just focus on the factors which relate to its financial performance. These are:
· Average uptime
· Total oil sold
· Average realized oil price
· Average OPEX per bbl
With regards to average uptime, we can see that the company maintains relative high facility availability, exceeding 90% uptime in all quarters of the LTM with exception of Jul-Sep 2019. The dip in average uptime was due to production enhancement projects and maintenance activities undertaken to improve the production capacity of the St Joseph and SF30 oil fields.
Hence, we can conclude that management has a good handle on operational performance. It also implies that there is little room for further improvement in production resulting from increased uptime.
As North Sabah is under a production sharing contract (PSC), there is a distinction between gross oil production and net oil production. The former relates to total oil drawn out of the ground, whereas the latter refers to Hibiscus’s share of oil production after taxes, royalties and expenses are accounted for. In this case, we want to pay attention to net oil production, not gross.
We can arrive at Hibiscus’s total oil sold for the last twelve months (LTM) by adding up the total oil sold for each of the last 4 quarters. Summing up the figures yields total oil sold for the LTM of approximately 2,075,305 bbl.
Then, we can arrive at an average realized oil price over the LTM by averaging the average realized oil price for the last 4 quarters, giving us an average realized oil price over the LTM of USD 68.57/bbl. We can do the same for average OPEX per bbl, giving us an average OPEX per bbl over the LTM of USD 13.23/bbl.
Thus, we can sum up the above financial performance of the North Sabah field with the following figures:
· Total oil sold: 2,075,305 bbl
· Average realized oil price: USD 68.57/bbl
· Average OPEX per bbl: USD 13.23/bbl
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Anasuria oil field
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Doing the same exercise as above for the Anasuria field, we arrive at the following financial performance for the Anasuria field:
· Total oil sold: 1,073,304 bbl
· Average realized oil price: USD 63.57/bbl
· Average OPEX per bbl: USD 23.22/bbl
As gas production is relatively immaterial, and to be conservative, we shall only consider the crude oil production from the Anasuria field in forecasting revenues.
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Valuation (Method 1)

Putting the figures from both oil fields together, we get the following data:
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Given that we have determined LTM EBITDA of RM 632m, the next step would be to subtract ITDA (interest, tax, depreciation & amortization) from it to obtain estimated LTM Net Profit. Using FY2020’s ITDA of approximately RM 318m as a guideline, we arrive at an estimated LTM Net Profit of RM 314m (FY20: 230m). Given the current market capitalization of RM 714.7m, this implies a trailing LTM PE of 2.3x.
Performing a sensitivity analysis given different oil prices, we arrive at the following net profit table for the company under different oil price scenarios, assuming oil production rate and ITDA remain constant:
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From the above exercise, it becomes apparent that Hibiscus has a breakeven oil price of about USD 41.8863/bbl, and has a lot of operating leverage given the exponential rate of increase in its Net Profit with each consequent increase in oil prices.
Considering that the oil production rate (EBITDA) is likely to increase faster than ITDA’s proportion to revenues (fixed costs), at an implied PE of 4.33x, it seems likely that an investment in Hibiscus will be profitable over the next 10 years (with the assumption that oil prices will revert to the mean in the long-term).
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Valuation (Method 2)

Of course, there are a lot of assumptions behind the above method of valuation. Hence, it would be prudent to perform multiple methods of valuation and compare the figures to one another.
As opposed to the profit/loss assessment in Valuation (Method 1), another way of performing a valuation would be to estimate its balance sheet value, i.e. total revenues from 2P Reserves, and assign a reasonable margin to it.
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From the above, we understand that Hibiscus’s 2P reserves from the North Sabah and Anasuria fields alone are approximately 44.2 mmbbl (we ignore contribution from Australia’s VIC cluster as it hasn’t been developed yet).
Doing a similar sensitivity analysis of different oil prices as above, we arrive at the following estimated total revenues and accumulated net profit:
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Let’s assume that the above average of RM 9.68 billion in total realizable revenues from current 2P reserves holds true. If we assign a conservative Net Profit margin of 15% (FY20: 23%; past 5 years average: 16%), we arrive at estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion. Given the current market capitalization of RM 714 million, we might be able to say that the equity is worth about twice the current share price.
However, it is understandable that some readers might feel that the figures used in the above estimate (e.g. net profit margin of 15%) were randomly plucked from the sky. So how do we reconcile them with figures from the financial statements? Fortunately, there appears to be a way to do just that.
Intangible Assets
I refer you to a figure in the financial statements which provides a shortcut to the valuation of 2P Reserves. This is the carrying value of Intangible Assets on the Balance Sheet.
As of 2QFY21, that amount was RM 1,468,860,000 (i.e. RM 1.468 billion).
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Quite coincidentally, one might observe that this figure is dangerously close to the estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion we calculated earlier. But why would this amount matter at all?
To answer that, I refer you to the notes of the Annual Report FY20 (AR20). On page 148 of the AR20, we find the following two paragraphs:
^{E&E assets comprise of rights and concession and conventional studies. Following the acquisition of a concession right to explore a licensed area, the costs incurred such as geological and geophysical surveys, drilling, commercial appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as conventional studies, presented as intangible assets.
E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its recoverable amount. The Group will allocate E&E assets to cash generating unit (“CGU”}s or groups of CGUs for the purpose of assessing such assets for impairment. Each CGU or group of units to which an E&E asset is allocated will not be larger than an operating segment as disclosed in Note 39 to the financial statements.)
Hence, we can determine that firstly, the intangible asset value represents capitalized costs of acquisition of the oil fields, including technical exploration costs and costs of acquiring the relevant licenses. Secondly, an impairment review will be carried out when “the carrying amount of an E&E asset may exceed its recoverable amount”, with E&E assets being allocated to “cash generating units” (CGU) for the purposes of assessment.
On page 169 of the AR20, we find the following:
^{Carrying amounts of the Group’s intangible assets, oil and gas assets and FPSO are reviewed for possible impairment annually including any indicators of impairment. For the purpose of assessing impairment, assets are grouped at the lowest level CGUs for which there is a separately identifiable cash flow available. These CGUs are based on operating areas, represented by the 2011 North Sabah EOR PSC (“North Sabah”}, the Anasuria Cluster, the Marigold and Sunflower fields, the VIC/P57 exploration permit (“VIC/P57”) and the VIC/L31 production license (“VIC/L31”).)
So apparently, the CGUs that have been assigned refer to the respective oil producing fields, two of which include the North Sabah field and the Anasuria field. In order to perform the impairment review, estimates of future cash flow will be made by management to assess the “recoverable amount” (as described above), subject to assumptions and an appropriate discount rate.
Hence, what we can gather up to now is that management will estimate future recoverable cash flows from a CGU (i.e. the North Sabah and Anasuria oil fields), compare that to their carrying value, and perform an impairment if their future recoverable cash flows are less than their carrying value. In other words, if estimated accumulated profits from the North Sabah and Anasuria oil fields are less than their carrying value, an impairment is required.
So where do we find the carrying values for the North Sabah and Anasuria oil fields? Further down on page 184 in the AR20, we see the following:
^{Included in rights and concession are the carrying amounts of producing field licenses in the Anasuria Cluster amounting to RM668,211,518 (2018: RM687,664,530}, producing field licenses in North Sabah amounting to RM471,031,008 (2018: RM414,333,116))
Hence, we can determine that the carrying values for the North Sabah and Anasuria oil fields are RM 471m and RM 668m respectively. But where do we find the future recoverable cash flows of the fields as estimated by management, and what are the assumptions used in that calculation?
Fortunately, we find just that on page 185:
^{17 INTANGIBLE ASSETS (CONTINUED})
^(a Anasuria Cluster)
^{The Directors have concluded that there is no impairment indicator for Anasuria Cluster during the current financial year. In the previous financial year, due to uncertainties in crude oil prices, the Group has assessed the recoverable amount of the intangible assets, oil and gas assets and FPSO relating to the Anasuria Cluster. The recoverable amount is determined using the FVLCTS model based on discounted cash flows (“DCF”} derived from the expected cash in/outflow pattern over the production lives.)
^{The key assumptions used to determine the recoverable amount for the Anasuria Cluster were as follows:
(i} Discount rate of 10%;)
⁽ⁱⁱ Future cost inflation factor of 2% per annum;)
⁽ⁱⁱⁱ Oil price forecast based on the oil price forward curve from independent parties; and,)
^(iv Oil production profile based on the assessment by independent oil and gas reserve experts.)
^{Based on the assessments performed, the Directors concluded that the recoverable amount calculated based on the valuation model is higher than the carrying amount.
(b} North Sabah)
^{The acquisition of the North Sabah assets was completed in the previous financial year. Details of the acquisition are as disclosed in Note 15 to the financial statements.
The Directors have concluded that there is no impairment indicator for North Sabah during the current financial year.}
Here, we can see that the recoverable amount of the Anasuria field was estimated based on a DCF of expected future cash flows over the production life of the asset. The key assumptions used by management all seem appropriate, including a discount rate of 10% and oil price and oil production estimates based on independent assessment. From there, management concludes that the recoverable amount of the Anasuria field is higher than its carrying amount (i.e. no impairment required). Likewise, for the North Sabah field.
How do we interpret this? Basically, what management is saying is that given a 10% discount rate and independent oil price and oil production estimates, the accumulated profits (i.e. recoverable amount) from both the North Sabah and the Anasuria fields exceed their carrying amounts of RM 471m and RM 668m respectively.
In other words, according to management’s own estimates, the carrying value of the Intangible Assets of RM 1.468 billion approximates the accumulated Net Profit recoverable from 2P reserves.
To conclude Valuation (Method 2), we arrive at the following:
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	Our estimates	Management estimates
Accumulated Net Profit from 2P Reserves	RM 1.452 billion	RM 1.468 billion

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Financials

By now, we have established the basic economics of Hibiscus’s business, including its revenues (i.e. oil production and oil price scenarios), costs (OPEX, ITDA), profitability (breakeven, future earnings potential) and balance sheet value (2P reserves, valuation). Moving on, we want to gain a deeper understanding of the 3 statements to anticipate any blind spots and risks. We’ll refer to the financial statements of both the FY20 annual report and the 2Q21 quarterly report in this analysis.
For the sake of brevity, I’ll only point out those line items which need extra attention, and skip over the rest. Feel free to go through the financial statements on your own to gain a better familiarity of the business.
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Income Statement
First, we’ll start with the Income Statement on page 135 of the AR20. Revenues are straightforward, as we’ve discussed above. Cost of Sales and Administrative Expenses fall under the jurisdiction of OPEX, which we’ve also seen earlier. Other Expenses are mostly made up of Depreciation & Amortization of RM 115m.
Finance Costs are where things start to get tricky. Why does a company which carries no debt have such huge amounts of finance costs? The reason can be found in Note 8, where it is revealed that the bulk of finance costs relate to the unwinding of discount of provision for decommissioning costs of RM 25m (Note 32).
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This actually refers to the expected future costs of restoring the Anasuria and North Sabah fields to their original condition once the oil reserves have been depleted. Accounting standards require the company to provide for these decommissioning costs as they are estimable and probable. The way the decommissioning costs are accounted for is the same as an amortized loan, where the initial carrying value is recognized as a liability and the discount rate applied is reversed each year as an expense on the Income Statement. However, these expenses are largely non-cash in nature and do not necessitate a cash outflow every year (FY20: RM 69m).
Unwinding of discount on non-current other payables of RM 12m relate to contractual payments to the North Sabah sellers. We will discuss it later.
Taxation is another tricky subject, and is even more significant than Finance Costs at RM 161m. In gist, Hibiscus is subject to the 38% PITA (Petroleum Income Tax Act) under Malaysian jurisdiction, and the 30% Petroleum tax + 10% Supplementary tax under UK jurisdiction. Of the RM 161m, RM 41m of it relates to deferred tax which originates from the difference between tax treatment and accounting treatment on capitalized assets (accelerated depreciation vs straight-line depreciation). Nonetheless, what you should take away from this is that the tax expense is a tangible expense and material to breakeven analysis.
Fortunately, tax is a variable expense, and should not materially impact the cash flow of Hibiscus in today’s low oil price environment.
Note: Cash outflows for Tax Paid in FY20 was RM 97m, substantially below the RM 161m tax expense.
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Balance Sheet
The balance sheet of Hibiscus is unexciting; I’ll just bring your attention to those line items which need additional scrutiny. I’ll use the figures in the latest 2Q21 quarterly report (2Q21) and refer to the notes in AR20 for clarity.
We’ve already discussed Intangible Assets in the section above, so I won’t dwell on it again.
Moving on, the company has Equipment of RM 582m, largely relating to O&G assets (e.g. the Anasuria FPSO vessel and CAPEX incurred on production enhancement projects). Restricted cash and bank balances represent contractual obligations for decommissioning costs of the Anasuria Cluster, and are inaccessible for use in operations.
Inventories are relatively low, despite Hibiscus being an E&P company, so forex fluctuations on carrying value of inventories are relatively immaterial. Trade receivables largely relate to entitlements from Petronas and BP (both oil supermajors), and are hence quite safe from impairment. Other receivables, deposits and prepayments are significant as they relate to security deposits placed with sellers of the oil fields acquired; these should be ignored for cash flow purposes.
^{Note: Total cash and bank balances do not include approximately RM 105 m proceeds from the North Sabah December 2019 offtake (which was received in January 2020})
Cash and bank balances of RM 90m do not include RM 105m of proceeds from offtake received in 3Q21 (Jan 2020). Hence, the actual cash and bank balances as of 2Q21 approximate RM 200m.
Liabilities are a little more interesting. First, I’ll draw your attention to the significant Deferred tax liabilities of RM 457m. These largely relate to the amortization of CAPEX (i.e. Equipment and capitalized E&E expenses), which is given an accelerated depreciation treatment for tax purposes.
The way this works is that the government gives Hibiscus a favorable tax treatment on capital expenditures incurred via an accelerated depreciation schedule, so that the taxable income is less than usual. However, this leads to the taxable depreciation being utilized quicker than accounting depreciation, hence the tax payable merely deferred to a later period – when the tax depreciation runs out but accounting depreciation remains. Given the capital intensive nature of the business, it is understandable why Deferred tax liabilities are so large.
We’ve discussed Provision for decommissioning costs under the Finance Costs section earlier. They are also quite significant at RM 266m.
Notably, the Other Payables and Accruals are a hefty RM 431m. What do they relate to? Basically, they are contractual obligations to the sellers of the oil fields which are only payable upon oil prices reaching certain thresholds. Hence, while they are current in nature, they will only become payable when oil prices recover to previous highs, and are hence not an immediate cash outflow concern given today’s low oil prices.
Cash Flow Statement
There is nothing in the cash flow statement which warrants concern.
Notably, the company generated OCF of approximately RM 500m in FY20 and RM 116m in 2Q21. It further incurred RM 330m and RM 234m of CAPEX in FY20 and 2Q21 respectively, largely owing to production enhancement projects to increase the production rate of the Anasuria and North Sabah fields, which according to management estimates are accretive to ROI.
Tax paid was RM 97m in FY20 and RM 61m in 2Q21 (tax expense: RM 161m and RM 62m respectively).
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Risks

There are a few obvious and not-so-obvious risks that one should be aware of before investing in Hibiscus. We shall not consider operational risks (e.g. uptime, OPEX) as they are outside the jurisdiction of the equity analyst. Instead, we shall focus on the financial and strategic risks largely outside the control of management. The main ones are:
· Oil prices remaining subdued for long periods of time
· Fluctuation of exchange rates
· Customer concentration risk
· 2P Reserves being less than estimated
· Significant current and non-current liabilities
· Potential issuance of equity
Oil prices remaining subdued
Of topmost concern in the minds of most analysts is whether Hibiscus has the wherewithal to sustain itself through this period of low oil prices (sub-$30). A quick and dirty estimate of annual cash outflow (i.e. burn rate) assuming a $20 oil world and historical production rates is between RM 50m-70m per year, which considering the RM 200m cash balance implies about 3-4 years of sustainability before the company runs out of cash and has to rely on external assistance for financing.
Table 1: Hibiscus EBITDA at different oil price and exchange rates
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The above table shows different EBITDA scenarios (RM ‘m) given different oil prices (left column) and USD:MYR exchange rates (top row). Currently, oil prices are $27 and USD:MYR is 1:4.36.
Given conservative assumptions of average OPEX/bbl of $20 (current: $15), we can safely say that the company will be loss-making as long as oil remains at $20 or below (red). However, we can see that once oil prices hit $25, the company can tank the lower-end estimate of the annual burn rate of RM 50m (orange), while at RM $27 it can sufficiently muddle through the higher-end estimate of the annual burn rate of RM 70m (green).
Hence, we can assume that as long as the average oil price over the next 3-4 years remains above $25, Hibiscus should come out of this fine without the need for any external financing.
Customer Concentration Risk
With regards to customer concentration risk, there is not much the analyst or investor can do except to accept the risk. Fortunately, 80% of revenues can be attributed to two oil supermajors (Petronas and BP), hence the risk of default on contractual obligations and trade receivables seems to be quite diminished.
2P Reserves being less than estimated
2P Reserves being less than estimated is another risk that one should keep in mind. Fortunately, the current market cap is merely RM 714m – at half of estimated recoverable amounts of RM 1.468 billion – so there’s a decent margin of safety. In addition, there are other mitigating factors which shall be discussed in the next section (‘Opportunities’).
Significant non-current and current liabilities
The significant non-current and current liabilities have been addressed in the previous section. It has been determined that they pose no threat to immediate cash flow due to them being long-term in nature (e.g. decommissioning costs, deferred tax, etc). Hence, for the purpose of assessing going concern, their amounts should not be a cause for concern.
Potential issuance of equity
Finally, we come to the possibility of external financing being required in this low oil price environment. While the company should last 3-4 years on existing cash reserves, there is always the risk of other black swan events materializing (e.g. coronavirus) or simply oil prices remaining muted for longer than 4 years.
Furthermore, management has hinted that they wish to acquire new oil assets at presently depressed prices to increase daily production rate to a targeted 20,000 bbl by end-2021. They have room to acquire debt, but they may also wish to issue equity for this purpose. Hence, the possibility of dilution to existing shareholders cannot be entirely ruled out.
However, given management’s historical track record of prioritizing ROI and optimal capital allocation, and in consideration of the fact that the MD owns 10% of outstanding shares, there is some assurance that any potential acquisitions will be accretive to EPS and therefore valuations.
​

Opportunities

As with the existence of risk, the presence of material opportunities also looms over the company. Some of them are discussed below:
· Increased Daily Oil Production Rate
· Inclusion of 2C Resources
· Future oil prices exceeding $50 and effects from coronavirus dissipating
Increased Daily Oil Production Rate
The first and most obvious opportunity is the potential for increased production rate. We’ve seen in the last quarter (2Q21) that the North Sabah field increased its daily production rate by approximately 20% as a result of production enhancement projects (infill drilling), lowering OPEX/bbl as a result. To vastly oversimplify, infill drilling is the process of maximizing well density by drilling in the spaces between existing wells to improve oil production.
The same improvements are being undertaken at the Anasuria field via infill drilling, subsea debottlenecking, water injection and sidetracking of existing wells. Without boring you with industry jargon, this basically means future production rate is likely to improve going forward.
By how much can the oil production rate be improved by? Management estimates in their analyst presentation that enhancements in the Anasuria field will be able to yield 5,000 bbl/day by 2021 (current: 2,500 bbl/day).
Similarly, improvements in the North Sabah field is expected to yield 7,000 bbl/day by 2021 (current: 5,300 bbl/day).
This implies a total 2021 expected daily production rate from the two fields alone of 12,000 bbl/day (current: 8,000 bbl/day). That’s a 50% increase in yields which we haven’t factored into our valuation yet.
Furthermore, we haven’t considered any production from existing 2C resources (e.g. Marigold/Sunflower) or any potential acquisitions which may occur in the future. By management estimates, this can potentially increase production by another 8,000 bbl/day, bringing total production to 20,000 bbl/day.
While this seems like a stretch of the imagination, it pays to keep them in mind when forecasting future revenues and valuations.
Just to play around with the numbers, I’ve come up with a sensitivity analysis of possible annual EBITDA at different oil prices and daily oil production rates:
Table 2: Hibiscus EBITDA at different oil price and daily oil production rates
https://preview.redd.it/jnpfhr5n9br41.png?width=814&format=png&auto=webp&s=bbe4b512bc17f576d87529651140cc74cde3d159
The left column represents different oil prices while the top row represents different daily oil production rates.
The green column represents EBITDA at current daily production rate of 8,000 bbl/day; the orange column represents EBITDA at targeted daily production rate of 12,000 bbl/day; while the purple column represents EBITDA at maximum daily production rate of 20,000 bbl/day.
Even conservatively assuming increased estimated annual ITDA of RM 500m (FY20: RM 318m), and long-term average oil prices of $50 (FY20: $60), the estimated Net Profit and P/E ratio is potentially lucrative at daily oil production rates of 12,000 bbl/day and above.
2C Resources
Since we’re on the topic of improved daily oil production rate, it bears to pay in mind the relatively enormous potential from Hibiscus’s 2C Resources. North Sabah’s 2C Resources alone exceed 30 mmbbl; while those from the yet undiagnosed Marigold/Sunflower fields also reach 30 mmbbl. Altogether, 2C Resources exceed 70 mmbbl, which dwarfs the 44 mmbbl of 2P Reserves we have considered up to this point in our valuation estimates.
To refresh your memory, 2C Resources represents oil volumes which have been discovered but are not yet classified as “commercial”. This means that there is reasonable certainty of the oil being recoverable, as opposed to simply being in the very early stages of exploration. So, to be conservative, we will imagine that only 50% of 2C Resources are eligible for reclassification to 2P reserves, i.e. 35 mmbbl of oil.
https://preview.redd.it/mto11iz7abr41.png?width=375&format=png&auto=webp&s=e9028ab0816b3d3e25067447f2c70acd3ebfc41a
This additional 35 mmbbl of oil represents an 80% increase to existing 2P reserves. Assuming the daily oil production rate increases similarly by 80%, we will arrive at 14,400 bbl/day of oil production. According to Table 2 above, this would yield an EBITDA of roughly RM 630m assuming $50 oil.
Comparing that estimated EBITDA to FY20’s actual EBITDA:

	FY20	FY21 (incl. 2C)	Difference
Daily oil production (bbl/day)	8,626	14,400	+66%
Average oil price (USD/bbl)	$68.57	$50	-27%
Average OPEX/bbl (USD)	$16.64	$20	+20%
EBITDA (RM ‘m)	632	630	-

Hence, even conservatively assuming lower oil prices and higher OPEX/bbl (which should decrease in the presence of higher oil volumes) than last year, we get approximately the same EBITDA as FY20.
For the sake of completeness, let’s assume that Hibiscus issues twice the no. of existing shares over the next 10 years, effectively diluting shareholders by 50%. Even without accounting for the possibility of the acquisition of new oil fields, at the current market capitalization of RM 714m, the prospective P/E would be about 10x. Not too shabby.
Future oil prices exceeding $50 and effects from coronavirus dissipating
Hibiscus shares have recently been hit by a one-two punch from oil prices cratering from $60 to $30, as a result of both the Saudi-Russian dispute and depressed demand for oil due to coronavirus. This has massively increased supply and at the same time hugely depressed demand for oil (due to the globally coordinated lockdowns being implemented).
Given a long enough timeframe, I fully expect OPEC+ to come to an agreement and the economic effects from the coronavirus to dissipate, allowing oil prices to rebound. As we equity investors are aware, oil prices are cyclical and are bound to recover over the next 10 years.
When it does, valuations of O&G stocks (including Hibiscus’s) are likely to improve as investors overshoot expectations and begin to forecast higher oil prices into perpetuity, as they always tend to do in good times. When that time arrives, Hibiscus’s valuations are likely to become overoptimistic as all O&G stocks tend to do during oil upcycles, resulting in valuations far exceeding reasonable estimates of future earnings. If you can hold the shares up until then, it’s likely you will make much more on your investment than what we’ve been estimating.

Conclusion

Wrapping up what we’ve discussed so far, we can conclude that Hibiscus’s market capitalization of RM 714m far undershoots reasonable estimates of fair value even under conservative assumptions of recoverable oil volumes and long-term average oil prices. As a value investor, I hesitate to assign a target share price, but it’s safe to say that this stock is worth at least RM 1.00 (current: RM 0.45). Risk is relatively contained and the upside far exceeds the downside. While I have no opinion on the short-term trajectory of oil prices, I can safely recommend this stock as a long-term Buy based on fundamental research.

Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

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• Marketing B2B Products and Services Like a Video Game
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• The “Boutique” Epidemic: Is Dropshipping a Viable Strategy?
• Why Getting Website Feedback is Crucial in the Digital Age

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• Product Review: Acer Nitro 5
• 3 Best DOCSIS 3.1 Modems: Which Is The Best Gigabit Modem in 2019?
• DOCSIS 3.1 Modems: Are They Worthwhile?
• What To Check Before Buying Refurbished MacBooks

Automotive Sales Pages

• 2020 Atlas – University Volkswagen
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MAME 0.215

A wild MAME 0.215 appears! Yes, another month has gone by, and it’s time to check out what’s new. On the arcade side, Taito’s incredibly rare 4-screen top-down racer Super Dead Heat is now playable! Joining its ranks are other rarities, such as the European release of Capcom‘s 19XX: The War Against Destiny, and a bootleg of Jaleco’s P-47 – The Freedom Fighter using a different sound system. We’ve got three newly supported Game & Watch titles: Lion, Manhole, and Spitball Sparky, as well as the crystal screen version of Super Mario Bros. Two new JAKKS Pacific TV games, Capcom 3-in-1 and Disney Princesses, have also been added.
Other improvements include several more protection microcontrollers dumped and emulated, the NCR Decision Mate V working (now including hard disk controllers), graphics fixes for the 68k-based SNK and Alpha Denshi games, and some graphical updates to the Super A'Can driver.
We’ve updated bgfx, adding preliminary Vulkan support. There are some issues we’re aware of, so if you run into issues, check our GitHub issues page to see if it’s already known, and report it if it isn’t. We’ve also improved support for building and running on Linux systems without X11.
You can get the source and Windows binary packages from the download page.

MAMETesters Bugs Fixed

• 04531: [Sound] (segas32.cpp) f1en: Engine noise loops/resets. (Tafoid)
• 07025: [Graphics] (model1.cpp) vr: Graphical glitches. (O. Galibert)
• 07026: [Gameplay] (model1.cpp) vr: Gameplay calculation and physics issues. (O. Galibert)
• 07372: [Crash/Freeze] X11 Lightgun input module crashes if X11 display is not available. (George McMullen)
• 07437: [Gameplay] (x68k.cpp) x68000 [nemesis]: Background tiles appear in foreground in Nemesis 90 Kai. (Carl)
• 07438: [Graphics] (m72.cpp) imgfightj, mrheli, nspiritj: “For use in Japan” messages are not displayed correctly. (Angelo Salese)
• 07442: [DIP/Input] (gaelco.cpp) biomtoy, biomtoya, biomtoyb, biomtoyc, bioplayc: Lives DIP switch mis-labelled. (girosintornillos)
• 07444: [DIP/Input] (seta.cpp) blandia, blandiap: Lives DIP switch mis-labelled. (girosintornillos)
• 07445: [DIP/Input] (model2.cpp) sgt24h, overrevb: Accelerator and brake pedals are reversed. (VasiliyFamiliya)
• 07447: [Graphics] (cninja.cpp) cninja and clones: Incorrect graphical priorities between level 4 bosses. (Ivan Vangelista)
• 07448: [Gameplay] (taito_z.cpp) sci, scia, scij, scin, sciu: Shifting gears activates turbo. (girosintornillos)
• 07452: [Crash/Freeze] (eprom.cpp) eprom, eprom2: The control test will not load. (AJR)
• 07454: [Plugins] (dooyong.cpp) flytiger: Use of high score plugin causes incorrect attract mode behaviour. (Carl)
• 07456: [Crash/Freeze] (segas16b.cpp) eswat: Emulator crashes with segmentation fault. (smf)
• 07457: [DIP/Input] (m107.cpp) dsoccr94: Coin 3 and coin 4 inputs are mapped incorrectly. (MetalGod)
• 07463: [DIP/Input] (mystwarr.cpp) metamrph and clones, viostorm and clones: Coin 3 and 4 inputs are not connected. (Zach S.)
• 07465: [Crash/Freeze] (interpro.cpp) ip2000: Emulator crashes if mouse is moved during startup. (Patrick Mackinlay)
• 07469: [Graphics] (vboy.cpp) vboy: Sprite elements are cut off on the right. (Robbbert)

New working machines

• Capcom 3-in-1 (1942, Commando, Ghosts'n Goblins) (JAKKS Pacific TV Game, Game-Key Ready) (29 MAR 2005 B) [Sean Riddle, David Haywood, anonymous]
• China H Computer Company H-01B [zzemu]
• Disney Princesses (JAKKS Pacific TV Game, Game-Key Ready) [Sean Riddle, David Haywood, anonymous]
• Game & Watch: Lion [algestam, Mr. Do, Sean Riddle]
• Game & Watch: Manhole (gold) [algestam, Mr. Do, Sean Riddle]
• Game & Watch: Spitball Sparky [algestam, Mr Jiggles the Christmas Man]
• Motorola MEK6800D1 [68bit]
• Motorola Micro Chroma 68 [68bit]
• Super Dead Heat [Phil Bennett, David Haywood]

New working clones

• 19XX: The War Against Destiny (Euro 960104) [redsupra, smf]
• Beastorizer (USA, Jun 21 1997) [jordigahan, ClawGrip]
• Bomberman (Version 6.6) [caius, The Dumping Union]
• Buggy Boy/Speed Buggy (cockpit, rev. B) [pacman70, Asayuki]
• Dragon Breed (Japan, M72 PCB version) [Jorge Silva]
• Game & Watch: Super Mario Bros. (crystal screen) [algestam, Mr Jiggles the Christmas Man]
• Hard Head (bootleg, set 3) [jordigahan, Heckler, ClawGrip]
• Hegener + Glaser Mephisto MM V (prototype) [CB-Emu]
• Megatouch III Turnier Edition (9255-30-50 R0F, Bi-Lingual GEENG version) [Kevin Eshbach, Brian Troha, The Dumping Union]
• P-47 - The Freedom Fighter (World, bootleg) [jordigahan, Heckler, ClawGrip]

Machines promoted to working

• Fidelity Electronics Phantom Chess Challenger [Sandro Ronco]
• NCR Decision Mate V [Sandro Ronco, rfka01]
• Pacific Educational Systems VPU-01 Speech box [Robbbert]
• Radio Shack TRS-80 DT-1 [Robbbert]

New machines marked as NOT_WORKING

• Advance Bright Ltd Ping Pong / Table Tennis / Super Ping Pong (PP1100, ABL TV Game) [David Haywood, Morten Shearman Kirkegaard, Peter Wilhelmsen]
• Conny TV Virtual Tennis [David Haywood, Morten Shearman Kirkegaard, Peter Wilhelmsen]
• El Dorado [TeamEurope]
• The Flintstones (LX-3) [PinMAME]
• Care Bears TV Games (JAKKS Pacific TV Game, Game-Key Ready) [Sean Riddle, David Haywood, anonymous]
• Kursaal Darts [jordigahan, ClawGrip]
• Litek Information Systems LMS46-V9 [Don Maslin Archive, AJR]
• Research Inc. Teleray Model 10 [Bitsavers]
• Rollamatic 5-Line Special (Barcrest) (MPU3) [Darran, The Dumping Union]
• TaiKee Rockstar Guitar / Guitar Rock (PAL) [David Haywood, Morten Shearman Kirkegaard, Peter Wilhelmsen]
• Terrific Lake [PinMAME]
• Top Sound (French) [PinMAME]
• Play Vision Who Wants to Be a Millionaire (Play Vision, Plug and Play, UK) [David Haywood, Morten Shearman Kirkegaard, Peter Wilhelmsen]
• Vortex (Island Design) [unknown]

New clones marked as NOT_WORKING

• 386 motherboards using a OPTi 82C495SLC chipset [rfka01]
• 386 motherboards using the ALi M1419 chipset [rfka01]
• 386 motherboards using the CS8230 chipset [rfka01]
• 386 motherboards using the MX83C305(A)(FC)/MX83C05(A)(FC) chipset [rfka01]
• 386 motherboards using the OPTi 82C381 chipset [rfka01]
• 386 motherboards using the OPTi 82C391 chipset [rfka01]
• 386 motherboards using the SiS Rabbit chipset [rfka01]
• 386 motherboards using the UMC UM82C481AF chipset [rfka01]
• 386 motherboards using the UMC UM82C491F + UM82C493F chipset or BIOTEQ equivalents [rfka01]
• 386 motherboard using the UMC UM82C491F chipset [rfka01]
• 386sx motherboards using the ALi M1217 chipset [rfka01]
• 386sx motherboards using the OPTi 82C283 chipset [rfka01]
• 386sx motherboards using the OPTi 82C291 chipset [rfka01]
• 386sx motherboards using the SCAMPSX chipset [rfka01]
• 486 motherboards using the ALi 1487/1489 chipset [rfka01]
• 486 motherboards using the OPTi OPTi 82C392, 82C493 chipset [rfka01]
• 486 motherboards using the SiS 85C471/85C407 chipset [rfka01]
• 486 motherboards using the UMC UM8498F, UM8496F chipset [rfka01]
• 486 motherboards using the UMC UM8886/UM8881 chipset [rfka01]
• Abit AB-PB4 [rfka01]
• Abit AB-PW4 [rfka01]
• Alaris Cougar [rfka01]
• Alaris RYC LEOPARD LX [rfka01]
• Alaris Tornado 2 [rfka01]
• AMI Mark V Baby Screamer [rfka01]
• ANIX CH-386S-16/20/25G [rfka01]
• Aquarius System (ASI) MB-4D33/50NR [rfka01]
• Asus ISA-486SV2 [rfka01]
• AUVA TAM/25-P2 M31720P [rfka01]
• Bank Robbery (Ver. 1.23) [Siftware]
• Biostar MB-1340UCQ-B [rfka01]
• Chaintech 333SC [rfka01]
• Chaintech 486SLE M106 4SLE-Z1 [rfka01]
• Chaintech ELT-286B-160B(E) [rfka01]
• Chicony CH-491E [rfka01]
• Daewoo AL486V-D Rev:1.1 [rfka01]
• Derby Owners Club World Edition (Rev A) [Fluffy]
• Diamond Flower, Inc. (DFI) 486-CCV [rfka01]
• DTK Computer PPM-3333P [rfka01]
• DTK PKM-0038S aka Gemlight GMB-486SG [rfka01]
• Elitegroup Computer Systems FX-3000 REV1.0 [rfka01]
• Elitegroup ELT-386SX-160BE [rfka01]
• Elitegroup UC4913 REV:1.1 [rfka01]
• Elitegroup UC4915 A AIO [rfka01]
• Elitegroup UM486/UM486sx [rfka01]
• Elitegroup UM486V-AIO [rfka01]
• First International Computer 4386-VC-HD [rfka01]
• First International Computer 4386-VC-V [rfka01]
• First International Computer 486-GIO-VT2 [rfka01]
• Fujitsu FM-Towns (Model 1 / 2) [r09]
• GENOA TurboExpress 486 VL [rfka01]
• GES 9051N-386C VER -0.01 [rfka01]
• Gigabyte GA-486VF [rfka01]
• Gigabyte GA-486VS [rfka01]
• LuckyStar LS-486E Rev:C [rfka01]
• Micro-Express Inc. Forex 386 Cache [rfka01]
• MORSE KP 386SX V2.21 [rfka01]
• MSI MS-4125 [rfka01]
• MSI MS-4138 [rfka01]
• MSI MS-4144 [rfka01]
• Octek Hawk [rfka01]
• Octek Hippo COM [rfka01]
• Octek Hippo DCA2 [rfka01]
• Octek Hippo VL+ [rfka01]
• Octek Panther II [rfka01]
• Olivetti M21 [rfka01]
• OPTi OPTi 386WB VER.1.0 [rfka01]
• PC-Chips M216 [rfka01]
• PC-Chips M396F [rfka01]
• PC-Chips M912 [rfka01]
• PC-Chips M915i [rfka01]
• Peacock 386sx Ver. 2.0 motherboard SCsxAIO [rfka01]
• Peacock PCK 486 DX [rfka01]
• Philips PCD204 (PCD200 series) [rfka01]
• Pine PT-319A [rfka01]
• Pine Technology PT-430 [rfka01]
• Pine Technology PT-432b aka SR-M401-A [rfka01]
• PROTECH PM486PU-S7 [rfka01]
• QDI PX486P3 [rfka01]
• QDI V4P895P3/SMT V5.0 [rfka01]
• QD-U386DX VER 1.0 [rfka01]
• Sanyo MBC-18NB [rfka01]
• See-Thru Sto486Wb aka AUVA Cam-33-P2 [rfka01]
• Shuttle 386SX REV 2.0A [rfka01]
• Shuttle Computer International HOT-433 [rfka01]
• TD60C [rfka01]
• TD70A and TD70AN [rfka01]
• TD70N [rfka01]
• Termtek TK-635 [nextvolume, Dirk Best]
• UNICHIP 386W 367C REV 1.0 [rfka01]
• UNICHIP 486 WB 4407 REV 1.0 [rfka01]
• unknown 286 AT clones (HT18/C chipset) [rfka01]
• Via 4386 VIO / Highscreen universal board [rfka01]
• Vintage Sprite SM 486-50USC [rfka01]
• Vs. Super Mario Bros. (bootleg with Z80, set 3) [jordigahan, ClawGrip]
• ZIDA Tomato board 4DPS [rfka01]

New working software list additions

• apple2_flop_clcracked: Balancing Act (cleanly cracked), Fractions: Basic Skills (cleanly cracked), Fractions: Subtraction (cleanly cracked), The Haunted Palace (cleanly cracked), Statistics (Version 3.3) (cleanly cracked), Whole Numbers: Multiplication (cleanly cracked), The World's Greatest Baseball Game (Enhanced Version) (cleanly cracked) [4am, Firehawke]
• apple2_flop_orig: Alibi, American Government (Micro Learningware), Apple Stellar Invaders, Battlefront, Beach Landing, Carriers at War, The Coveted Mirror, Crime Stopper, Decisive Battles of the American Civil War: Volume Three, Decisive Battles of the American Civil War: Volume Two, Decisive Battles of the Civil War: Volume One, Dogfight II, Europe Ablaze, Galactic Wars, Gauntlet, Ghostbusters, Go (Hayden), Guderian, Halls of Montezuma, The Haunted Palace, I, Damiano, Leisure Suit Larry in The Land of The Lounge Lizards, The Mask of the Sun (Version 2.1), MacArthur's War, Muppet Learning Keys: The Muppet Discovery Disk, Oil Rig, Panzer Battles, Pulsar ][, Questprobe featuring Spider-Man, Reach For The Stars (Version 1.0), Reach For The Stars (Version 2.0), Reach For The Stars (Version 3.0), Reversal, Russia, Sherlock Holmes in Another Bow, Simultaneous Linear Equations, Space Kadet, Tapper, Ulysses and the Golden Fleece, Vaults of Zurich, Winter Games [4am, Firehawke]
• fmtowns_cd: CG Syndicate Vol. 1 - Lisa Northpoint, CubicSketch V1.1 L10, New Horizon CD Learning System II - English Course 1, Shanghai, Space Museum, TownsSOUND V1.1 L20, Z's Triphony DigitalCraft Towns [redump.org, r09]
• hp9825b_rom: 9885/9895 ROM for 9825, 9885 ROM for 9825, Matrix ROM for 9825, SSS mass storage ROM [F.Ulivi]
• ibm5150: Action Service (Smash16 release) (3.5"), International Karate, Italy '90 Soccer, Joe Blade (Smash16 release), Out Run (Kixx release), Starflight [ArcadeShadow]
• ibm5170: Corridor 7: Alien Invasion, Links - The Challenge of Golf (5.25"HD) [ArcadeShadow]
• midi_flop: Dansbandshits nr 3 (Sweden) [FakeShemp]
• vz_snap: Ace of Aces, Adventure, Airstrip, Arkaball v1, Arkaball v2, Arrgh, Assembly Language for Beginners, Asteroids, Attack of the Killer Tomatoes, Backgammon, Backgammon Instructions, Battleships v1, Battleships v2, Bezerk, Binary Tape Copier v1.0, Bomber, Breakproof File Copier, Bust Out, Camel, Card Andy, Casino Roulette v1, Casino Roulette v2, Catch, Challenger, Chasm Capers, Check Disk, Checkers, Chess, Circus, Compgammon, Computer Learjet, Concentration, Cos Res, Craps, Crash, Curses, Dawn Patrol, Decoy v1, Decoy v2, Defence Penetrator, Dig Out, Disassembler v2, Disassemmbler v1, Disk Copier, Disk Copy V2.0, Disk Editor-Assembler V6.0X, Disk Menu, Disk Ops 4, Disk Sector Editor v1, Disk Sector Editor v2, Dog Fight, Dracula's Castle, The Dynasty Derby, Editor-Assembler V.1.2, Editor-Assembler V.1.2B, Electric Tunnel, Electronic Blackjack, Extended DOS V1.3, Extended VZ Basic V2.5, Factory, Fastdisk V1.0, Fastdisk V1.1, Fastdisk V1.2, Fastdisk V1.2 demo, Filesearch 2.0, Filesearch V2.0, Formula One v1, Formula One v2, Formula Uno, Frog, Galactic Invasion, Galactic Raiders, Galactic Trade, Galaxon, Game Instructions, Ghost Blasters, Ghost Hunter (hacked), Ghost Hunter instructions, Ghost Hunter v1, Ghost Hunter v2, Golf, Grand Prix, Grave Digger, Gunfight, Hamburger Sam, Hangman v1, Hangman v3, Hangman v4, Hex Maths, Hex Utilities, The High Mountains, High Scores, Hoppy v1, Hoppy v2, Hunt the Wumpus, Instructions for Asteroid Dodge, Instructions for Invaders, Instructions for Ladder Challenge, Invaders v1, Invaders v2, Inventory, Kamikaze Invaders, Key Hunt, Knights and Dragons, Ladder Challenge, Laser, Laser Pong, Lunar Lander, Mad Max VI, Madhouse, Mars Patrol, Mastermind, Match Box, Match Box Instructions, Maths Armada, Maze Generator, Meat Pies, Melbourne Cup, Meteor, Missile Attack, Missile Command v1, Missile Command v2, Missing Number, Moon, Moon Lander, Moonlander, Moving Targets, Number Sequence, Number Slide, Othello, Othello Instructions, Painter v1, Painter v2, Painter v3, Panik, Panik Instructions, Penguin, Planet Patrol, Poker Machine, Punch v1, Punch v2, Pursuit, The Quest, The Return of Defense Command, Rocket Command, Shootout, Space, Space Ram, Space Station Defender, Space Vice, Star Blaster, Submarine, Super Snake, Super Snake Trapper, The Ten Commandments, Tennis v1, Tennis v2, Tone Generator, Totaliser Derby, Tower, Triffids 2040 AD, Twisting Road, VZ 200-300 Diskette Monitor, VZ Panik, VZ cave, VZ-200 Cup, Vzetris, Worm, Write a Story [Robbbert]

Software list items promoted to working

• dmv: MS-DOS v2.11 HD, MS-DOS v2.11 HD (Alt 2), MS-DOS v2.11 HD (Alt 3), MS-DOS v2.11 HD (Alt), Z-Com v2.0 HD [Sandro Ronco, rfka01]

New NOT_WORKING software list additions

• ekara_japan_a: A-3 Pichi Pichi Pitch vol.3 (Japan) [David Haywood, Sean Riddle]
• evio: Anime Mix 1, Chisako Takashima Selection, evio Challenge!, evio Selection 02, evio Selection 03, Hard Soul 1, I Love Classic 1, Pure Kiss 1 [David Haywood, Peter Wilhelmsen, ShouTime, Sean Riddle]
• fmtowns_cd:
  • Debian GNU/Linux 1.3.1 with Debian-JP Packages, Debian GNU/Linux 2.0r2 with Hamm-JP [akira_2020, Tokugawa Corporate Forums, r09]
  • Air Warrior V1.2, Fujitsu Habitat V2.1L10, Hyper Media NHK Zoku Kiso Eigo - Dai-3-kan, Nobunaga no Yabou - Sengoku Gun'yuuden, Taito Chase H.Q. (Demo), TownsFullcolor V2.1 L10, Video Koubou V1.4 L10 [redump.org, r09]
• leapfrog_ltleappad_cart: Baby's First Words (USA), Disney Pooh Loves You! (USA), If I were... (USA) [ClawGrip, TeamEurope]

Source Changes

• ins8250: Only clear transmitter holding register empty interrupt on reading IIR if it’s the highest priority pending interrupt. [68bit]
  
• bus/ss50/mps2.cpp: Connected RS-232 control lines. [68bit]
  
• machine/ie15.cpp: Cleaned up RS-232 interface. [68bit]
  
• bus/rs232: Delay pushing initial line state to reset time. [68bit]
  
• bus/rs232/null_modem.cpp: Added configuration option for DTR flow control. [68bit]
  
• tv990.cpp: Improved cursor position calculation. [68bit]
  
• tilemap.cpp: Improved assert conditions, fixing tilemap viewer, mtrain and strain in debug builds. [AJR]
  
• spbactn.cpp: Use raw screen timing parameters for spbactn. [AJR]
  
• laz_aftrshok.cpp: Added aftrshok DIP switch documentation from the manual. [AJR]
  
• ELAN RISC II updates: [AJR]
  
  • Identified CPU type used by vreadere as ePG3231.
  • Added preliminary port I/O handlers and callbacks.
  • Added stub handlers and state variables for interrupt controller, timers, synthesizer, UART and SPI.
  • Fixed TBRD addressing of external data memory.
  • Fixed calculation of carry flag for normal adder operations.
  • Implemented multi-byte carry/borrow for applicable registers.
  • Implemented signed multiplication option.
  • Added internal stack buffer for saving PCH during calls/interrupts.
• alpha68k_n.cpp: Replaced sstingry protection simulation with microcontroller emulation. [AJR]
  
• sed1330: Implemented character drawing from external ROM, fixed display on/off command, and fixed screen area definition. [AJR]
  
• tlcs90: Separated TMP90840 and TMP90844 disassemblers. [AJR]
  
• z180 updates: [AJR]
  
  • Split Z180 device into subtypes; HD647180X now implements internal PROM, RAM and parallel ports.
  • Added internal clock dividers adjust CPU clocks in many drivers to compensate.
  • Reduced logical address width to 16 bits.
• h8: Made debug PC adjustment and breakpoints actually work. [AJR]
  
• subsino2.cpp: Added save state support and cleaned up code a little. [AJR]
  
• gaelco.cpp: Adjusted bigkarnk YM3812 clock so pitch matches reference recording. [AJR]
  
• stadhero.cpp: Made stadhero stage music selection and various other things more random. [AJR]
  
• acorn_vib: Made ACIA transmit/receive clocks selectable using MC14411. [AJR]
  
• hitme.cpp: Renamed m21 to mirco21 to resolve name collision. [AJR]
  
• Emulated ADC0804 and added device to various drivers (fixes “WRONG CONTROL IO” in citybomb service mode). [AJR]
  
• tmnt.cpp: Added glfgreat analog controls and ADC, and removed spurious fourth button. [AJR]
  
• megasys1.cpp: Added p47b ADPCM sample playback using additional Z80. [AJR]
  
• cps1.cpp, segas16b.cpp: Fixed unsafe bitmap usage in video update routines that could cause memory corruption. [AJR]
  
• bus/isa: Added Music Quest PC MIDI Card. [AJR, VOGONS Vintage Driver Library]
  
• rd100.cpp: Added preliminary keyboard inputs. [AJR]
  
• Separated V50/V53 common peripherals and former device from V33 base, and add V40 type for future use. [AJR]
  
• m72.cpp: Fixed sample-related communications on 8751-protected games. [AJR]
  
• Added Fujitsu FR disassembler and skeleton CPU device. [AJR]
  
• hvyunit.cpp: Fix hvyunit coin counters. [AJR]
  
• hh_sm510.cpp: Re-scanned gnw_mmouse display. [algestam]
  
• snes.cpp: Change screen resolution for pseudo-hires mode, and run HDMA at vertical position zero. [AmatCoder]
  
  • Fixes graphics in Judge Dredd and Vortex.
• alpha68k.cpp updates: [Angelo Salese]
  
  • Added opaque tile support for V board (fixes title screen clipping effects for Sky Adventure).
  • Removed hack for priest priority in Sky Adventure level 1 as this is an original game bug.
  • Merged sprite drawing code with SNK 68k sprite device.
  • Simulated screen banking for Gold Medalist starter pistol shot on dash events.
  • Fixed missing status bar and “start/hurry up” graphics for player 1 in Gold Medalist.
  • Removed unemulated protection flag from Gold Medalist clones.
• alpha68k.cpp, snk68.cpp: Moved palette code to a common device using the same scheme as the Neo Geo palette. [Angelo Salese]
  
  • Produces more accurate colors, especially visible on dithered backgrounds.
• markham.cpp: Improved Strength & Skill master interrupt firing and row scroll (fixes missing sprites regression in stages 2 and 3). [Angelo Salese]
  
• Synchronized with upstream GENie, bx, bgfx and bimg. [Belegdol]
  
• Fixed Visual Studio 2019 build issues. [Belegdol]
  
• Switched Travis CI build to Xcode 11. [Belegdol]
  
• Build bgfx with OpenGL ES rather than OpenGL when building without X11 on Linux and BSD. [Belegdol]
  
• ay8910.cpp: Converted Sunsoft 5B 6630B sound hardware to a device. [cam900]
  
• nmk16spr.cpp: Converted NMK 16-bit sprite hardware to a device. [cam900]
  
  • Implemented priority drawing and sprite limits, and added notes.
  • Adapted nmk16.cpp and powerins.cpp to use new device.
• powerins.cpp: Derived clocks from crystals present on boards and added raw screen timing parameters. [cam900]
  
• ninjaw.cpp, warriorb.cpp: Added subwoofer and corrected sound routing. [cam900]
  
• mos6581.cpp: Added save state support. [cam900]
  
• sid.cpp, sidenvel.cpp, sidvoice.cpp: Improved save state support and cleaned up code. [cam900]
  
• ymf278b.cpp: Implemented FM DO2 output scaling. [cam900]
  
• ymf262.cpp: Added notes. [cam900]
  
• tmap038.cpp: Converted 038 tilemap generator chip to a device. [cam900]
  
  • Adapted cave.cpp and mcatadv.cpp to use the new device, and cleaned up code.
• mcatadv.cpp: Fixed tilemap flicker when debugging functionality is enabled. [cam900]
  
• argus.cpp: Fix repeated spelling error in comments. [cam900]
  
• megasys1.cpp: Fixed missing semicolon. [Christian Groessler]
  
• gamate.cpp: Made initial RAM fill better match hardware power-up state. [Christian Groessler]
  
• audio/irem.cpp: Fixed a number of kidniki audio issues. [Couriersud]
  
  • Added jumper J4 as a compile-time option, fixed a number of resistor and capacitor values, and fixed a barrier.
• Netlist system updates: [Couriersud]
  
  • Added support for line markers to the netlist preprocessor and parser.
  • Added include processing to the netlist preprocessor, and reorganised plib code so this can be better utilised.
  • Simplified netlist library code and improved performance.
  • Moved netlists out of driver sources and organised netlists according to functionality.
  • Added an extended validation mode to nltool for identifying certain kinds of issues.
  • Removed some hints from pong now that performance has improved..
• chelnov.cpp: Added microcontroller dump for chelnov and hooked it up, replacing simulation. [Dirk Best, TeamEurope, Brian Troha]
  
  • Programs for other regions created by patching the dumped World region microcontroller program.
• firetrap.cpp: Add microcontroller dump for firetrap and hook it up, replacing simulation. [Dirk Best, TeamEurope, Brian Troha]
  
  • Program for US region created by patching the dumped Japan region microcontroller program.
• i8251.cpp, pit8253.cpp, isa/ega.cpp, isa/mda.cpp: Modernized debug logging. [Edström]
  
• m6801.cpp: Added more logging and reduced unnecessary serial transmit output updates. [Edström]
  
• mc6845.cpp: Added more logging and reduced warning spam at startup when register values are inconsistent. [Edström]
  
• isa/mda.cpp: Added Ericsson Monochrome HR Graphics Board 1070. [Edström]
  
• Moved Ericsson PC from pc.cpp to new source file eispc.cpp and added serial keyboard. [Edström]
  
• hp9825.cpp: Added support for external ROM cartridges to HP9825B and HP9825T. [F.Ulivi]
  
• hp9885.cpp: Added missing postamble when writing sectors on disk. [F.Ulivi]
  
• Lua engine updates: [feos]
  
  • Added callback after a batch of sound samples are generated.
  • Greatly reduced compiler memory usage by adding user type members after construction.
• Always re-generate version.cpp if top-level makefile changes. [feos]
  
• Start AVI recording after devices have been started so initial screen refresh rate is used rather than fixed 60 Hz. [feos]
  
• goldstar.cpp: Decrypted pkrmast and its clone. [Ioannis Bampoulas, Ivan Vangelista]
  
• goldstar.cpp: Decrypted super972. [Ivan Vangelista]
  
• squale.cpp: Connected the EF9365 video controller IRQ output to the 6809 IRQ input for Apollo 7 Squale. [Jean-François DEL NERO]
  
• wd_fdc.cpp: Improved interrupt request reset logic based on WD1772 and VG93 (1793 clone) decaps. [MetalliC]
  
• Fixed clang compilation error on targets where stream size is larger than long int. [Nathan Woods]
  
• model1.cpp: Fixed issues with TGP interface emulation. [O. Galibert]
  
• emumem_het.cpp, emumem_heu.cpp: Hold additional reference for in-flight handlers (fixes MT07456). [O. Galibert, smf]
  
• apple3.cpp: Corrected number row key layout (fixes pasting and natural keyboard mode). [pahandav]
  
• ppcdrc.cpp, sh2.cpp, sh4.cpp: Fixed issues causing fast RAM accesses to bypass the debugger. [Phil Bennett]
  
• tms34020: Implement SETCDP and CLIP opcodes. [Priit Laes]
  
• apple2gs.cpp: Allow slot interrupt requests to be dispatched. [R. Belmont, Peter Ferrie]
  
• apple3.cpp: Suppress $C800 switching on debugger accesses. [R. Belmont, Rob Justice]
  
• osd/sdl: Added support for RRGGBB00 pixel format used by ARM Mali GPUs. [R. Belmont]
  
• fmtowns_cd.xml updates: [r09]
  
  • Replaced a number of entries with better dumps from the redump.org database.
  • Added parent/clone relationships for Windows 3.1 revisions.
  • Updated the list of missing dumps.
• fmtowns.cpp updates: [r09]
  
  • Removed SCSI controller from first-generation models and the Marty as these machines lack it.
  • Corrected CPU types for FM-Towns II SJ and FM-Towns II MX.
  • Corrected user-selectable RAM size options.
  • Mapped packed video RAM at 0x00b00000 for 386SX-based models (fixes graphical issues on FM-Towns II UX and FM-Towns Marty).
  • Configured FM-Towns Marty with one floppy drive and 2 MB of RAM.
  • Fixed crashes when 1 MB ROM or a single floppy drive is selected.
  • Dumped and added ROMs from a first-generation FM-Towns Model 2.
• hcd62121: Implemented exclusive OR with indirect addressing. [Ricardo Barreira]
  
  • Used by cfx9850 for zoom menu in graph mode.
• cfx9850.cpp: Corrected RAM size to 32 kB and added mirroring. [Ricardo Barreira]
  
• super80.cpp, super80_cass.xml: Fine-tuned software compatibility flags. [Robbbert]
  
• Removed unnecessary offset attribute from some software lists. [Robbbert]
  
• trs80dt1: Added RS-232 and Centronics parallel ports, and promoted to working. [Robbbert]
  
• pes.cpp: Modernised and cleaned up code, and fixed regressions caused by years of neglect. [Robbbert]
  
• mkit09.cpp: Improved inputs for mkit09a and got it to start and run. [Robbbert]
  
• Added covers to images that can be displayed in system selection UI. [Robbbert]
  
• imagedev/avivideo.cpp: Added an image device to provide looping uncompressed AVI frames as input. [Ryan Holtz]
  
• vino.cpp: Adapted to support both avivideo_image_device and picture_image_device. [Ryan Holtz]
  
• cdi.cpp: Switched SERVO and SLAVE microcontrollers to use the correct device type with internal memory maps. [Ryan Holtz]
  
• snes.cpp updates:
  
  • Added clock divider for original Super FX chip (fixes game speed in Star Fox, Stunt Race FX, Vortex, and others). [Ryan Holtz]
  • Corrected video RAM size to 64 kB (fixes graphics in Yoshi’s Island and possibly others). [Ryan Holtz, byuu]
  • Fixed PPU background layer drawing based on higan ppu-fast. [Ryan Holtz, byuu]
  • Adjusted horizontal blanking timing interval to the most common case (fixes off-by-one parallax in Yoshi’s Island). [byuu]
• supracan.cpp updates: [Ryan Holtz]
  
  • Implemented sprite-to-sprite masking.
  • Removed sound CPU boot hack and fixed sound CPU reset/halt behavior.
  • Implemented controller input shift register protocol and removed non-existent parallel inputs in main CPU memory space.
  • Removed non-existent player 3 and player 4 inputs.
  • Added save status support and converted logging to use logmacro.h.
• bgfx: Do texture format conversion via a full-screen GPU pass. [Ryan Holtz]
  
• screen: Added support for changing horizontal width mid-frame and hooked it up to the SNES driver. [Ryan Holtz]
  
  • Fixes dkongcu intro and others.
• bus/dmv: Added K012 and C3282 hard disk interfaces. [Sandro Ronco]
  
• netlist: Fixed issue with 1×1 matrix (affected gamemachine.cpp and breakout.cpp systems). [Tafoid]
  
• Converted osd_printf_* family of functions to use util::string_format semantics. [Vas Crabb]
  
• minimaws: Added support for identifying ROM/disk dumps on command line or through web UI. [Vas Crabb]
  
• srcclean: Improved handling of some kinds of C preprocessor abuse. [Vas Crabb]
  
• Improved performance of makedep.py, reducing the time taken to bootstrap a SOURCES= build. [Vas Crabb]
  
• apple2_flop_orig.xml: Replaced Drol with new working dump. [4am, Firehawke]
  
• m72.cpp Dumped 8751 microcontrollers for airduelm72 and dbreedm72j, replacing simulation. [Caius, Jorge Silva, TeamEurope, The Dumping Union]
  
• wardner.cpp: Corrected ROM labels for the Wardner set, and added PCB locations to all sets. [Brian Troha]
  
• playch10.cpp: Corrected BIOS PPU ROM loading. [brizzo]
  
• rbmk.cpp: Decapped and dumped AT89C51 microcontroller for rbspm. [Caps0ff, EdHunter]
  
• lucky37.cpp: Decapped and dumped microcontrollers for lucky21, lucky21d and lucky37. [Caps0ff, TeamEurope]
  
• changyu.cpp: Decapped and dumped microcontroller for changyu2. [Caps0ff, TeamEurope]
  
• lwings.cpp: Measured CPU clock and video timings on an original sectionz PCB. [Corrado Tomaselli]
  
• exedexes.cpp: Measured CPU clocks and video timings, and verified sound chip clocks. [Corrado Tomaselli]
  
• sidepckt.cpp: Corrected ROM labels and added PCB locations. [Corrado Tomaselli, Brian Troha, The Dumping Union]
  
• nmk16.cpp: Re-dumped the tile graphics ROM for Macross II (Korea). [Darksoft, hammy]
  
• chihiro.cpp, naomi.cpp: Improved software documentation, particularly title consistency. [f205v]
  
• Added MIDI floppy software list to some IBM PC drivers. [FakeShemp]
  
• bus/ata: Added skeleton PleXCombo PX-320A DVD/CD-RW Drive device. [Firmware HQ]
  
• gsword.cpp: Measured microcontroller clocks for gsword. [Guru]
  
• dec8.cpp: Verified all clocks for Ghostbusters. [Guru]
  
• lwings.cpp: Measured main CPU clock on a bootleg sectionza PCB. [Guru]
  
• m90.cpp: Updated documentation and IC locations. [hammy]
  
• aristmk5.cpp: Fixed error in cashcatnz layout. [Heihachi_73]
  
• spartanxtec.cpp: Added some IC locations, and added placeholders for undumped PLDs. [jordigahan]
  
• galivan.cpp: Re-dumped dangarj audio CPU ROMs. [Layer]
  
• triforce.cpp: Re-dumped “Triforce DIMM Updater (3.17) (GDT-0011)” to replace previous bad dump. [MajorPBX]
  
• seta.cpp: Switched jjsquawk to use three buttons (third button is used in the sound test). [Mike Moffitt]
  
• Fixed building with GCC versions that report a non-numeric version suffix. [MoochMcGee]
  
• at.cpp updates: [rfka01]
  
  • Added ht12a BIOS option head12a01.
  • Added at386sx BIOS options dell386sx, a3286a3886, ald93c308, intel and v514.
  • Added ct386sx BIOS options m345000, dtk386sx and solutions.
  • Added at386 BIOS options ssbc386at, opwb, 386atj7, vt386vt, l8949, acer310, kmxc02, frx521, frxs3b, 495sx, eemi and topcat.
  • Added alim1429 BIOS options revb, alim142901, alim142902 and asaki.
  • Added frxc402 BIOS option frximp.
  • Added opti495xlc BIOS options op82c495xlc and mao13.
  • Added hot409 BIOS option hot409v11.
  • Sorted systems by chipset and motherboard, and updated comments, including RAM and cache information.
• dec0.cpp: Decapped and dumped the 8751 microcontroller for Dragonninja (Japan revision 1). [TeamEurope, Brian Troha]
  
• karnov.cpp: Verified the Atomic Runner (Japan) 8751 microcontroller dump. [TeamEurope, Brian Troha]
  
• segas16b.cpp: Replaced microcontroller simulation with dumped program for Altered Beast (set 6) (8751 317-0076). [TeamEurope, Brian Troha]
  
• dec8.cpp: Replaced hand-crafted microcontroller program with program dump for The Real Ghostbusters sets. [TeamEurope, Brian Troha, The Dumping Union]
  
• firetrap.cpp: Replaced hand-crafted microcontroller program with program dump for Fire Trap (US). [TeamEurope, Brian Troha, The Dumping Union]
  
• karnov.cpp: Replaced hand-crafted microcontroller program with program dump for Chelnov - Atomic Runner (US). [TeamEurope, Brian Troha, The Dumping Union]
  
• segas16a.cpp: Replaced microcontroller simulation code with program dump for the Quartet sets. [TeamEurope, Brian Troha, The Dumping Union]
  
• segas16b.cpp: Replaced microcontroller simulation with program dump for Dynamite Dux (set 1) (8751 317-0095). [TeamEurope, Brian Troha, The Dumping Unionn]
  
• pc98.xml, svi318_cass.xml: Corrected some spelling errors in titles and labels. [Zoë Blade]
  
• Updated comments, and corrected spelling, grammar and typographical errors in comments and documentation. [Zoë Blade]
  

Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

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Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

• I've worked with global leaders in different industries including the sister company of a Fortune 50 company.
• I’ve ghostwritten for thought leaders including CEOs, CTOs, and Directors for companies like KPMG US (and got their ideas to the first page of Google SERPs).
• I regularly work with tech startups as a content writer and content strategist, helping them build their blog from scratch and develop a brand voice.
• I've also worked as a narrative designer developing storylines and writing scripts for video games.
• I also have a lot of experience working with digital marketing agencies around the globe, delivering compelling copy and engaging content in fields ranging from disruptive technology to business management.

Explore my portfolio!
SERVICES:

• Creative Work / Narrative Design
• Content Strategy + Content Calendar
• eBooks
• Long-form content
• Articles/blog posts
• Website Copy
• Newsletters
• Cover letters
• Ghostwriting
• Editing
• Social Media Posts
• Backlinks/Link Building

Pricing
$0.12 (10 cents) to $0.2 per word
Large project? PM to discuss pricing.
I am a verified merchant on PayPal so all payments are made through PayPal invoices.
eBooks:

• “Hello Again!” An eCommerce Guide to Building Customer Loyalty & Improving Retention
• How to Build a Prototype That Will Wow Investors!

Opinion Pieces

• Blockchain: The Next Generation of the Internet
• How Apple is Changing the Tech World… For the Worse
• The War on Drugs and How it Failed

News

• $4.26 Billion Gone in 6 Months: Dark Side of Cryptocurrency Trading
• Google, Twitter and Facebook Working Together With BBC To Fight Fake News
• 60,000 Medical Records Compromised in EmCare Data Breach​

Technical Content

• Superheroes for hire – secrets of the 10x engineer
• Everything You Need to Know About Title Loans
• ​How to Make Your Website ADA Compliant for 2020
• What is Technical Debt?

Blockchain and AI

• Determining the Role of AI in the Cities of the Future
• Blockchain Use Cases: 8 Ways The World Will Change
• Security, Currency, or Utility? Classifying Cryptocurrencies in 2019
• Every Industry Is Banking On Blockchain Technology
• How to hire a blockchain developer in 2019
• Blockchain Is Changing The Way The World Trades Stocks
• Blockchain Is Set To Revolutionize The Forex Market

Business (Entrepreneurship)

• MVP Without Code: 5 Ways to Create an MVP Without Any Technical Or Coding Knowledge (with Examples)​
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 1
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 2
• SBIR Funding
• Esports Gambling: A $20 Billion Industry
• What It’s Like to Be an M&A Consultant in 2019

Business (Management)

• Paying Employees Under The Table: What You Need to Know
• How PE Firms Multiply Market Share Using A Platform Play
• Transaction to Transformation: How an M&A Can Lead To Digital Transformation
• 20 People Management Skills for Managers
• 8 Most Effective Management Styles
• 7 Strategies to Handle a Lazy Employee
• Strategies for Effective Communication

Marketing

• Marketing B2B Products and Services Like a Video Game
• Traditional Advertising Channels for Restaurants vs. Digital Alternatives
• Start Selling On Your Own Ecommerce Store? Amazon Fulfillment vs. WooCommerce in 2019
• The “Boutique” Epidemic: Is Dropshipping a Viable Strategy?
• Why Getting Website Feedback is Crucial in the Digital Age

Product Review and Comparison

• Product Review: Acer Nitro 5
• 3 Best DOCSIS 3.1 Modems: Which Is The Best Gigabit Modem in 2019?
• DOCSIS 3.1 Modems: Are They Worthwhile?
• What To Check Before Buying Refurbished MacBooks

Automotive Sales Pages

• 2020 Atlas – University Volkswagen
• Audi Seattle – 2020 Audi Q5
• Audi Seattle – 2020 Audi Q3

Technology

• The Future of Self-Driving Cars
• 6 Ways RCS is Being Used By Top Businesses in 2020
• How to Integrate SMS Into Your Business Messaging Strategy in 2020
• Google Assistant App – Helpful Guide: 13 Awesome How To’s

A lot of my work in tech/SaaS niches has been as a ghostwriter. Send me a PM or email for published links.
Video Games

• Game of Life: MDA Framework
• 5 Popular Video Games That Are Actually Educational
• Guide to Implementing GBL Learning

I've also worked as the narrative designer on a number of indie video games. Send me a PM or email for samples.
Health

• Caregivers: Responsibilities and Duties
• Dehydration In The Elderly
• Depression
• Bipolar Disorder

(pm for more on construction, storylines, scripts, advertising, home improvement, etc).
Let's talk business!
The best way to reach me is through email. (I do not use Reddit chat).
You can also get in touch with me with a simple contact form here.
I'd be happy to answer any questions at (I love to talk about my writing process).
[[email protected]](mailto:[email protected]) (or hop on a call with me if you prefer that).
Thank you for reading. I look forward to working with you.
Cheers!

Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

• I've worked with global leaders in different industries including the sister company of a Fortune 50 company.
• I’ve ghostwritten for thought leaders including CEOs, CTOs, and Directors for companies like KPMG US (and got their ideas to the first page of Google SERPs).
• I regularly work with tech startups as a content writer and content strategist, helping them build their blog from scratch and develop a brand voice. Many of these articles are already ranking first just a few months after publication.
• I've also worked as a narrative designer developing storylines and writing scripts for video games.
• I also have a lot of experience working with digital marketing agencies around the globe, delivering compelling copy and engaging content in fields ranging from disruptive technology to business management.

Explore my portfolio!
SERVICES:

• Creative Work / Narrative Design
• Content Strategy + Content Calendar
• eBooks
• Long-form content
• Articles/blog posts
• Website Copy
• Newsletters
• Cover letters
• Ghostwriting
• Editing
• Social Media Posts
• Backlinks/Link Building

Blog Content Pricing
$0.12 to $0.2 per word
Large project? PM to discuss pricing.
I am a verified merchant on PayPal so all payments are made through PayPal invoices.
eBooks:

• “Hello Again!” An eCommerce Guide to Building Customer Loyalty & Improving Retention
• How to Build a Prototype That Will Wow Investors!

Opinion Pieces

• Blockchain: The Next Generation of the Internet
• How Apple is Changing the Tech World… For the Worse
• The War on Drugs and How it Failed

News

• $4.26 Billion Gone in 6 Months: Dark Side of Cryptocurrency Trading
• Google, Twitter and Facebook Working Together With BBC To Fight Fake News
• 60,000 Medical Records Compromised in EmCare Data Breach​

Technical Content

• Superheroes for hire – secrets of the 10x engineer
• Everything You Need to Know About Title Loans
• ​How to Make Your Website ADA Compliant for 2020
• What is Technical Debt?

Blockchain and AI

• Determining the Role of AI in the Cities of the Future
• Blockchain Use Cases: 8 Ways The World Will Change
• Security, Currency, or Utility? Classifying Cryptocurrencies in 2019
• Every Industry Is Banking On Blockchain Technology
• How to hire a blockchain developer in 2019
• Blockchain Is Changing The Way The World Trades Stocks
• Blockchain Is Set To Revolutionize The Forex Market

Business (Entrepreneurship)

• MVP Without Code: 5 Ways to Create an MVP Without Any Technical Or Coding Knowledge (with Examples)​
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 1
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 2
• SBIR Funding
• Esports Gambling: A $20 Billion Industry
• What It’s Like to Be an M&A Consultant in 2019

Business (Management)

• Paying Employees Under The Table: What You Need to Know
• How PE Firms Multiply Market Share Using A Platform Play
• Transaction to Transformation: How an M&A Can Lead To Digital Transformation
• 20 People Management Skills for Managers
• 8 Most Effective Management Styles
• 7 Strategies to Handle a Lazy Employee
• Strategies for Effective Communication

Marketing

• Marketing B2B Products and Services Like a Video Game
• Traditional Advertising Channels for Restaurants vs. Digital Alternatives
• Start Selling On Your Own Ecommerce Store? Amazon Fulfillment vs. WooCommerce in 2019
• The “Boutique” Epidemic: Is Dropshipping a Viable Strategy?
• Why Getting Website Feedback is Crucial in the Digital Age

Product Review and Comparison

• Product Review: Acer Nitro 5
• 3 Best DOCSIS 3.1 Modems: Which Is The Best Gigabit Modem in 2019?
• DOCSIS 3.1 Modems: Are They Worthwhile?
• What To Check Before Buying Refurbished MacBooks

Automotive Sales Pages

• 2020 Atlas – University Volkswagen
• Audi Seattle – 2020 Audi Q5
• Audi Seattle – 2020 Audi Q3

Technology

• The Future of Self-Driving Cars
• 6 Ways RCS is Being Used By Top Businesses in 2020
• How to Integrate SMS Into Your Business Messaging Strategy in 2020
• Google Assistant App – Helpful Guide: 13 Awesome How To’s

A lot of my work in tech/SaaS niches has been as a ghostwriter. Send me a PM or email for published links.
Video Games

• Game of Life: MDA Framework
• 5 Popular Video Games That Are Actually Educational
• Guide to Implementing GBL Learning

I've also worked as the narrative designer on a number of indie video games. Send me a PM or email for samples.
Health

• Caregivers: Responsibilities and Duties
• Dehydration In The Elderly
• Depression
• Bipolar Disorder

(pm for more on construction, storylines, scripts, advertising, home improvement, etc).
Let's talk business!
The best way to reach me is through email. (I do not use Reddit chat).
You can also get in touch with me with a simple contact form here.
I'd be happy to answer any questions at (I love to talk about my writing process).
[[email protected]](mailto:[email protected]) (or hop on a call with me if you prefer that).
Thank you for reading. I look forward to working with you.
Cheers!

Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

• I've worked with global leaders in different industries including the sister company of a Fortune 50 company.
• I’ve ghostwritten for thought leaders including CEOs, CTOs, and Directors for companies like KPMG US (and got their ideas to the first page of Google SERPs).
• I regularly work with tech startups as a content writer and content strategist, helping them build their blog from scratch and develop a brand voice. Many of these articles are already ranking first just a few months after publication.
• I've also worked as a narrative designer developing storylines and writing scripts for video games.
• I also have a lot of experience working with digital marketing agencies around the globe, delivering compelling copy and engaging content in fields ranging from disruptive technology to business management.

Explore my portfolio!
SERVICES:

• Creative Work / Narrative Design
• Content Strategy + Content Calendar
• eBooks
• Long-form content
• Articles/blog posts
• Website Copy
• Newsletters
• Cover letters
• Ghostwriting
• Editing
• Social Media Posts
• Backlinks/Link Building

Pricing
$0.12 (10 cents) to $0.2 per word
Large project? PM to discuss pricing.
I am a verified merchant on PayPal so all payments are made through PayPal invoices.
eBooks:

• “Hello Again!” An eCommerce Guide to Building Customer Loyalty & Improving Retention
• How to Build a Prototype That Will Wow Investors!

Opinion Pieces

• Blockchain: The Next Generation of the Internet
• How Apple is Changing the Tech World… For the Worse
• The War on Drugs and How it Failed

News

• $4.26 Billion Gone in 6 Months: Dark Side of Cryptocurrency Trading
• Google, Twitter and Facebook Working Together With BBC To Fight Fake News
• 60,000 Medical Records Compromised in EmCare Data Breach​

Technical Content

• Superheroes for hire – secrets of the 10x engineer
• Everything You Need to Know About Title Loans
• ​How to Make Your Website ADA Compliant for 2020
• What is Technical Debt?

Blockchain and AI

• Determining the Role of AI in the Cities of the Future
• Blockchain Use Cases: 8 Ways The World Will Change
• Security, Currency, or Utility? Classifying Cryptocurrencies in 2019
• Every Industry Is Banking On Blockchain Technology
• How to hire a blockchain developer in 2019
• Blockchain Is Changing The Way The World Trades Stocks
• Blockchain Is Set To Revolutionize The Forex Market

Business (Entrepreneurship)

• MVP Without Code: 5 Ways to Create an MVP Without Any Technical Or Coding Knowledge (with Examples)​
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 1
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 2
• SBIR Funding
• Esports Gambling: A $20 Billion Industry
• What It’s Like to Be an M&A Consultant in 2019

Business (Management)

• Paying Employees Under The Table: What You Need to Know
• How PE Firms Multiply Market Share Using A Platform Play
• Transaction to Transformation: How an M&A Can Lead To Digital Transformation
• 20 People Management Skills for Managers
• 8 Most Effective Management Styles
• 7 Strategies to Handle a Lazy Employee
• Strategies for Effective Communication

Marketing

• Marketing B2B Products and Services Like a Video Game
• Traditional Advertising Channels for Restaurants vs. Digital Alternatives
• Start Selling On Your Own Ecommerce Store? Amazon Fulfillment vs. WooCommerce in 2019
• The “Boutique” Epidemic: Is Dropshipping a Viable Strategy?
• Why Getting Website Feedback is Crucial in the Digital Age

Product Review and Comparison

• Product Review: Acer Nitro 5
• 3 Best DOCSIS 3.1 Modems: Which Is The Best Gigabit Modem in 2019?
• DOCSIS 3.1 Modems: Are They Worthwhile?
• What To Check Before Buying Refurbished MacBooks

Automotive Sales Pages

• 2020 Atlas – University Volkswagen
• Audi Seattle – 2020 Audi Q5
• Audi Seattle – 2020 Audi Q3

Technology

• The Future of Self-Driving Cars
• 6 Ways RCS is Being Used By Top Businesses in 2020
• How to Integrate SMS Into Your Business Messaging Strategy in 2020
• Google Assistant App – Helpful Guide: 13 Awesome How To’s

A lot of my work in tech/SaaS niches has been as a ghostwriter. Send me a PM or email for published links.
Video Games

• Game of Life: MDA Framework
• 5 Popular Video Games That Are Actually Educational
• Guide to Implementing GBL Learning

I've also worked as the narrative designer on a number of indie video games. Send me a PM or email for samples.
Health

• Caregivers: Responsibilities and Duties
• Dehydration In The Elderly
• Depression
• Bipolar Disorder

(pm for more on construction, storylines, scripts, advertising, home improvement, etc).
Let's talk business!
The best way to reach me is through email. (I do not use Reddit chat).
You can also get in touch with me with a simple contact form here.
I'd be happy to answer any questions at (I love to talk about my writing process).
[[email protected]](mailto:[email protected]) (or hop on a call with me if you prefer that).
Thank you for reading. I look forward to working with you.
Cheers!

Hi, TheWriterMan here! 👋 I am a freelance content writer with a background in content marketing and business management. I've been writing for four years now and during my time working as a full-time writer I’ve done almost every kind of writing imaginable in the digital age.

• I've worked with global leaders in different industries including the sister company of a Fortune 50 company.
• I’ve ghostwritten for thought leaders including CEOs, CTOs, and Directors for companies like KPMG US (and got their ideas to the first page of Google SERPs).
• I regularly work with tech startups as a content writer and content strategist, helping them build their blog from scratch and develop a brand voice. Many of these articles are already ranking first just a few months after publication.
• I've also worked as a narrative designer developing storylines and writing scripts for video games.
• I also have a lot of experience working with digital marketing agencies around the globe, delivering compelling copy and engaging content in fields ranging from disruptive technology to business management.

Explore my portfolio!
SERVICES:

• Creative Work / Narrative Design
• Content Strategy + Content Calendar
• eBooks
• Long-form content
• Articles/blog posts
• Website Copy
• Newsletters
• Cover letters
• Ghostwriting
• Editing
• Social Media Posts
• Backlinks/Link Building

Pricing
$0.12 to $0.2 per word
Large project? PM to discuss pricing.
I am a verified merchant on PayPal so all payments are made through PayPal invoices.
eBooks:

• “Hello Again!” An eCommerce Guide to Building Customer Loyalty & Improving Retention
• How to Build a Prototype That Will Wow Investors!

Opinion Pieces

• Blockchain: The Next Generation of the Internet
• How Apple is Changing the Tech World… For the Worse
• The War on Drugs and How it Failed

News

• $4.26 Billion Gone in 6 Months: Dark Side of Cryptocurrency Trading
• Google, Twitter and Facebook Working Together With BBC To Fight Fake News
• 60,000 Medical Records Compromised in EmCare Data Breach​

Technical Content

• Superheroes for hire – secrets of the 10x engineer
• Everything You Need to Know About Title Loans
• ​How to Make Your Website ADA Compliant for 2020
• What is Technical Debt?

Blockchain and AI

• Determining the Role of AI in the Cities of the Future
• Blockchain Use Cases: 8 Ways The World Will Change
• Security, Currency, or Utility? Classifying Cryptocurrencies in 2019
• Every Industry Is Banking On Blockchain Technology
• How to hire a blockchain developer in 2019
• Blockchain Is Changing The Way The World Trades Stocks
• Blockchain Is Set To Revolutionize The Forex Market

Business (Entrepreneurship)

• MVP Without Code: 5 Ways to Create an MVP Without Any Technical Or Coding Knowledge (with Examples)​
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 1
• The Definitive Guide of Mergers & Acquisitions in 2019: Part 2
• SBIR Funding
• Esports Gambling: A $20 Billion Industry
• What It’s Like to Be an M&A Consultant in 2019

Business (Management)

• Paying Employees Under The Table: What You Need to Know
• How PE Firms Multiply Market Share Using A Platform Play
• Transaction to Transformation: How an M&A Can Lead To Digital Transformation
• 20 People Management Skills for Managers
• 8 Most Effective Management Styles
• 7 Strategies to Handle a Lazy Employee
• Strategies for Effective Communication

Marketing

• Marketing B2B Products and Services Like a Video Game
• Traditional Advertising Channels for Restaurants vs. Digital Alternatives
• Start Selling On Your Own Ecommerce Store? Amazon Fulfillment vs. WooCommerce in 2019
• The “Boutique” Epidemic: Is Dropshipping a Viable Strategy?
• Why Getting Website Feedback is Crucial in the Digital Age

Product Review and Comparison

• Product Review: Acer Nitro 5
• 3 Best DOCSIS 3.1 Modems: Which Is The Best Gigabit Modem in 2019?
• DOCSIS 3.1 Modems: Are They Worthwhile?
• What To Check Before Buying Refurbished MacBooks

Automotive Sales Pages

• 2020 Atlas – University Volkswagen
• Audi Seattle – 2020 Audi Q5
• Audi Seattle – 2020 Audi Q3

Technology

• The Future of Self-Driving Cars
• 6 Ways RCS is Being Used By Top Businesses in 2020
• How to Integrate SMS Into Your Business Messaging Strategy in 2020
• Google Assistant App – Helpful Guide: 13 Awesome How To’s

A lot of my work in tech/SaaS niches has been as a ghostwriter. Send me a PM or email for published links.
Video Games

• Game of Life: MDA Framework
• 5 Popular Video Games That Are Actually Educational
• Guide to Implementing GBL Learning

I've also worked as the narrative designer on a number of indie video games. Send me a PM or email for samples.
Health

• Caregivers: Responsibilities and Duties
• Dehydration In The Elderly
• Depression
• Bipolar Disorder

(pm for more on construction, storylines, scripts, advertising, home improvement, etc).
Let's talk business!
The best way to reach me is through email. (I do not use Reddit chat).
You can also get in touch with me with a simple contact form here.
I'd be happy to answer any questions at (I love to talk about my writing process).
[[email protected]](mailto:[email protected]) (or hop on a call with me if you prefer that).
Thank you for reading. I look forward to working with you.
Cheers!