Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (9348Y)
28 August 2018 - 4:01PM
UK Regulatory
TIDMPOL
RNS Number : 9348Y
Polo Resources Limited
28 August 2018
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
28 August 2018
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, is pleased to announce that its 8.75%
investee company Hibiscus Petroleum Berhad (HIBI:MK) ("Hibiscus
Petroleum") has reported that the estimated proved plus probable
reserves ("2P Reserves") of oil and gas of the Anasuria Cluster,
its asset in the North Sea off the United Kingdom, net to its
wholly owned subsidiary Anasuria Hibiscus UK Limited ("AHUK"),
stood at 24.4 million barrels ("mmbbls") and 17.5 billion standard
cubic feet ("bscf"), respectively, as of 1 July 2018.
The update, based on a reserves report ("Reserves Report")
issued by LEAP ENERGY Partners Sdn Bhd ("LEAP ENERGY") which was
commissioned to undertake an independent evaluation of in-place and
recoverable hydrocarbons, represents a net increase of 4.2 mmbbls
or 20.8% compared to 20.2 mmbbls projected by RPS Energy
Consultants Limited ("RPS Energy") as of 1 March 2016, after
factoring AHUK's production to date at the asset.
AHUK has produced approximately 2.5 mmbbls of oil during the
period since the acquisition of its interest in the Anasuria
Cluster.
Table 1: 2P Oil Reserves (mmbbls) movement of AHUK since the
acquisition of the Anasuria Cluster.
Reserves Report Period Start Reserves Produced Added Period Reserves
Date at Start End Date at End
RPS Energy
(June 2016 1.03.2016 20.2 2.5 6.7 30.06.2018 24.4
-------------- ---------- --------- ------ ----------- ---------
LEAP ENERGY 1.07.2018 24.4 n.a n.a n.a n.a
(August 2018)
-------------- ---------- --------- ------ ----------- ---------
LEAP ENERGY, which also performed an economic valuation of
AHUK's oil and gas reserves in the Anasuria Cluster, has estimated
that the 2P Reserves net to AHUK as at 1 July 2018 are valued at
USD401 million (versus 2P Reserves valuation by RPS Energy in June
2016 of USD208 million).
Commenting on the results of the Reserves Report, Hibiscus
Petroleum's Managing Director, Dr Kenneth Pereira, said, "We are
pleased with the increase in the 2P Reserves estimates in the
Anasuria Cluster by an independent Competent Person. This
demonstrates that our efforts to extend the life of the Anasuria
Cluster and unlock value from our assets are on the right
track."
The Anasuria Cluster consists of the Teal, Teal South, Guillemot
and Cook fields which produce to the Anasuria Floating, Production,
Storage and Offloading vessel. The Anasuria Cluster is located
offshore in the United Kingdom sector of North Sea. AHUK holds 50%
joint-operating interests in the Teal, Teal South and Guillemot
fields, as well as 19.3% non-operating interest in the Cook
field.
The full details of this announcement can be found at
http://www.hibiscuspetroleum.com/.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
Blytheweigh (Public relations)
- Julia Tilley, Simon Woods +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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