Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (3096Z)
30 August 2018 - 11:41PM
UK Regulatory
TIDMPOL
RNS Number : 3096Z
Polo Resources Limited
30 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.
30 August 2018
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Newly Acquired North Sabah Asset Lifts Hibiscus Petroleum's
FY2018 Profit After Tax to RM203.7M (USD49.55M)
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its 8.75% investee company
Hibiscus Petroleum Berhad (HIBI:MK) ("Hibiscus Petroleum") has
announced it has recorded a tenth consecutive quarter profitability
for the fourth financial quarter ended 30 June 2018 ("4Q2018").
Fair value gains from its newly acquired North Sabah asset also
lifted full year ("FY2018") Group profit after tax ("PAT") by 92%
to RM203.7 million (USD49.55M) (FY2017: RM106.1 million(
USD25.82M)) (and earnings before interest, taxes, depreciation and
amortisation ("EBITDA") by 114% to RM334.1 million (USD81.30M)
(FY2017: RM156.5 million (USD38.08M)), respectively.
For 4Q2018 the Group's PAT increased sharply to RM98.8 million
(USD24.04M) (4Q2017: RM8.7 million (USD2.12M)) whilst EBITDA
increased to RM177.2 (USD43.12M) (4Q2017: RM49.0 million
(USD11.92M)) due to the fair value gain upon completion on 31 March
2018 of the acquisition of a 50% interest in the 2011 North Sabah
Enhanced Oil Recovery Production Sharing Contract ("North Sabah")
as well as earnings from its crude oil production at the Anasuria
Cluster in the North Sea off the United Kingdom.
Earnings Per Share ("EPS") for FY2018 on a fully diluted basis
increased to 12.48 sen compared to 7.51 sen in FY2017. The Group
remains debt-free with a cash balance of RM122.1 million ringgit
(USD29.71M) as at 30 June 2018.
Commenting on the results, Hibiscus Petroleum's Managing
Director, Dr Kenneth Pereira, said, "We are pleased to have
completed and begun recognising the financial performance of our
50% interest in the North Sabah asset. Thus, we now have two assets
which are delivering positive cash flows amidst a backdrop of
strengthening oil prices.
Having completed the North Sabah transaction as planned, our
focus will be on integration of the North Sabah operations into
existing work processes and performance-based operating culture
with a view to lowering average unit production costs over the
medium term. We intend to ramp up planned maintenance activities
over the next two quarters and commence development projects in
2019.
At the Anasuria Cluster we have identified several drilling
opportunities for 2019 and 2020 and will continue to pursue
enhanced uptime and production rates as part of our strategy to
achieve average production of 5,000 barrels per day by FY2020
compared to approximately 3,000 barrels of oil equivalent per day
in FY2018. As announced on 23 August 2018, the proven and probable
(2P) oil reserves base of our Anasuria asset have been materially
upgraded by an independent expert, demonstrating our efforts to add
long-term value.
Our FY2018 performance provides a strong foundation to further
enhance stakeholder value in FY2019 and beyond."
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.
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contact rns@lseg.com or visit www.rns.com.
END
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