Polo Resources Limited Hibiscus Petroleum - Investment Update (3682E)
17 October 2018 - 11:27PM
UK Regulatory
TIDMPOL
RNS Number : 3682E
Polo Resources Limited
17 October 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.
17 October 2018
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Further to the announcement made on 9 October 2018, 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 report that its 8.75% investee company
Hibiscus Petroleum Berhad (HIBI:MK) ("Hibiscus") has announced that
on 16 October 2018, the conditions precedent to the sale and
purchase agreement ("SPA") in respect of the Proposed Acquisition
by Anasuria Hibiscus UK ("AHUK"), an indirect wholly-owned
subsidiary of Hibiscus, of a 50% interest in the UK Continental
Shelf Petroleum Production Licence No. P.198 Block 15/13a and Block
15/13b in the UK Central North Sea have been fulfilled, save for
the written consent of the Oil & Gas Authority, UK ("OGA") for
the transfer of operatorship to AHUK which has been waived ("OGA
Consent"). This OGA Consent is now a post-completion event. It is
contemplated that AHUK will assume operatorship of the Blocks upon
approval from the OGA.
In conjunction with the above, the SPA has become
unconditional.
Pursuant to payment of the Purchase Consideration of USD37.5
million in cash from internally generated funds, the Proposed
Acquisition was completed on 16 October 2018.
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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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