Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (6882J)
21 August 2019 - 1:45AM
UK Regulatory
TIDMPOL
RNS Number : 6882J
Polo Resources Limited
20 August 2019
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.
20 August 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus Petroleum Announces Significant Growth in Financial
Results
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 ("Hibiscus" or the "Group") has announced
today that for the Financial Year ended 30 June 2019 ("FY2019"),
the Group's profit after tax ("PAT") rose by 13% to RM230.0 million
(USD55 million) (FY2018: RM203.7 million (USD48.7 million)) while
earnings before interest, taxes, depreciation and amortisation
("EBITDA") rose by 64% to RM549.4 million (USD131.4 million)
(FY2018: RM334.1 million (USD79.9 million). The significant
improvement in overall Group performance compared to FY2018 was
attributable to the contribution from the Malaysian North Sabah
asset. This was the first full year that the Malaysian asset was
under the Group's operatorship. In addition, there was higher
overall production from the Anasuria Cluster in the United Kingdom
("UK").
For FY2019, the Group sold approximately 3.3 million barrels
("bbls") of crude oil across both assets with five offtakes from
the Anasuria Cluster, and a further seven offtakes from North
Sabah. This exceeded a previously disclosed target of delivering
2.7--3.0 million bbls for FY2019.
The Group remains debt--free with an unrestricted cash balance
of RM206.7 million (USD49.4 million) as at 30 June 2019. The
following table summarises the key financial highlights of the
Group:
(Figures are subject to rounding. In millions, unless stated
otherwise.)
FY2019 vs FY2018
---------------------------------------
30 Jun. 2019 30 Jun. 2018 Change
-------------- -------------- -------
Revenue RM 988.3 RM 394.3 151%
EBITDA* RM 549.4 RM 334.1 64%
PBT* RM 391.5 RM 244.5 60%
PAT* RM 230.0 RM 203.7 13%
EPS (diluted)** 14.48 sen 12.48 sen 16%
* FY2018 includes a fair value gain of RM206.3 million upon
completion of the North Sabah acquisition.
** EPS - Earnings per share.
Hibiscus also announced that a Dividend Policy has been
established through which the company may issue dividend payments
to reward shareholders for their continuous support. The Dividend
Policy, which describes the company's present intention and the
various considerations that are required to declare any dividends,
can be found on the company's website
(https://www.hibiscuspetroleum.com/dividendpolicy/).
Commenting on the outlook for the Group, Hibiscus Petroleum's
Managing Director, Dr Kenneth Pereira, said, "Our asset teams from
both North Sabah and the Anasuria Cluster are progressing through
an exciting capital expenditure programme to drill a total of nine
wells in the 2019 calendar year; two wells in the UK and a further
seven in Malaysia. Earlier today, we announced the results of the
St Joseph Infill Drilling project. At St Joseph, we drilled three
oil producers which are delivering approximately 3,200 barrels of
oil per day*, exceeding pre--drill estimates. This is consistent
with our mission to enhance the Group's net production rate to
20,000 barrels of oil per day by 2021. Additionally, we have
commenced the evaluation of options to develop the Marigold and
Sunflower discovered oilfields in the UK, which hold significant
potential to drive future earnings growth. We look forward to
safely delivering all our projects and enhancing value for our
shareholders."
*Subject to PETRONAS approval
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
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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END
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