Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (8332F)
February 23 2018 - 10:26AM
UK Regulatory
TIDMPOL
RNS Number : 8332F
Polo Resources Limited
23 February 2018
23 February 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, notes that its investee company,
Hibiscus Petroleum Berhad ("Hibiscus") has announced its update for
the six months ended 31 December 2017 ("1H2018"). Hibiscus reports
that adjusted 1H2108 profit after tax rose 125% to RM21.8 million
(USD5.58 million) from RM9.7 million (USD2.48 million) in the six
months ended 31 December 2016. The 1H2018 profit after tax growth
was driven by higher oil prices achieved from crude oil sold during
the period. Hibiscus also reports that it has delivered eight
consecutive quarters of profitability since it acquired the
Anasuria Cluster in the North Sea, its first producing asset,
almost two years ago.
Hibiscus reports that it has executed extensive planned
maintenance at the Anasuria asset which it believes should place it
a good position going forward, provided oil prices remain at
current favourable levels. Hibiscus is now focusing on the drilling
of the GUA-P2 side-track well by the end of June 2018 which will
unlock 1.01 million barrels from our current 29.2 million barrels
2P reserves and move Hibiscus closer to its target of achieving
5,000 barrels of oil per day by 2020 from the Anasuria Cluster.
Hibiscus is also working towards the completion of the North
Sabah acquisition by 31 March 2018, which will represent a
significant milestone and introduce a second cash generating
business segment to the company.
The full details of these announcements can be found at
www.hibiscuspetroleum.com.
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.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Tim Blythe, Nick Elwes,
Camilla Horsfall +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 company news service from the London Stock Exchange
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