Polo Resources Limited HIBISCUS PETROLEUM -- INVESTMENT UPDATE (1130E)
February 26 2020 - 2:00AM
UK Regulatory
TIDMPOL
RNS Number : 1130E
Polo Resources Limited
26 February 2020
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.
26 February 2020
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus Petroleum Encouraged by New Oil Production from North
Sabah Fields
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") has announced today a
Corporate and Business Update (the "Update") outlining the Group's
targets and initiatives as well as operational updates in
conjunction with the release of its quarterly financial results for
the period ended 31 December 2019 ("2Q FY2020").
In the Update, the Group was pleased to report that average
gross oil production from its North Sabah asset improved by
approximately 20% compared to the previous financial quarter. This
additional oil production was delivered through infill drilling
projects carried out as part of an aggressive production
enhancement programme executed in calendar year 2019 ("CY2019").
This programme involved drilling a total of nine wells in Malaysia
and the United Kingdom and demonstrated Hibiscus Petroleum's
commitment towards growing its business in these areas.
With the current and future enhancement projects across both
North Sabah and Anasuria assets, together with potential production
from existing developments or new acquisitions, the Group aims to
achieve its 2021 Mission of 20,000 barrels ("bbls") of oil
production per day.
For its 2Q FY2020 results, the Group announced Revenue of
RM271.8m (USD64.2m) and a PAT of RM51.2m (USD12.09m), from the sale
of 921,156 barrels of oil. EBITDA for the period was RM142.3m
(USD33.61m) with a strong EBITDA margin of 52.4%. Barring
unforeseen circumstances, the Group remains on track to deliver
between 3.3 to 3.5 million bbls of oil in FY2020.
The Group also reported an unrestricted cash balance of RM87.2
million (USD20.6 million) and was debt-free as of 31 December 2019.
Commenting on the outlook for the Group, Managing Director, Dr
Kenneth Pereira, said, "The increased production from our North
Sabah asset is testament to work the Group has put in together with
our JV partner Petronas Carigali, and keeps us on track towards
achieving our 2021 Mission. Further plans are being finalised to
drill additional wells in North Sabah as part of our CY2020
production enhancement projects. We will also continue to position
ourselves for high-quality acquisitions in our areas of geographic
focus and look forward to the potential growth they may bring."
The full details of these announcements together with a Podcast
explaining the latest financial results and corporate strategy 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
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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