Polo Resources Ltd - Sandton, South Africa-based investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium - Notes that 8.8% investee company Hibiscus Petroleum Berhad's asset acquisition plans accelerated as the outlook for the oil and gas market improves. Hibiscus sees acquisition opportunities for good-value and high-quality producing assets, and will focus on assets with strong production potential coupled with cost optimisation. Hibiscus met its full year production target of 3.2 million barrels of crude oil. Hibiscus revenue for 2020 financial year ended June 30 at USD154.81 million. Earnings before interest, tax, depreciation and amortisation were at USD51.08 million.
Current stock price: 1.25
Year-to-date change: down 68%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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