George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPOL.L Regulatory News (POL)

  • There is currently no data for POL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Hibiscus Petroleum - Investment Update

16 Jan 2019 15:56

RNS Number : 3019N
Polo Resources Limited
16 January 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.

 

16 January 2019

 

 

 

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 8.75% investee company Hibiscus Petroleum Berhad ("Hibiscus") has announced a summary of the reserves and contingent resources prepared by RISC Advisory Pty Ltd ("RISC") in respect of the Barton, St Joseph, South Furious and SF 30 oil fields in the North Sabah PSC, offshore Sabah, Malaysia ("North Sabah Fields") ("Reserves Report").

 

Hibiscus' indirect wholly-owned subsidiary, SEA Hibiscus Sdn Bhd ("SEAH"), had on 1 November 2018, appointed RISC to undertake an independent audit and provide an assessment of the reserves and contingent resources within the North Sabah Fields.

 

SEAH holds 50% participating interests in the North Sabah PSC and is the operator of the North Sabah Fields. PETRONAS Carigali Sdn Bhd holds the remaining participating interests in the North Sabah PSC.

 

As of 31 December 2018, the gross proved plus probable reserves ("2P Reserves") and the gross contingent resources ("2C Resources") of oil in the North Sabah Fields were estimated to be 55.3 million stock tank barrels ("MMstb") and 85.7 MMstb respectively. (On 12 October 2016, Hibiscus Petroleum had disclosed gross 2P Reserves and gross 2C Resources as of 1 January 2016 of 62 MMstb and 79 MMstb respectively, derived by independent technical valuer, RISC Operations Pty Ltd ("Previous Announcement")).

 

 

Gross 2P Reserves (MMstb)

Reserves Evaluation Date

Increase in 2P Reserves (MMstb)

Gross 2C Resources (MMstb)

Increase in 2C Resources (MMstb)

Previous Announcement

62

1 January 2016

79

Less: Total estimated production from January 2016 - December 2018*

(16.6)

45.4

Reserves Report

55.3

31 December 2018

9.9

85.7

6.7

 

Note:

* Includes production estimates for December 2018

RISC is an independent oil and gas consultancy specialising in reserve and resource evaluation, field development and valuation, technical advice and due diligence.

 

RISC has reviewed the reserves/ resources within the North Sabah Fields in accordance with the Society of Petroleum Engineers' internationally recognised Petroleum Resource Management System (SPE-PRMS), and applied economic cut-offs.

 

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, Jane Lenton, Fergus Cowan

+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 Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDKMGMMKVDGLZM
Date   Source Headline
29th Sep 20205:30 pmRNSPolo Resources
29th Sep 20209:05 amRNSAIM Delisting
28th Sep 20201:30 pmRNSHolding(s) in Company
11th Sep 202012:51 pmRNSCelamin Holdings Ltd - Investment Update
9th Sep 202012:24 pmRNSPortfolio Update
3rd Sep 20203:18 pmRNSHibiscus Petroleum - Investment Update
1st Sep 20207:30 amRNSSuspension - Polo Resources Limited
1st Sep 20207:00 amRNSResignation of Nominated Adviser and Broker
26th Aug 20207:00 amRNSANDINA GOLD - INVESTMENT UPDATE
24th Aug 20204:31 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
21st Aug 20207:30 amRNSResult of Adjourned AGM
17th Aug 20204:40 pmRNSSecond Price Monitoring Extn
17th Aug 20204:35 pmRNSPrice Monitoring Extension
31st Jul 20205:26 pmRNSNotice Reconvening Adjourned AGM
31st Jul 20205:25 pmRNSResignation of Nominated Adviser
4th May 20202:20 pmRNSHIBISCUS PETROLEUM – INVESTMENT UPDATE
16th Apr 202011:40 amRNSHolding(s) in Company
16th Apr 202011:35 amRNSHolding(s) in Company
16th Apr 202011:30 amRNSHolding(s) in Company
15th Apr 202010:20 amRNSHolding(s) in Company
7th Apr 20205:30 pmRNSUpdate re GCM and other matters
30th Mar 202010:30 amRNSInterim Results for the Six Months Ended 31 Dec 19
11th Mar 20208:00 amRNSHIBISCUS PETROLEUM – INVESTMENT UPDATE
26th Feb 20207:00 amRNSHIBISCUS PETROLEUM – INVESTMENT UPDATE
21st Feb 20204:01 pmRNSUpdate re admission of GCM Consideration Shares
21st Feb 20204:00 pmRNSAdjourned AGM, Phronimos Capital and other matters
12th Feb 20207:45 amRNSUpdate re Admission of GCM Consideration Shares
6th Feb 20208:53 amRNSPOLO INCREASES INTEREST IN GCM
30th Jan 20203:00 pmRNSHolding(s) in Company
21st Jan 20205:14 pmRNSResult of AGM
31st Dec 20197:00 amRNSNotice of AGM
30th Dec 20193:15 pmRNSHolding(s) in Company
20th Dec 20194:07 pmRNSRESULTS FOR THE YEAR ENDED 30 JUNE 2019
19th Dec 201912:35 pmRNSCELAMIN HOLDINGS LTD - INVESTMENT UPDATE
12th Dec 20193:02 pmRNSHibiscus Petroleum - Investment Update
21st Nov 20194:38 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
7th Oct 20192:51 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
23rd Sep 20198:15 amRNSCELAMIN HOLDINGS LTD - INVESTMENT UPDATE
16th Sep 20197:00 amRNSNIMINI GOLD HOLDINGS - INVESTMENT UPDATE
20th Aug 20194:45 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
20th Aug 201910:14 amRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
24th Jul 20191:08 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
17th Jul 20192:13 pmRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
19th Jun 20195:30 pmRNSCELAMIN HOLDINGS LTD - INVESTMENT UPDATE
7th May 20197:00 amRNSHIBISCUS PETROLEUM - INVESTMENT UPDATE
10th Apr 20197:35 amRNSCELAMIN HOLDINGS LTD - INVESTMENT UPDATE
5th Apr 20199:06 amRNSCELAMIN HOLDINGS LTD - INVESTMENT UPDATE
29th Mar 20198:39 amRNSInterim Results for the Six Months Ended Dec 2018
15th Mar 20198:13 amRNSGCM Resources PLC - Investment Update
7th Mar 20197:34 amRNSCelamin Holdings NL - Investment Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.