Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. 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

17 Jul 2019 14:13

RNS Number : 8741F
Polo Resources Limited
17 July 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.

 

17 July 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 that its indirect whollyowned subsidiary, Anasuria Hibiscus UK Limited ("AHUK"), has entered into a conditional nonbinding term sheet to acquire License P2366, from United Oil & Gas PLC ("United") and Swift Exploration Limited ("Swift") ("collectively referred to as "Sellers") for a total cash consideration of up to USD5 million.

 

The Blocks are located offshore in the United Kingdom sector of the North Sea, approximately 250km northeast of Aberdeen. The Blocks include the Crown Discovery, which based on information provided by United, consists of 2C contingent resources of 8 million barrels of oil and 6 billion cubic feet of associated gas. The Blocks are located 12km southeast of Marigold field, which together with the Sunflower field, was acquired by AHUK in October 2018.

 

United and Swift were awarded License P2366 as part of the United Kingdom's Oil and Gas Authority's ("OGA") 30th Licencing Round, in August 2018, and they each hold 95% and 5% participating interest respectively.

 

The payment terms of the proposed acquisition would commence with a nonrefundable payment of USD1 million to the Sellers upon completion of the Sale and Purchase Agreement ("SPA"). Subject to further milestones being achieved post SPA completion, an additional sum of up to USD3 million will be paid before the end of 2020. A further USD1 million will be paid once the field is on production. In the unlikely event that AHUK decides not to make the postcompletion payments, Licence P2366 will return to the Sellers. The proposed consideration was arrived at on a similar basis to the consideration paid for the Marigold and Sunflower fields as they are seen as being additive to the existing Marigold and Sunflower development.

 

The proposed acquisition of License P2366 is subject to, amongst others, completion of satisfactory due diligence and receipt of OGA's approval.

 

In addition to its 50% operated interest in Licence P198 blocks 15/13a and 15/13b containing the Marigold and Sunflower oilfields respectively, AHUK also holds 50% jointoperating interests in the P013 licence consisting of the Teal, Teal South and Guillemot A fields, as well as 19.3% nonoperating interest in the P185 licence consisting of the Cook field. The Teal, Teal South, Guillemot A and Cook fields which produce oil and gas to the Anasuria Floating production storage and offloading facility ("Anasuria FPSO") are collectively known as the Anasuria Cluster. The Anasuria Cluster is located offshore in the United Kingdom sector of North Sea.

 

About United Oil & Gas PLC

 

United Oil & Gas PLC is an independent oil & gas startup established in 2015. It is listed on the AIM market of the London Stock Exchange.

 

About Swift Exploration Limited

 

Swift Exploration Limited is a private oil and gas exploration company formed in 2003. It focuses on developing exploration and production opportunities in the North Sea and the UK onshore for farmout/ sale.

 

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.

 

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
 
 
UPDMMGMNFNMGLZM
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.