Polo Resources Limited Hibiscus Petroleum - Investment Update (3019N)
16 Enero 2019 - 9:56AM
UK Regulatory
TIDMPOL
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 Increase Gross 2C Increase
Reserves Evaluation in 2P Reserves Resources in 2C Resources
(MMstb) Date (MMstb) (MMstb) (MMstb)
---------- ------------ ---------------- -----------
Previous 1 January
Announcement 62 2016 79
Less: Total
estimated
production
from January
2016 - December
2018* (16.6)
----------
45.4
Reserves 31 December
Report 55.3 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
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