Polo Resources Limited Hibiscus Petroleum - Investment Update (5205Q)
19 Febrero 2019 - 9:08AM
UK Regulatory
TIDMPOL
RNS Number : 5205Q
Polo Resources Limited
19 February 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.
19 February 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Strong Operational Performance Underpins Positive Financial
Results
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 that for
the quarter ended 31 December 2018 ("2Q2019"), the Group's profit
after tax ("PAT") rose by 354% to RM50.1 million (USD12.26 million)
(2Q2018: RM11.0 million (USD2.69 million)) while earnings before
interest, taxes, depreciation and amortisation ("EBITDA") rose by
245% to RM98.0 million (USD23.99 million) (2Q2018: RM28.4 million
(USD 6.95 million)). The significant improvement in overall
performance was attributable to the additional contribution from
the recently acquired Malaysian North Sabah assets, and the
achievement of higher production efficiency from the Anasuria
Cluster in the United Kingdom ("UK").
In 2Q2019, a total of approximately 568 thousand barrels
("bbls") of crude oil were sold. This consists of about 274
thousand bbls from Anasuria sold at an average realised oil price
of USD58.08 per bbl, and approximately 294 thousand bbls of oil
from the North Sabah PSC sold at an average realised oil price of
USD71.30 per bbl.
Earnings Per Share ("EPS") for 2Q2019 on a fully diluted basis
increased to 2.63 sen compared to 0.72 sen in 2Q2018. The Group
remains debt-free with a cash balance of RM203.8 million (USD49.88
million) as at 31 December 2018.
The following table summarises the key financial highlights of
the Group:
(Stated in millions. Figures are subject to rounding.)
2Q 2019 vs. 2Q 2018 1H 2019 vs 1H 2018
-----------------------------
31 Dec. 30 Dec. Change 31 Dec. 30 Dec. Change
2018 2017 2018 2017
---------- --------- --------- --------- -------
Revenue RM 165.2 RM 76.1 117% RM 525.1 RM 134.3 291%
EBITDA RM 98.0 RM 28.4 245% RM 307.2 RM 57.2 437%
PBT RM 51.9 RM 13.1 296% RM 217.1 RM 22.8 852%
PAT RM 50.1 RM 11.0 354% RM 150.1 RM 21.8 589%
Approximately 1.7 million bbls of crude oil across both assets
have been sold in the first two quarters of the financial year
ending 30th June 2019 ("FY2019"). The Group hopes to maintain
current production momentum to deliver on its target of between 2.7
and 3.0 million bbls of oil from the Group's two producing assets
in FY2019.
Commenting on the outlook for the Group, Hibiscus Petroleum's
Managing Director, Dr Kenneth Pereira, said, "The Group's total net
oil production rate is approximately 8,850 barrels per day from two
producing assets. Our asset teams from both Anasuria and North
Sabah are targeting to execute production enhancement projects that
could potentially enhance our net production to over 12,000 barrels
of oil per day by 2021. Additionally, we have commenced the
evaluation of options to develop the Marigold and Sunflower
discovered oilfields in the UK, which hold potential to drive
significant future earnings growth once these fields commence
production. We are excited by the activities that lay ahead for
Hibiscus Petroleum and hope these developments will act as positive
value enhancing triggers for our shareholders."
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.
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END
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