Polo Resources Limited Hibiscus Petroleum - Investment Update (7298R)
04 Marzo 2019 - 3:18AM
UK Regulatory
TIDMPOL
RNS Number : 7298R
Polo Resources Limited
04 March 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.
04 March 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Hibiscus On Track To Drill its Second Side-Track Well in the
Anasuria Cluster
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 its
jointly--controlled operating company, Anasuria Operating Company
Limited ("AOC") is on track to execute the Guillemot A GUA--P1
side--track well, a planned production enhancement project at the
Anasuria Cluster concession offshore in the U.K. North Sea, which
is targeted to unlock approximately 1.7 million barrels of oil from
its current net 2P (proven and probable) oil reserves.
AOC has, on 28 February 2019, signed a rig sharing agreement
with Ping Petroleum UK Limited, whereby AOC will assume the
services of the Stena Spey semi--submersible offshore drilling
unit, for a minimum duration of 45 days, to drill the GUA--P1
side--track well. The Stena Spey drilling rig - which is owned and
operated by Stena Spey Services Limited, a subsidiary of Stena
Drilling Limited - was chosen for several reasons including
certainty of the rig's delivery schedule, strong past operating
performance in the UK North Sea, crew competence and good health,
safety and environment record.
In addition, as AOC's appointed Well Operator, Petrofac will be
responsible for drilling the GUA--P1 side--track project and for
all the existing wells in the Teal, Teal South and Guillemot A
fields. Petrofac is also Installation Duty Holder on the Anasuria
FPSO, minimising the number of interfaces to be managed during
drilling and thereby enabling enhanced operational safety.
The GUA--P1 side--track project is an opportunity to re--enter
the existing GUA--P1 wellbore and potentially drain additional
volumes of hydrocarbons. The drilling of the GUA--P1 side--track
well is estimated to commence by the first half of calendar year
2019.
Hibiscus Petroleum's Managing Director, Dr Kenneth Pereira,
said, "The GUA--P1 side--track project follows the successful
drilling of the GUA--P2 side--track project which was completed in
the third quarter of 2018 and has since contributed to enhanced
production in the Anasuria Cluster. The GUAP1 side--track project
will be funded from internally generated funds and is part of a
series of production enhancement projects which are targeted to
increase net production to 5,000 barrels of oil per day by FY2020.
We are working closely with our partners and service providers to
safely deliver the successful
execution of the GUA--P1 side--track project."
The Anasuria Cluster consists of the Teal, Teal South, Guillemot
and Cook fields which produce to the Anasuria Floating, Production,
Storage and Offloading vessel. The Anasuria Cluster is located
offshore in the United Kingdom sector of North Sea. Hibiscus
Petroleum's wholly--owned subsidiary, Anasuria Hibiscus UK Limited
holds 50% joint--operating interests in the Teal, Teal South and
Guillemot fields, as well as 19.3% non--operating interest in the
Cook field.
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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