Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (1179Y)
07 Mayo 2019 - 1:01AM
UK Regulatory
TIDMPOL
RNS Number : 1179Y
Polo Resources Limited
07 May 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.
07 May 2019
Polo Resources Limited
("Polo" or the "Company")
HIBISCUS PETROLEUM - INVESTMENT UPDATE
Cook Water Injection Project On-Track To Be Completed As
Planned
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 (HIBI:MK) ("Hibiscus") yesterday
announced that its indirect wholly-owned subsidiary, Anasuria
Hibiscus UK Limited ("Anasuria Hibiscus"), has received a positive
update on the progress of the Cook Water Injection Project from
Ithaca Energy (UK) Limited ("Ithaca") the Operator of the Cook
Joint Venture. Ithaca advised Anasuria Hibiscus that the Cook water
injection well has been drilled to a total depth of 13,045-ft MD*
(-12,248-ft TVDSS^) on 2 May 2019.
As previously disclosed on 3 December 2018 and 19 February 2019,
Anasuria Hibiscus together with its partners in the Cook field, had
sanctioned the Cook Water Injection project which involves the
drilling of a water injection well into the Cook field to increase
its reservoir pressure, after which a subsea pipeline will be
installed in the second half of 2019. This subsea pipeline will
link the water injection well to the Anasuria Floating Production
Storage and Offloading vessel ("FPSO").
The existing production well in the Cook field, Cook P1, has
produced over 50 million barrels of oil since commencing production
in the year 2000. Since then, the reservoir pressure has declined
thus, the water injection well has been designed to re-pressurise
the reservoir in order to maximise recovery from the Cook
field.
In drilling the water injection well, the reservoir pressure at
the injection well location was found to be as predicted and the
water injection well will now be completed as planned to provide
pressure support to the Cook P1 production well. Additionally, the
oil water contact is deeper than originally anticipated.
The implications of a deeper oil water contact whilst
potentially positive, are still being evaluated and a further
announcement will be made when the detailed work has been completed
to establish the latest reserves estimates in the Cook field.
To recap, the Cook field is one of four producing fields in the
Anasuria Cluster located offshore in the United Kingdom Continental
Shelf. The Cook Joint Venture comprises Ithaca (61.4% participating
interest), Anasuria Hibiscus (19.3% participating interest), and
Ping Petroleum UK Ltd (19.3% participating interest).
Notes:
* MD - Measured Depth
^ TVDSS - True Vertical Depth Subsea
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.
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contact rns@lseg.com or visit www.rns.com.
END
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