Polo Resources Limited HIBISCUS PETROLEUM - INVESTMENT UPDATE (8741F)
17 Julio 2019 - 8:13AM
UK Regulatory
TIDMPOL
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 wholly--owned subsidiary, Anasuria Hibiscus UK Limited
("AHUK"), has entered into a conditional non--binding 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 south--east 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 non--refundable 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
post--completion 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% joint--operating interests in the
P013 licence consisting of the Teal, Teal South and Guillemot A
fields, as well as 19.3% non--operating 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
start--up 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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